HomeMy WebLinkAboutCity Council Packet 04-12-2011 BOECITY OF PLYMOUTH
BOARD OF EQUALIZATION
AGENDA
APRIL 12, 2011, 6:00 p.m.
COUNCIL CHAMBERS
1. Call to Order.
2. City Assessor's Report.
3. Public Comments.
4. Adjourn.
Board of Equalization April 12, 2011
City of
Plymouth
2011
Annual Assessment Report
City Assessor:
Appraiser Supervisor:
Commercial Appraiser
Appraisal Staff:
Assessment Technician:
Janene Hebert, SAMA
Jan Olsson, SAMA, RES
Jake Pidde, CMA
Mike VanderLinden, AMA
Cindy Bowman, CMAS
Paul Kingsbury, CMA
Peggy Schulman
The assessing division can be reached at
763-509-5350
or
assessing@plymouthmn.gov
TABLE OF CONTENTS
2011 Assessment
Summary
Plymouth Market Value History
Local Board of Review
Authority
Overview
2011 Assessment
Sales Ratio Study
Property Classification Breakdown
Residential Property
Statistics
Living units Breakdown
Statutory Requirements
Value Exclusions
This Old House
Veterans Exclusion
Foreclosure Data
Appeal Process
1
2
C
E
11
13
14
15
17
SUMMARY
The 2011 property assessment has been submitted to Hennepin County and property owners have received a
Notice of Estimated Market Value. The 2011 property assessment applies to property taxes payable in 2012
and reflects market conditions between October 2009 and September 2010.
The 2011 assessment affects all property owners in the City of Plymouth. As required by state law, the city
assessor is required to reassess all property each year.
State statute requires All real property subject to taxation shall be listed and assessed every yearwith reference to its value on
January 2, preceding the assessment. This has been done and the owners of property in Plymouth were notified of
any change. Minnesota Statute 273.11 reads:
All property shall be valued at its market value. It further states that "in
estimating and determining such value, the Assessor shall not adopt a lower or
different standard of value because the same is to serve as a basis for taxation,
nor shall he adopt as a criterion of value that price for which such property
would sell, or in the aggregate with all theproperty in the town or district but he
shall value each article or description ofproperty by itself, and at such sum or
price as he believes that same to befairly worth in money.
The statute says all property should be valued at market value. This means that no factors (such as
economics, personalities or politics) other than market shall affect the assessor's value and the subsequent
action by the Local Board of Appeal &z Equalization.
Market value is simply defined as the highest price estimated in terms of cash which a property will bring if
exposed for sale on the open market by a seller who is willing but not obligated to sell, allowing a reasonable
time to find a purchaser who is willing but not obligated to buy, both with knowledge of all the uses to which
it is adapted and for which it is capable of being used.
The real estate tax is an ad valorem tax, a tax based on the value of property, not on the ability of the property
owner to pay.
The 2011 assessment which includes new construction, quintile adjustments, and/or market adjustments,
reflects a -1.5 overall valuation decrease from the 2010 assessment. The amount of new construction between
January 2010 and January 2011 was $50,037,900. The market change, exclusive of new construction was
2.1%.
2010 TOTAL CITY VALUE $9,001,441,500
2011 TOTAL CITY VALUE $8,862,464,400
PRELIMINARY)
138,977,1001
PERCENTAGE CHANGE 11.5%
VALUE OF NEW CONSTRUCTION $50,037,900
PERCENTAGE NEW CONSTRUCTION 0.6%
VALUE CHANGE TO EXISTING PROPERTY -2.1%
12,000,000,000 1
10,000,000,000
8,000,000,000
6,000,000,000
4,000,000,000
2,000,000,000
so
TOTAL MARKET VALUE
This graph illustrates the change in total market value from 1999 to 2011. Plymouth experienced
consistent growth from 1999 through 2007. The increase occurred as a result of new construction,
property improvements, and inflation. Since 2007 the total market value in Plymouth has decreased
from a high of $9.9 billion to $8.8 billion.
