2016-04-27 CC Packet - Laserfiche WebLink

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City of Centerville Local Market Values After thorough studies of the sales in the market place are conducted, we establish the assessed value of all real property. During the 2016 study period, we recorded 102 sales, of which we considered 64 to be "arms -length" sales. There were only 6 bank/foreclosure sales in Centerville during 2016. This was about the same # of foreclosures as last year (8).. In accordance with the results of these sales studies, downward adjustments were made to all areas of the city with certain styles and grades of homes having larger decreases than others. This will more properly reflect current market trends. According to the Minneapolis Area Association of Realtors, the median home sales price in Centerville increased 12.9% from 2014 to 2015. In my opinion, this is misleading, given a 17% increase they reported for the previous year. If I look at the average over the previous three years, I see an increase of 5.5% in the City. This is a direct result of the continued reduction of the impact bank owned home sales have in the City. The 2016 assessment that is up for your review has a total unaudited assessed value of $322,941,237. It reflects an approximate valuation increase of 4.6%% compared to the 2015 assessment of 304,090,311. Also included in this figure is the addition of $4,866,400 in new construction. 10