HomeMy WebLinkAboutCity Council Packet 04-11-1994 Special 1I'Dp. City of
Plymouth
Adding Quality to Life
Materials for City Council Meeting
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3400 Plymouth Blvd • Plymouth, Minnesota 55447-1482 • Tel: 763-509-5000 • vwvw.ptymouthmn.gov .1,
DATE: April 7, 1994
TO: Plymouth Board of Review
FROM: Nancy D. Bye, City Assessor 9
SUBJECT: 1994 BOARD OF REVIEW
Attached for your review, is a report on the 1994 Assessment. The report introduces
you to the statistical measurement and general information we utilize in determining
our values for the Assessment. This will hopefully make your job as a member of the
Board of Review easier to understand.
Please read through the information and feel free to contact me with any questions or
comments you may have before the Board convenes.
TABLE OF CONTENTS
DESCRIPTION PAGE #
LOCAL BOARD OF REVIEW AUTHORITY 1
1994 BOARD OF REVIEW SUMMARY 2
INTRODUCTION TO THE 1994 ASSESSMENT 3
INTRODUCTION TO PLYMOUTH ASSESSING DIVISION 6
1994 ASSESSMENT STATISTICS 7
ASSESSMENT TERMINOLOGY 8
1994 SALES RATIO STUDY 14
DISTRIBUTION OF MARKET VALUE 15
1994 SALES STATISTICS 16
RESIDENTIAL VALUE DISTRIBUTION 20
ADDENDUM
1994 ASSESSMENT NOTICES
HENNEPIN COUNTY 1994 SPRING SALES STUDY (ALL CITIES)
NEWSPAPER ARTICLES
LOCAL BOARD OF REVIEW AUTHORITY
Minnesota Statues, Section 274.01, provides that the council of each city shall be or
appoint a Board of Review.
Assessments of property are made to provide the means for the measuring of the
relative share of each taxpayer in the meeting of the costs of local government. 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.
Whenever any property that should be assessed is omitted from the tax rolls, an unfair
burden falls upon the owners of all property that have been assessed. If any property is
undervalued in relation to the other property are called upon automatically to assume
part of the tax burden that should be borne by the undervalued property. Fairness and
justice in property taxation demands both completeness and equality in assessment.
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
percentage all of the assessments in the district of a given class of property. Changes
in aggregate assessments by classes are made by the County Board of Equalization.
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 of said aggregate. If the total of such assessments
does lower the aggregate assessment made by the Assessor by more than one percent,
none of the adjustments will be allowed. This limitation does not apply, however, to
the correction of clerical errors or to the removal of duplicate assessments.
In reviewing the individual assessments, the board may 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 increases in assessment must be notified of the intent of the
board to make the increase. The Local Board of Review meetings assure the property
owner an opportunity to contest the valuation that has been placed on his/her property
or to contest or protest any other matter relating to the taxability of his/her property
except the tax. The board is required to review the matter and make any corrections
that it deems just.
1
1994 BOARD OF REVIEW SUMMARY
This past year there were modest changes in estimated market value of most residential
properties located in Plymouth. Some of these value changes range from reductions of
value in some areas to substantial increases of quartile and lakeshore properties.
Typical valuation changes were as follows:
Property Type
Residential
Residential Lakeshore
Apartments
Commercial
Industrial
Value Percent Change
3 to 6%
5 to 19%
0-
0-
0-
Exceptions to the above market value changes would include new construction, quartile
areas, reappraisals, and/or other market adjustments.
On March 18, 1994 estimated market value notices were mailed to all Plymouth
property owners.
State law provides that the assessment shall be an annual assessment with all property
in the taxing jurisdiction revalued to its market value every January 2. The assessment
for this year placed a real burden on our staff. Besides being short staffed for three
months we have had a record breaking volume of new building permits issued during
the past two calendar years. This does not include the 4,700 quartile parcels that had to
be reviewed and reappraised. Also legislative changes to include limited market value
and "This Old House" bill required considerable added staff time to implement.
With ongoing improvements to our computer system for property appraisal, certain
workloads were increased. Also, other work areas were needed for proofing valuations
being returned from the computer, correcting coding of field card data entry
information, and interpreting various printed reports. Our computerization of the
assessing function of Plymouth is, perhaps, one of the most progressive and
sophisticated systems that exists in the State of Minnesota. The excellence and quality
of the 1994 assessment is a direct result of this computerization.
The assessment just completed for 1994 represents many hours of staff research and
time. I feel confident the 1994 assessment is fair and well equalized throughout the
City of Plymouth.
Respectfully submitted
Assessing Department Staff
2
INTRODUCTION TO THE 1994 ASSESSMENT
The 1994 Assessment affects all the property owners of Plymouth. As required by
current state law, the Assessor is required to reassess all property every year.
