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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 75 <br /> sales, of which we considered 53 to be "arms-length" sales. There were only 3 <br /> bank/foreclosure sales in Centerville during 2017/18. This was essentially the same as the <br /> 4 observed for 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 median home sales price <br /> in Centerville increased 8.3%from $243,000 in 2017 to$263,250 in 2018. This amounts <br /> to a 33.3% increase in value since 2014. 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 between 2012 & <br /> 2015. <br /> The 2019 assessment that is up for your review has a total unaudited assessed value of <br /> $470,594,800. It reflects an approximate valuation increase of 8% compared to the <br /> 2018 assessment of $433,766,300. Also included in this figure is the addition of <br /> $4,024,000 in new construction. <br /> 16 <br /> 11 <br />