W
DISTRIBUTION OF 2011 ESTIMATED MARKET VALUE BY
PROPERTY TYPE
Apartments 6%
Commercial/Indus ial20%
Res' entia174%
2011 EMV
Residential $ 6,550,862,400
Commercial/
Industrial $ 1,774,523,300
Apartments $ 537,078,700
Total $ 8,862,464,400
This chart shows the total estimated market value by property type. Residential properties account
for 74% of the estimated market value in Plymouth. Commercial and Industrial properties make up
20% of the estimated market value.
3
Establishing Market Values
The intent of the annual assessment process is to make an accurate estimate of the market value for each
parcel of property. Doing so requires updated information about the properties and the local real estate
market. The Plymouth assessing division maintains a permanent record of every property in the city. The
records consists of size, location, physical characteristics, condition, and a photo of the exterior. Records
are updated as new information becomes available. State Statute require properties to be reappraised
every five years. Information is updated during the scheduled reappraisal, when improvements are made
to a property, or when a physical review is requested by the property owner. The information is elec-
tronic, allowing statistical comparisons of properties.
In the City of Plymouth, 94% of the 25,757 assessed parcels are residential. The assessing staff uses
city-wide comparisons of similar styles, quality, and classes of homes to make the annual property
assessment. This comparison results in the same market value adjustment being made to like properties
throughout the city. The city is divided into over 600 homogenous neighborhoods that allow
adjustments to be made based on locational influences.
It is important to know that assessors use a Mass Appraisal System for valuing residential and real
property. This is different from appraisals used by banks, mortgage companies and others. Private
appraisals focus on one property at a time. The CAMA (computer assisted mass appraisal) system in-
volves the comparison of thousands of properties with the actual residential market sales from the same
district, and market sales of the same quality and type of property throughout the city. New houses,
additions and remodeling are valued based on their individual characteristics and the current
replacement cost of construction as well as contributory value.
Sales Data
To have the local assessment operate efficiently requires a tremendous amount of knowledge regarding
the real estate market. The assessing division makes a record of all sale transactions using the Certificate
of Real Estate Value (CRV) filed at Hennepin County at the time of sale. This sale information is
combined with sale information obtained from the Multiple Listing Service (MLS) and other sources.
The staff also examines multiple sales—properties that have sold more then once over a period of years.
After taking into account any physical changes that may have taken place, the assessor is able to
determine what is happening in the real estate market during that time period. In all circumstances, sale
information obtained by the assessing office is carefully scrutinized. Evidence suggesting a forced sale,
foreclosure, a sale to a relative, or anything besides an "arm -length" transaction requires the sale to be
removed from the statistical studies.
The value placed on properties is accomplished only after a thorough marketplace study is conducted.
Costs of replacement are checked with local builders, as well as cost manuals which are created by
experts in the field of building and appraising. Sales of property are constantly analyzed to see what is
happening in the marketplace. The assessors/appraisers do not create value; they only measure its
movement.
Equitably assessing property values is part science, part judgment, part communication skills, and largely
a mystery to many property owners. The task becomes more difficult because property construction,
financing and ownership are more complex today than ever before. Training cannot tell us how to find
the "perfect" value of a property, but training can consistently produce the same estimate of value for
identical property by different assessors. That is the working definition of equalization.
0
The following pages contain helpful information that will make your job as a member of the Board of
Appeal & Equalization more productive.
The assessing division contacted other western suburban communities to get a comparison of overall
market adjustments they have made to their existing residential properties. These amounts do not
include increases in value due to new construction. As illustrated, Plymouth has market value
adjustments for 2011 consistent with surrounding municipalities.
