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City of Centerville <br /> Local 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 2016/2017 study period, we recorded 95 <br /> sales, of which we considered 72 to be "arms-length" sales. There were only 4 <br /> bank/foreclosure sales in Centerville during 2016. This was only half as many foreclosures <br /> as last year(8). <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 median home sales price <br /> in Centerville increased 3.4%from $235,000 in 2016 to$243,000 in 2017. This amounts <br /> to a 27.9% increase in value since 2013. A major contributing factor leading to this <br /> sharp increase in market value, is the direct correlation between sales price received <br /> and the reduction of the impact bank owned home sales in the City since 2012. <br /> The 2018 assessment that is up for your review has a total unaudited assessed value of <br /> $429,940,900. It reflects an approximate valuation increase of 7.1% compared to the <br /> 2017 assessment of $401,214,100. Also included in this figure is the addition of <br /> $3,815,400 in new construction. <br /> 12 10 <br />