Laserfiche WebLink
<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 <br />Market Value <br />2002/2003 <br /> <br />$ 220,886,900 <br />1,805,400 <br /> <br />Net Tax <br />Capacity <br />2002/2003 <br /> <br />$2,188,362 <br />34,374 <br />( 28,329) <br /> <br />( 89,844) <br />333,01 I <br /> <br />$ 222 692 300 <br /> <br />$2,437574 <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 Study <br />is a three-year average of sale prices as related to the latest assessor's estimated market value. The latest Sales <br />Assessment Ratio (2002) in Centerville is 84.9% meaning the County Auditor's recorded real property market <br />value of $220,886,900 is 84.9% of the probable resale estimated market value. We have made the following <br />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 /> $220,886,900 <br /> 84.9% <br /> $260,173,027 <br />+ 1.805,400 <br />~ $261.978,427 <br /> <br />I <br /> <br />Latest Composite Ratio from the Real Estate Sales Assessment Ratio <br />Study of the Minnesota Department of Revenue. <br /> <br />Indicated market value of real property. <br /> <br />Personal property. <br /> <br />Indicated market value of real and personal property used in "Summary <br />of Debt and Debt Statistics." <br /> <br />Fiscal Disvarities Law <br />The 1971 Legislature enacted a "fiscal disparities law" which allows all the Twin City Metropolitan Area Municipalities to share in <br />commerciaJ/industrial growth, regardless of where the growth occurred geographically. Forty percent (40%) of every metropolitan <br />municipality's growth in commercial/industrial assessed valuation is pooled, then redistributed to all municipalities on the basis of <br />population and per capita valuation after the tax increment and fiscal disparity adjustments. <br /> <br />- 21- <br />