Residential Single Family Market Adjustments by Jurisdiction
excluding new construction)
Jurisdiction 2003 2004 2005 2006 2007 2008 2009 2010 2011
Bloomington 9.0% 8.5% 7.9% 7.1% 1.90/0 2.9% 5.5% 5.6% 3.7%
Eden Prairie 10.3% 7.5% 7.5% 6.2% 3.2% 0.90/0 4.7% 6.1% 3.3%
Edina 8.5% 8.90/0 7.6% 10.90/0 3.0% 1.10/0 1.90/0 4.8% 2.7%
Maple Grove 9511/6 9.6% 8.4% 8.6% 2.8% 2.9% 5.0% 5.4% 3.5%
Minnetonka 10.5% 8.5% 6.6% 7.8% 2.21)/o 1.80/0 4.3% 6.4% 2.3%
Plymouth 9.00/0 9.00/0 6.3% 7.611/o 2.2% 2.6% 4.8% 5.7% 2.4%
Average 9.5% 8.7% j 7.4% j 8.0% 2.6% 2.0% 4.4% 5.7% 3.0%
Local Board of Review & Equalization
Authority
Minnesota Statutes, Section 274.01, states that the council of each city shall be or shall appoint a Board of
Appeal &r Equalization. The Plymouth City Charter requires the city council to act as the Local Board of
Appeal &z Equalization. The 2004 legislation enacted a law that requires members of the Local Boards to
attend a training session that outlines their duties and responsibilities. The current council is compliant.
Property assessments ensure fair valuations, which impacts the relative share of the cost of local
government services. It is the duty of the Assessor to assess all real and personal property except that
which is exempt or taxable under some special method of taxation. If the burden of local government is
to be fairly and justly shared among the owners of all property of value, it is necessary that all taxable
property be listed on the tax rolls and that all assessments be made accordingly.
The authority of the local board extends over the individual assessments of real and personal property.
The board does not have the power to increase or decrease by a percentage all of the assessments in the
district of a given class of property. The County Board of Equalization can make changes in the aggregate
assessments by class.
Although the local board has the authority to increase or reduce individual assessments, the total of such
adjustments must not reduce the aggregate assessment made by the Assessor by more than one percent.
If the total does lower the aggregate assessment by more than one percent, none of the adjustments will
be allowed. This limitation does not apply, however, to the correction of a clerical error or to the removal
of a duplicate assessment.
M
Local Board of Review & Equalization
Overview
The residential market continues to be sluggish. Listings are up and sales are down. The
average time on the market for a sale is an average of 100 days at an approximate 890/0 of list
price. The majority of residential properties in Plymouth saw a decrease to their 2011 estimated
market value.
The average percentage changes in valuation are as follows:
Property Type Value Percent Value Percent Value Percent
Change Change Change
from from from
2008-2009 2009 rn 2010 2010 ro 2011
Residential -4.8% -5.7% -2.1%
Residential -3.9% -8.10/0 -5.2%
Lakeshore
Condominiums -6.0% -9.7% -5.5%
Townhomes -6.0% -6.1% -3.2%
Apartments -6.4% -8.5% -0.10/0
Commercial/ -5.1% -4.3% -3.7%
Industrial
In reviewing the individual assessments, the board DLay find instances of under valuation.
Before the board can raise the market value of property, it must notify the owner. The law does
not prescribe any particular form of notice except that the person whose property is to be
increased in assessment must be notified of the intent of the board to make the increase. The
Local Board of Appeal &r Equalization assures the property owner an opportunity to contest the
valuation that was placed on the property or to contest or protest any other matter relating to
the taxability of the property except the tax. The board is required to review the matter and
make any corrections that it deems just.
Exceptions to the above market value changes include new construction, quintile areas,
reappraisals, and/or other market adjustments.
7
The stages of development for Northwest Plymouth laid out in the comprehensive plan have
changed the method for valuing rural property. There are now 5 different development stages
with adjustments being factored in for distance from utilities, terrain, usability etc. Stage A, A.1
and B are being valued at $160,000 an acre Stage C is at $120,000 an acre with Stage D at
100,000 an acre. The Department of Revenue has also defined a consistent value for assessing
wetlands which is consistent throughout Hennepin County. Development in Plymouth has gone
from stagnant to 7 new subdivision that are currently under construction.
