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City of Centerville <br /> Market Values <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 2014 study period, we recorded 59 sales, <br /> of which we considered 42 to be "arms-length" sales. There were only 8 bank/foreclosure <br /> sales in Centerville during 2014. This was a significant reduction from the 18 <br /> bank/foreclosure sales last year.. <br /> In accordance with the results of these sales studies, downward adjustments were made to <br /> all areas of the city with certain styles and grades of homes having larger decreases than <br /> others. This will more properly reflect current market trends. <br /> According to the Minneapolis Area Association of Realtors, the average home sales <br /> price in Centerville dropped by 25.6% % between 2013 and 2014. In my opinion, this is <br /> misleading, given a 17% increase they reported for the previous year. If I look at the <br /> average over the previous three years, I see an increase of 5.5% in the City. This is a <br /> direct result of the continued reduction of the impact bank owned home sales have in <br /> the City. <br /> The 2015 assessment that is up for your review has a total unaudited assessed value of <br /> $307,796,930. It reflects an approximate valuation increase of 3.8%% compared to the <br /> 2014 assessment of 296,495,221 which was a12.8% increase over 2013. <br /> 10 <br />