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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 2009 study period, we recorded 59 sales,
<br />of which we considered 31 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 2008 and 2009. 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 2010 assessment that is up for your review has a total unaudited assessed value of
<br />$327,217,800 excluding exempt and forfeit property. It reflects an approximate valuation
<br />decrease of 6% compared to the 2009 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 />Year
<br />Apartment
<br />Residential
<br />Commercial &
<br />Total
<br />% Chg
<br />Industrial
<br />2009
<br />$751,600
<br />$323,922,600
<br />$23,429,800
<br />$348,104,000
<br />-10.3%
<br />2008
<br />$776,500
<br />$360,539,000
<br />$26,724,100
<br />$388,039,600
<br />0.9%
<br />2007
<br />$762,400
<br />$350,726,300
<br />$31,861,800
<br />$383,350,500
<br />5.4%
<br />2006
<br />$748,100
<br />$338,067,900
<br />$25,063,100
<br />$363,879,100
<br />13.1%
<br />2005
<br />$689,500
<br />$300,078,100
<br />$20,888,200
<br />$321,655,800
<br />11.8%
<br />2004
<br />$638,900
<br />$268,075,500
<br />$19,047,800
<br />$287,762,200
<br />14.1%
<br />2003
<br />$578
<br />$232,902,300
<br />$16,972,700
<br />$250,453,200
<br />13.4%
<br />2002
<br />$532,400
<br />$206,173,700
<br />$14,180,800
<br />$220,886,900
<br />26.5%
<br />2001
<br />$388,800
<br />$163,024,700
<br />$11,198,300
<br />$174,611,800
<br />14.2%
<br />2000
<br />$378,500
<br />$141,621,500
<br />$10,949,500
<br />$152,949,500
<br />8.0%
<br />10
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