The 2011 assessment represents many hours of staff research and time. We feel confident the
2011 assessment is fair and well equalized throughout the City of Plymouth
On March 14, 2011, 25,757 value notices were mailed to Plymouth property owners.
Respectfully submitted,
Assessing Department Staff
2011 Assessment
Sales Ratio Study
The accuracy of the assessing division's estimated market value is measured by the sales ratio, which is
the estimated market value divided by the actual selling price. Plymouth's preliminary residential median
ratio entering the 2011 assessment was 97.3%. The sales ratio is determined by Hennepin County.
Hennepin County compares the January 2, 2010, estimated market values to sales occurring from October
1, 2009, through September 30, 2010. The average residential decrease for the January 2, 2011, assessment
was -2.1%. This was determined by comparing the January 2, 2011, estimated market values to the same
sales, thus establishing the 2011 estimated market values at a median sales ratio of .952 and a mean ratio
of .954 with a 5.2 coefficient of dispersion. The price related differential is currently at 100.929. This
indicates the ability to treat high as well as low valued homes fairly. 100 is considered to be perfect. In
accordance with the results of this sales study, certain areas of the city, certain styles, and certain sizes of
houses were adjusted in value, either lower or higher than the prior year value, to more properly reflect
actual market values.
The Minnesota Commissioner of Revenue and the Hennepin County Assessor have mandated that any
jurisdiction falling below a 90.0% plateau will be forced into corrective action. Corrective action may
cause everyone in the jurisdiction to suffer. Hennepin County suggest a ratio of 95.0%.
The 2010 average sale price of existing residential housing stock (off the lake) was $338,900; this price
does not include townhouses or condos. This is extracted from the Hennepin County Ratio Study of all
arms -length transactions involving single family homes.
Lakeshore property was adjusted according to the sale activity on each lake. Average lakeshore property
received a decrease of approximately 5.2%. The average sale price of existing lakeshore property in 2010
was $600,429.
Various townhome and condominium complexes were adjusted according to market activity as well as
studied to determine if the number of bedrooms per unit affected the sale prices. Townhomes and
condominiums also decreased in market value. The average sale price of condominiums was $150,726, an
average decrease of -5.5%. The average town home sale price was $235,286, down -3.20/o from 2010.
STYLE
Ramblers
Splits
Two Stories
Rambler -Cluster Homes
Splits -Cluster Homes
2 Stories -Cluster Homes
Condominiums
Townhomes
TOTAL
OF SALES AVG. SALE PRICE MEDIAN RATIO
36 275,698 959
98 275,797 955
121 429,512 940
2 186,950 989
6 217,711 989
7 198,686 904
66 150,726 952
97 235,286 952
Wfol
N
The apartment market has, in general, remained flat. The market adjustment was down 0.1% from the
2010 valuations.
In 2010, the commercial, industrial and multi -tenant properties are continuing to work through the
down market while hoping the worst is behind them. This may be true for the larger investment
properties, we have yet to see much change in the smaller owner/user and "mom and pop" type
properties, some of which have gone into foreclosure or sold as short sales. There is a lot of product on
the market and a lot of money waiting to be invested. When these two factors find a way to join forces
is unknown, hopefully it is sooner than later.
The correlation between job losses and vacancy in commercial properties has resulted in a large
amount of space available for sub -lease, a large amount of rent concessions, the price of net rents
down. Property values will remain flat for the most part with some increase/decreases for equalization
purposes.
As in 2009, Plymouth saw one retail transaction in 2010. Wal-Mart Stores Inc. purchased a large
property at Rockford Road and US Hwy 169 for potential redevelopment.
