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At�achment A �� ,�'' �a �� �`�,?'��'��. � +� � �� ,��. ��: Rpmsey Couniy Assessor's Office 5tephen Baker, County Assessor Date: IViarch 18; 2004 Ta: Ramsey County Citizens and Web Visitars From: 5tephen L: Baker CAE, SAMA, Su�ject: 2009 payable 20Z0 Assessmenc Report Taday we begin mailing the 20�4 tax statement arrd the 2009 payable 2Q1p �aluation notice to each Ramsey County property awrrer. ihe val�a#ion natice includ�d the assessors' proposed estimated market value, the proposEd limited rnarket vafue, the proposed taxable market value, and the proposed property classification for 2�09 payable 2010. - Th.is year we are again reducing �alues far mos# residential properties. The total cou.ntywide reduction in residen#ial market value is $2.32 bi!lion before add:ing back the �alue from new construction. After fact.oring in all changes in �alue including limited market �alue and new construction, countywide total �alue totai will decline by $2_55b billian to $45.733 bilEion. Taxable market value w"rll deCiine $2.4�7 billion to $46,255;290,900. This is a decfine of taxable market value of 4.98%, campared to last year's decline of only 0.9%. Last year as we prepared this report we were cautiously aptimistic that in 2008 we would see the bottom of Yhe r�sidential real estate market ancf begin to experience early stages af recovery. Indeed by mid 2408 the mark�t was beginning to show im�roved activity, This recovery appears to ha�e been doused by the cold waters of th� collapsing Wall Street i�vestment houses and the spreading financ'ral crisis. ResiderrtiaJ sales activity cantinu�d to decfine, we had 2,970 arms length resi.dential sales in 2008 in Ramsey County, down from the peak of 7,905 in 2004, Median residential estimated market value alsa continued to fall and at $191,6C�0 is now only slightly above the $191,2�0 median �alue in 2004 and is lawer than the rriedian �alue irr 2405, 2006, 20Q7 and 2008. Now the market retrenchmer�t appears to be poised to spread into the commercial markets. While actual commercial sale prices have not yet fallen significantly there is growing market discussion of rising capitalization rates, falling occupancy levels, and stagnating or falfing rents, It is widely anticipated that 2009 wif! not be a goad year for commercial real estate. For the 20D9 assessment +ive indivicEuaEly reviewed many of the retail properties in Ramsey County. Apartment markets continu� to be rela#ively stable with most prapert.ies holding in �alue, however we do have more deciining apartme�t values this yeai-than we have had. in many years. The assessor's office cantinues to acti�ely track the market acCi�ity and we are prepared to again fallow the prices d�termined by market in �009 for aur 2010 assessment. We co�tinue to closely Ramsey Counfy Assessor''s Offrce A Divrsiorl of Property Records and Revenue 90 W. Plato Blvd • Surte 400 • St. Paul, MN 55107 Te.f. 659-266-2131 • Fax &51-266-2001