2025-04-23 WS, Board of Appeal & Equal. & CC Packet

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2025 Assessment Summary The 2025 preliminary assessment for the City of Centerville has been completed in accordance with state statute and Anoka County guidelines. The assessing staff physically inspected 354 properties during the quintile review process for the 2025 assessment. The appraisal staff also inspected 146 properties where building permits were issued for improvements, remodeling, or demolition projects during 2024. st There were 59 total sales recorded in the 2025 assessment study period, which is October 1, 2023, through September 30, 2024. The number of sales was similar to last yearÔs assessment sales study (54 sales). Of the 59 sales, 57 were residential classification and 2 were commercial classification. There were 48 residential sales that met the criteria as Ñqualified salesÒ, according to the MN Department of Revenue. Those sales were the basis for adjustments made to the improved residential properties throughout the city. There was one commercial sale that was ÑqualifiedÒ. Given the lack of sales of commercial, industrial and apartment sales in Centerville, those valuations were guided by overall County trends, with local adjustments made as appropriate. The sales summary list is at the end of this report, which shows the reason codes for a sale being ÑunqualifiedÒ and a count for each reason code from this sales study period. The 2025 assessment for the City of Centerville is based on 1,664 parcels of property within the city. The preliminary total estimated market value is $716,095,200, an increase of 1.7 % from 2024. The new construction valuation for the year was $1,665,500. After subtracting out the new construction amount, the overall city value is $714,429,700, an increase of 1.5% - this increase is due to market forces (sales prices being slightly higher year over year). The chart below illustrates changes in the total estimated market value of the City of Centerville for 2018 through 2025. 2 22