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City of Centerville <br /> Market Value <br /> The 2014 assessment should be a reflection of the 2013 market conditions. Sales of <br /> property are constantly analyzed to chart the activity of the market place. <br /> After thorough studies of the sales in the market place are conducted, we establish the <br /> assessed value of all real property. During the 2013 study period, we recorded 78 sales, <br /> of which we considered 47 to be "arms-length" sales. There were 18 bank/foreclosure <br /> sales in Centerville during 2013. <br /> In accordance with the results of these sales studies, upward land adjustments were made <br /> to most areas of the city with overall building increases (based on style) of approximately <br /> 10%. <br /> According to the Minneapolis Area Association of Realtors, the average home sales <br /> price in Centerville rose 5.4% between 2012 and 2013 to a current median value of <br /> $189,950. This is somewhat of a decrease from the 16.4% increase in the median <br /> home value observed last year. This is a result of the continued reduction of bank <br /> owned property in this area, as well as the continued demand for homes in the City. <br /> The 2014 assessment that is up for your review has a total overall market value of <br /> $296,495,221. It reflects an approximate valuation increase of 12.8% compared to the <br /> 2013 assessment of 259,236,688. This is an improvement from the 2.1% decline <br /> observed in last years assessment. <br /> Included in this total is $3,999,400 in new construction added to the tax roll for work <br /> completed in the City during 2013. <br /> 13 11 <br />