|
City of Centerville
<br />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 2008 study period, we recorded 57 sales,
<br />of which we considered 34 to be "arms-length" sales.
<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 average home sales
<br />price in Centerville fell 18.0% between 2007 and 2008. This dramatic decrease is due in
<br />large part to the significant influence of lender owned properties in the market place. I
<br />anticipate that this trend is not over.
<br />The 2009 assessment that is up for your review has a total unaudited assessed value of
<br />$348,104,000 excluding exempt and forfeit property. It reflects an approximate valuation
<br />decrease of 10.3% compared to the 2008 assessment.
<br />The pattern of decline (including new construction) in the City's total value can be seen in
<br />the following list of assessment years (subject to minor change).
<br />Change in Property Values
<br />2000-2009
<br />(Total does not include utility, exempt or forfeit)
<br /> Commercial ~
<br />Year Apartment Residential
<br />Industrial Total % Chg
<br />2009 $751,600 $323,922,600 $23,429,800 $348,104,000 -10.3%
<br />2008 $776,500 $360,539,000 $26,724,100 $388,039,600 0.9%
<br />2007 $762,400 $350,726,300 $31,861,800 $383,350,500 5.4%
<br />2006 $748,100 $338,067,900 $25,063,100 $363,879,100 13.1%
<br />2005 $689,500 $300,078,100 $20,888,200 $321,655,800 11.8%
<br />2004 $638,900 $268,075,500 $19,047,800 $287,762,200 14.1%
<br />2003 $578,200 $232,902,300 $16,972,700 $250,453,200 13.4%
<br />2002 $532,400 $206,173,700 $14,180,800 $220,886,900 26.5%
<br />2001 $388,800 $163,024,700 $11,198,300 $174,611,800 14.2%
<br />2000 $378,500 $141,621,500 $10,949,500 $152,949,500 8.0%
<br />70
<br />
|