2022-04-13 CC Packet - Revised - Laserfiche WebLink

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TO: City of Centerville Attn: Mr. Mark Statz, City Administrator FROM: Mary Wells, SAMA #3561 Chris Larson, CMA #4040 Erik Skogquist, SAMA #3121 Centerville City Assessors DATE: April 16, 2022 RE: 2022 Property Assessment Introduction We have prepared the attached 2022 Board of Review and Equalization Report for review by the City Council, City Staff and Property Owners. This Report includes general information about the property assessment process and specific information regarding the current City of Centerville assessment. Minnesota Statutes establish specific requirements for the assessment of property. The law requires that all real property be valued at market value, which is defined as the usual or most likely selling price as of January 2, 2022. This valuation will be used to allocate the 2023 property taxes. The estimated market values set for this assessment are based on qualified sales of Centerville properties that occurred between October 1, 2020, and September 30, 2021. From this sales information, our mass appraisal system is used to determine individual property values. The 2022 Valuation Notices were mailed out by Anoka County the week of March 21 along with the 2022 Property Tax Statements. Property owners who have questions or concerns regarding market values or property classifications, are asked to contact us prior to this Local Board of Appeal and Equalization Meeting. Many property owner concerns can be resolved by working with us directly. If we are not able to resolve a concern, the property owner can bring their appeal to this local Board of Appeal and Equalization for consideration. The 2022 Assessment Summary The 2022 City of Centerville assessment has met all assessment standards set by the State of Minnesota. Based on the 64 qualified sales that closed during the sales period, value adjustments were made accordingly by single family on the south side of the city vs. north side, downtown, etc). The result was a final the Minnesota Department of Revenue with a median ratio of 94.86% and a coefficient of dispersion of 5.21. The total estimated market value of the City of Centerville increased 26.3% from last year. The 2021 total value was $486,724,700 and this year, 2022, the total is $614,627,400. These totals include new construction value in the amounts of $11,421,200 and $9,386,300 respectively. When the new construction is subtracted out of the total values, the year over year increase of total market value was 24.3%.