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Apartments have benefitted from an increased demand for rental housing, a byproduct of the continued weakness ir the overall housing market, and • a number • years • very low construction • new units. Vacancy rates for apartments are failing, rents are increasing, and cap rates remain low. The assessor's office continues to actively track the market activity and we will continue to follow the prices determined in the market in 2011 for our 2012 assessment. We continue to closely monitor all sales including short-sales and foreclosure activity. Foreclosures increased in 2010, not to as high a level as 2008 but the trend is troubling. The resulting bank REC) sales still constitute a continuing threat to some local market areas of the county, and we continue to adjust values to reflect the foreclosure influence, although these adjustments were much smaller this year — a good sign that the market may be stabilizing. Taxpayer Review Options for their Proposed 2011 pay 2012 Assessment The final quality-control step in the development and finalization of the 2011 assessment is the review process triggered by the taxpayers after they receive their valuation notice. It is at this point that the taxpayers bring to our attention any proposed valuations that appear to be inaccurate. There are three main options for our citizens in this review process. They can call our office or attend one of the open book meetings, they can appeal to the Ramsey County Special Board of Appeal and Equalization, or they can file a petition with the M1 innesota Tax Court. The assessor's office will again be holding open book meetings with the public. The intent of these meetings is to provide an opportunity for property owners to meet individually with a county appraiser to review their property information for accuracy, discuss how their property was valued, and to answer questions about the assessment. Excellence • Respect* Diversity Residential Commercia 1/1 nd ustria I Al2artments Suburban Ramsey -2010 $20011400 $767,,600 $81711400 Suburban Ramsey -2011 $19111700 $75611200 $799,,500 Countywide - 2010 $18011400 $525.,000 $50511400 Countywide - 2011 $17211200 $498,,800 $508,300 Apartments have benefitted from an increased demand for rental housing, a byproduct of the continued weakness ir the overall housing market, and • a number • years • very low construction • new units. Vacancy rates for apartments are failing, rents are increasing, and cap rates remain low. The assessor's office continues to actively track the market activity and we will continue to follow the prices determined in the market in 2011 for our 2012 assessment. We continue to closely monitor all sales including short-sales and foreclosure activity. Foreclosures increased in 2010, not to as high a level as 2008 but the trend is troubling. The resulting bank REC) sales still constitute a continuing threat to some local market areas of the county, and we continue to adjust values to reflect the foreclosure influence, although these adjustments were much smaller this year — a good sign that the market may be stabilizing. Taxpayer Review Options for their Proposed 2011 pay 2012 Assessment The final quality-control step in the development and finalization of the 2011 assessment is the review process triggered by the taxpayers after they receive their valuation notice. It is at this point that the taxpayers bring to our attention any proposed valuations that appear to be inaccurate. There are three main options for our citizens in this review process. They can call our office or attend one of the open book meetings, they can appeal to the Ramsey County Special Board of Appeal and Equalization, or they can file a petition with the M1 innesota Tax Court. The assessor's office will again be holding open book meetings with the public. The intent of these meetings is to provide an opportunity for property owners to meet individually with a county appraiser to review their property information for accuracy, discuss how their property was valued, and to answer questions about the assessment. Excellence • Respect* Diversity