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City of Centerville <br />For the 2012 Assessment, all commerciaUndustrial & Residential townhomes were <br />re- assessed in conformity with the mandatory 20% quintile revaluation of the State <br />of Minnesota. <br />With respect to the revaluation of Residential Townhomes, there are two major townhome <br />developments in the City of Centerville, Willow Glen and Eagle Pass. <br />Willow Glen saw the biggest change in market values from the 2011 assessment, with a 21% <br />overall decline in market value estimates. This was a direct result of the impact of foreclosure <br />sales observed in said common interest community. Upon completion of the reassessment, a <br />95% assessment ratio was observed in compliance with our goal of equalization amongst all <br />properties in the City. <br />Eagle Pass, also saw changes in market values from last years assessment. While not as <br />significant as those observed in Willow Glen, Eagle Pass saw an overall decline of 11% over last <br />years assessment. Upon completion of the reassessment, a 94% assessment ration was <br />observed which again, is our goal in equalizing all property types in the City of Centerville. <br />With respect to the commercial /industrial segment of the City, the primary focus was put on the <br />confirmation of the physical characteristics of each parcel which is used in the valuation of each <br />parcel. While there were minimal commercial /industrial sales in the City, Countywide there were <br />21 qualified arms length sales from which to extract trends and the creation of per sq. ft. rates <br />used in the valuation of the City's commercial /industrial properties. <br />With respect to the Pay 2014 assessment, lakeshore & Centerville downtown are scheduled to be <br />reviewed. A final decision on the overall scope of the Pay 2014 assessment will be made upon <br />completion of the Pay 2013 appeal period which ends mid -June 2012. <br />5 <br />