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City of Centerville <br /> <br />Local Market Values <br />After thorough studies of the sales in the marketplace are conducted, we establish the assessed <br />value of all real property. During the 10/1/2019-9/30/2020 study period, we recorded a total of <br />113 sales, of which we considered 64 to be "arms-length" sales. There were no bank/foreclosure <br />sales in Centerville during this period. <br />In accordance with the results of these sales studies, adjustments were made to all areas of the <br />city with certain styles and grades of homes decreasing in value and others increasing, in order <br />to better reflect current sales prices. <br />According to the Minneapolis Area Association of Realtors, the median home sales price in <br />Centerville increased 10.2% from $273,000 in 2019 to $300,950 in 2020. This is a 28.1% increase <br />in value since 2016. A major contributing factor leading to this sharp increase in market value is <br />the new construction sales that occurred in 2020 in the city. For existing home sales only, the <br />median sales price in Centerville increased 3.5% year over year, from $272,250 to $281,980. <br />The 2021 assessment that is up for your review has a total preliminary assessed value of <br />$485,592,300. This total valuation is a 3.5% increase from the 2020 assessment amount of <br />$471,379,400. The 2021 total assessment includes new construction value of $11,421,200. <br /> <br />Market Value Classification Break-Out <br /> <br /> <br /> <br /> <br />10 <br /> <br />