2010-04-28 Board of Equalization Meeting Handout

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Kenneth A. Tolzmann, SAMA Senior Accredited Minnesota Assessor TO: City of Centerville Councilmember's and Residents FROM: Kenneth A. Tolzmann, SAMA #1939 Centerville City Assessor DATE: April 22, 2010 RE: 2010 Pay 2011 Assessment Report Introduction I have prepared this 2010 Assessment Report for use by the City Council and Residents. The Assessment Report includes general information about both the appeals and assessment process, as well as specific information regarding the 2010 assessment. Minnesota Statutes establish specific requirements for the assessment of property. The law requires that all real property be valued at market value, which is defined as the usual or most likely selling price as of January 2, 2010. The estimated market values established through the 2010 assessment are based upon actual real estate market trends of City of Centerville properties taking place from October 1, 2008 through September 30, 2009. From these trends our mass appraisal system is used to determine individual property values. Property owners who have questions or concerns regarding the market value set for their property are asked to contact me prior to this meeting. This allows me the opportunity to answer any questions they might have. I have found that a large number of property owner concerns can be resolved by discussion. If I am unable to resolve a property owner's concerns regarding their market value, the appeal can be brought to this local Board of Appeal and Equalization. The 2010 Assessment Summary As previously mentioned, State Statutes require all real property within the City of Centerville to be valued at market value as of the January 2nd assessment date. The 2010 assessment has met all assessment standards set by the State of Minnesota. Statistically, based upon the 31 qualified sales within the City during this sales period, and after value adjustments made accordingly by zone, the final result was an assessment that qualifies as "excellent" in the eyes of the Minnesota Dept. of Revenue with a median of 94.5 and a coefficient of dispersion of 5.8, and a Price Related Differential of 100.