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<br />CITY OF CENTERVILLE <br /> <br />ECONOMIC AND FINANCIAL INFORMATION <br /> <br />Valuations <br /> <br />Real Property <br />Personal Property <br />Less Tax Increment District Deduction <br />Fiscal Disparitiesl <br />(Contribution to Pool) <br />Distribution from Pool <br /> <br />Total Valuation <br /> <br />Estimated Net Tax <br />Market Value Capacity <br />2001/2002 2001/2002 <br />$ 178,878,400 $1,842,140 <br />1,771,900 33,704 I <br /> ( 8,614) <br /> ( 85,180) <br /> 289,678 <br />$ 180.650.300 $2.071. 728 <br /> <br />Market Value after Sales Assessment Ratio <br /> <br />The Minnesota Department of Revenue conducts the Real Estate Sales Assessment Ratio Study to accomplish <br />equalization of property valuations in the State and to determine the probable selling price of a property. The <br />Study is a three-year average of sale prices as related to the latest assessor's estimated market value. The latest <br />Sales Assessment Ratio (2001) in Centerville is 87.6% meaning the County Auditor's recorded real property <br />market value of $156,246,200 is 87.6% of the probable resale estimated market value. We have made the fol- <br />lowing computations in deriving the market value figure used in the "Summary of Debt and Debt Statistics." <br /> <br />County Auditor's recorded real property estimated market value. <br /> <br />Latest Composite Ratio from the Real Estate Sales Assessment Ratio <br />Study of the Minnesota Department of Revenue. <br /> <br /> $178,878,400 <br /> 87.6% <br />= $204,199,087 <br />+ 1 ,771.900 <br />= $2~0,'!37 <br /> <br />Indicated market value of real property. <br /> <br />Personal property. <br /> <br />Indicated market value of real and personal property used m <br />"Summary of Debt and Debt Statistics." <br /> <br />I Fiscal Disparities Law <br />The 1971 Legislature enacted a "fiscal disparities law" which allows all the Twin City Metropolitan Area Municipalities to share in <br />commercial/industrial growth, regardless of where the growth occurred geographically. Forty percent (40%) of every metropOlitan <br />municipality's grolNth in commercial/industrial assessed valuation is pooled. then redistributed to all municipalities on the basis of <br />population and per capita valuation afier the tax increment and fiscal disparity adjustments. <br /> <br />I <br />I <br /> <br />-22 - <br />