Overall, the commercial and industrial markets declined approximately 1.4%. The overall drop is the
result of a 1.1% decline in retail, 1.1% decline in lodging, 1.6% decline in restaurants, a 0.4% decline in
industrial, 1.4% decline in land, and a 9.2% decline in office condominiums. The office market is up
overall 2.0% based on a value increase of the three largest buildings in Plymouth.
It is important to remember that a sales ratio of slightly less than 100 percent is desirable in order to
avoid having numerous properties valued at more than their actual market value. With the median
sale ratio at 100%, one half of the properties would be assessed at less than market value and one half
assessed higher, putting too many over the actual market value. With a sales ratio of 95 percent it
means that half of the properties are below 95 of actual market value, half are higher, and a relatively
low number are valued by the assessor at more than actual market value. The acceptable range from
the Commissioner of Revenue is 90 to 105 percent. Hennepin County sets the target ratio at
95 percent. Annual standards of measurement mandated by the Department of Revenue and enforced
by Hennepin County tightly constrain the flexibility staff has to make adjustments to property values.
10
2011 ASSESSMENT STATISTICS
Total City Parcel Count (01-02-10) 25,496
Total City Parcel Count (01-02-11) 25,757
Parcel Count Per Appraiser 2011 Assessment 4,293
Assessor's Industry Standard per Appraiser 4,249
2010 Total Estimated Market Value $ 9,001,441,500
2011 Total Estimated Market Value (Preliminary) $ 8,862,464,400
2009 to 2010 Total City Valuation Growth (5.3%)
2010 to 2011 Total City Valuation Growth (2.1%)
2009 Total Building Permits 5,204
2010 Total Building Permits 6,281
Does not include townhouses or condos)
2008 Plymouth's Median Home Sale Price 366,800
2008 Plymouth's Average Home Sale Price 335,000
2009 Plymouth's Median Home Sale Price 329,000
2009 Plymouth's Average Home Sale Price 359,000
2010 Plymouth's Median Home Sale Price 320,000
2010 Plymouth's Average Home Sale Price 338,900
2010 "Median" Sales Ratio (Assessment Level) 95.0%
2011 "Median" Sales Ratio (Assessment Level) 95.2%
2010 Coefficient of Dispersion (Assessment Accuracy) 5.1%
2011 Coefficient of Dispersion (Assessment Accuracy) 5.2%
2009 Approximate Number of Sales (including new construction) 1,067
2010 Approximate Number of Sales (including new construction) 1,872
11
PLYMOUTH 2011 RESIDENTIAL PROPERTY
VALUE PERCENT i# OF HOMES
Under $100,000 3.4% 764
100,001 to $200,000 22.6% 5,073
200,001 to $300,000 36.3% 8,178
300,001 to $400,000 21.9% 4,933
400,001 to $500,000 9.4% 2,116
500,001 to $700,000 5.3 1,183
Over $700,001 1.1% 240
Total 100% 22,487
z
LU
v
Wa
UNDER $100.001 $200,001 $300,001 $400,001 $500,001 Over
100,000 TO TO TO TO TO $700,001
200,000 $300,000 $400,000 $500,000 $700,000
VALUE
TYPE OF DWELLING
Apartments
Single Family Homes
Duplex
Condominium
Townhomes
Permalease
Mobile Homes
Farm Houses
Seasonal Recreation
Co -Op Units
TOTAL LIVING UNITS
Living Unit Breakdown
2010 ASMT
OF UNITS
7,190
15,792
66
2,864
3,533
28
59
10
6
210
29,758
2011 ASMT
OF UNITS
A increase of 204 living units over the 2010 assessment. Total number of homesteads 1/1/1120,861.
12
7,190
15,963
64
2,866
3,568
26
59
9
5
212
29,962
Statutory Requirements
Market values are assessed locally by the city or township assessor, if there is one, or by the county
assessor. The work of the local assessor is monitored by the county assessor, whose work is in turn
monitored by the Minnesota Department of Revenue. The monitoring agency is authorized by law
to adjust the property assessment to help ensure county -wide and state-wide equalization of
property assessments.
As a result, Plymouth and other Hennepin County cities must regularly report to the Hennepin
County assessor, who has established the standard that local property assessments reach at least 95
percent target ratio of actual market values to sale prices. At times, local assessments have been
adjusted by the county assessor or the State of Minnesota to meet this standard.
State law provides that the assessment shall be an annual assessment with all property in the taxing
jurisdiction re -valued to its market value everyJanuary 2. For this assessment 5,785 properties
were reviewed (23.0%) fulfilling the state mandated review of 20% of all existing properties within
the City of Plymouth. This is commonly referred to as the "Quintile." In the areas of re -inspection,
new items that previously were not on our records were added, or where applicable, deleted. Of all
homes reviewed, 55.5% were internally inspected. A preliminary sales study was analyzed prior to
placing a final value on each property inspected.
0000000000000000000000000000000000000
0 0
0 0
o COEFFICIENT OF DISPERSION - (Assessment Accuracy) In o
statistics, the measure of absolute dispersion to an appropriate
average. A measure of relative dispersion. Sometimes referred
to as an "index of assessment inequality": under 10% is in the
excellent range.
0 0
Cl 0
CAPITALIZATION - The process of converting into present
Cl value (or obtaining the present worth of) a series of anticipated
future periodic installments of net income. In real estate ap-
praising, it usually takes the form of discounting>
0 0
DEPRECIATION - A loss of utility and hence value from any
cause. An effect caused by deterioration and/or obsolescence.
There are several types of depreciation.
0 0
0 0
0000000000000000000000000000000000000
13
Value Exclusions
This Old House
Since 1993, state law has provided for a deferral of a portion of the market value added to older homes
through renovations commonly known as "This Old House". The law has undergone many revisions
since it's conception. The law was phased out beginning with the 2003 assessment, and no additional
properties can be enrolled in This Old House program. The last revision allowed deferrals for:
50% of the first $50,000 of improvements to homes 45 years old.
100% of the first $50,000 of improvements to homes over 70 years old.
Total market value of the property must have been less than $400,000 at the time the permit was
issued.
For the 2011 assessment, 60 properties still have qualifying improvement amounts totaling $724,500
that will be deferred. Properties that qualified will remain in the program until their 10 year
exemption period is complete.
The 2011 assessment is the eighth year for phasing in the excluded values on properties that were
eligible for the "This Old House" program. For properties with exclusions over $10,000, the excluded
value is phased in over a five-year period, at 20 % per year. For improvements less than or equal to
10,000, the excluded value is phased back in over two years, at 50 % each year. By 2013, all of the
properties with deferred values will have started to be phased back in, and in 2015, all of the excluded
value will be restored.
Veterans Exclusion
The 2008 State legislative session amended the homestead law that provides a market value exclusion
for all or a portion of property used as a homestead by a military veteran with a service connected
disability of 70% or more. To qualify, a veteran must have been honorably discharged from the United
States armed forces and must be certified by the United States Veterans Administration as having a
service connected disability.
A veteran who has a disability rating of 70 % or more qualifies for a $150,000 market value exclusion.
To qualify for this valuation exclusion, a property owner must apply to the assessor byJuly 1 of each
assessment year.
A veteran who has a total (100 %) and permanent disability qualifies for a $300,000 market value
exclusion. This exclusion is a one-time application and the property continues to qualify until there is
a change of ownership. If a disabled veteran qualifying for an exemption predeceases the veteran's
spouse, and if upon death of the veteran the spouse holds the legal or beneficial title to the homestead
and permanently resides there, the exclusion will carryover to the benefit of the veteran's spouse for
one additional year or until such a time as the spouse transfers, sells, or other wises deposes of the
property, whichever comes first.
For the 2011 assessment, there are 59 Plymouth properties that have made application for this
exclusion, with a total of $1,666,400 excluded from taxation.
14
Foreclosure Data
The City of Plymouth traces foreclosures for a number of reasons, however the properties are
not used to determine overall assessment valuations. The Department of Revenue and
Hennepin County require lender -mediated sales, such as foreclosures and short sales, to be
rejected from the sales ratio criteria in determining property valuation.
Foreclosure is a legal process that allows a lender/bank to take possession of and sell a property
due to non-payment of a loan that is secured by that property owner. After the completion of
the foreclosure process, the lender/bank has title to the property. The foreclosure process
begins when a borrower/owner defaults on loan payments, and the lender files a Notice of
Default. In Minnesota, the Notice of Default is referred to as Lis Pendens. Lis Pendens is a publicly
recorded notice of a pending lawsuit against a property that may affect the ownership of the
property.
The Sheriff's Sale, as it is called in Minnesota, is the event where the property is sold to the
highest bidder. The notice of a pending sale is published six weeks prior to the event, and the
sheriff or designee will serve notice to the occupant one month prior to the sale. Typically the
lenderibank will open bidding with the exact amount due at the time of the sale. Following
the opening bid, other bidders are given an opportunity to bid at higher amounts. The
successful bidder will receive a Sheriff's Certificate of Sale.
After the "Sheriff's Sale", the borrower has the right to buy back or redeem the property by
paying the successful bidder the amount of the successful final bid plus interest and applicable
fees. This is referred as the redemption period. During the redemption period, which typically
lasts six months, the original owner may continue to live on the property and the successful
bidder may not enter the property without permission of the original owner.
If, after 6 months, the property is not redeemed, the highest bidder at the Sheriff's Sale is the
undisputed owner of the property. At this time, if the lender/bank is the owner of the
property, the property is typically listed for sale. The sale that transpires is the sale that is
rejected from the sales study used in analysis' to calculate market value adjustments.
Another type of sale that is considered but excluded from the ratio analysis is a short sale.
Short sales are special arrangements where the financial institution and the in -fault
homeowner attempt to sell the property before the foreclosure process, generally for an amount
less that the current mortgage obligation. These sales are more difficult to track because there
is no recording of this type of sale; it must be monitored searching sales through the Multiple
Listing Service and sales verification.
The 209 remaining foreclosures in Plymouth represent less than 1% of the housing stock in the
city. Approximately 55% were homestead properties while the remainder were mostly rental
properties, vacant land or commercial properties. It is also important to note that 27 of the
foreclosures were listed within 2 condominium complexes. Except for the aforementioned
complexes, the foreclosures were evenly dispersed throughout the city. In 2009 there were 308
properties that went into foreclosure and 270 have since been resold. In 2010 there were 210
properties that went into foreclosure and 39 have since sold. The number of foreclosures has
decreased from 2009 to 2010 with the majority of properties being resold within one year.
15
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APPEAL PROCESS
Valuation Notice
Discuss value with the Administrative
Assessor's Office Review
Local Board of
Appeal &t Equalization
Deny Change
Appeal Value
Hennepin County Board Approve Appeal
of Appeal &t Equalization
Deny Appeal
State Tax Court
Appeal Process
Following the mailing of the assessment valuation notices the appeal process is a key aspect to
the annual property assessment. Residents having questions about their 2011 valuation or
classification are urged to contact the local assessing department. This allows staff to discuss
property characteristics and where needed, conduct an on-site review. No changes will be made
to a valuation without an on-site inspection. Because some properties receive statistical -based
adjustments to market value, the review allows the assessing staff the opportunity to
individually examine certain properties.
By appealing to the Local Board of Appeal &r Equalization the petitioner is granted the
opportunity to appeal to a higher authority if unsatisfied with the decision. Where there is
evidence a property has been overvalued or valued inequitably, its market value can be readjusted
to an appropriate amount. An appeal can result in values staying the same, being reduced or, in
some cases, being increased.
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