State Statute reads: "All real property subject to taxation shall be listed and assessed
every year with reference to its value on January 2 preceding the assessment." This
has been done and the owners of property in Plymouth have been notified of any
change. Minnesota State 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 the price for
which such property would sell, or in the aggregate with all the property in the town or
district but he shall value each article or description of property by itself, and at such
sum or price as he believes the same to be fairly worth in money. " The statute says all
property shall be valued at market value. This means that no factors other than market
such as economics, personalities or politics) shall affect the Assessor's value and the
subsequent action by the Board of Review.
Market value has been defined many different ways. Simply stated, it is "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 no 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 which is based on the value of property and not
on the ability of the property owner to pay. The values placed on all real estate in
Plymouth are based on the amount of land and the improvements upon the land, while
no consideration is given to who owns the land.
The 1994 Assessment (not the 1994 taxes) reflects an increase of 7.5% overall
valuation over the 1993 assessment (including new construction, quartile adjustments,
and/or market adjustments). This can be demonstrated as follows:
1993 TOTAL CITY VALUE
2,924,075,100
Percent Total Growth:
Total Value Growth:
New Construction:
Growth Before
New Construction:
1994 TOTAL CITY VALUE (PRELIM)
3,142,536,100
7.5%
218,461,000
119,733,900
3.3%
C
TOTAL PERCENT GROWTH OF PLYMOUTH
ASSESSMENT YEAR
1991
1992
1993
1994
TOTAL GROWTH
0 1 2 3 4 5 6 7 8
4
1994 ASSESSMENT INTRODUCTION
During this past year, our staff has gathered property data onto a computer field sheet
which, in turn, was entered and calculated by the computer system. Adjustments have
been made in land values, depending on the area of the city.
Those areas of the city that equal 25 % of all existing properties have been physically
reviewed during 1993 and represent over 4,700 parcels, excluding 1,982 building
permits. This is commonly referred to as the "Quartile". In the areas of reinspection,
new items that previously were not on our records were added, or where applicable,
deleted. This year, again, a preliminary sales study was analyzed, prior to placing a
final value on each property inspected.
In accordance with the results of this sales study, certain areas of the city, certain styles
of houses and certain sizes of houses were adjusted in value, either lower or higher than
the original value, to more properly reflect actual market values.
The value we place on the property is accomplished only after we have conducted
thorough studies in the market place. Costs of replacement are checked with builders
in the area, as well as cost manuals that are available, which are put together by experts
in the field of building and appraising. Sales of property are constantly analyzed to see
what is happening in the market place. The assessor does not create value, he only
measures its movements.
Assessing property values equitable is partly science, partly judgment, partly
communication skills, and largely a mystery to many property owners. Add to that the
fact that property construction, financing and ownership are more complex today than
ever before and the task becomes more difficult.
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, after all, is a working definition of equalization.
The following pages contain information that hopefully will inform you and make your
job as a member of the Board of Review a more productive one.
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1994 ASSESSMENT STATISTICS
Total City Parcel Count (01-02-93) 18,991
Total City Parcel Count (01-02-94) 19,545
Parcel Count Per Appraiser 1993 Assessment 4,748
Parcel Count Per Appraiser 1994 Assessment 4,886
Assessor's Industry Standard 3,000
1993 Total Estimated Market Value $2,924,075,100
1994 Total Estimated Market Value (Preliminary) $3,142,536,100
1992 to 1993 Total City Valuation Growth +4.20%
1993 to 1994 Total City Valuation Growth +7.50%
1992 Total Building Permits 1,728
1993 Total Building Permits 1,982
1992 Plymouth's Average Home Sale Price 148,500
1993 Plymouth's Average Home Sale Price 157,500
1993 "Median" Sales Ratio (Assessment Level) 93.2%
1994 "Median" Sales Ratio (Assessment Level) 93.2%
1993 Coefficient of Dispersion (Assessment Accuracy) 6.66%
1994 Coefficient of Dispersion (Assessment Accuracy 6.64%
1992 Approximate Number of Sales (excluding new construction) 1,650
1993 Approximate Number of Sales (excluding new construction) 1,900
7
NUMBER OF BUILDING PERMITS
1991
YEAR
1992
1993
1994
0 200 400 600 800 1000 1200 1400 1600 18002000
ASSESSMENT TERMINOLOGY
AD VALOREM TAX - A tax varying with the value of a good or commodity; a real
estate tax based on the value of the property.
APPRAISAL - An estimate or opinion of value. The act or process of estimating
value. The resulting opinion of value derived from the appraisal may be informal,
transmitted orally; or it may be formal, presented in written form. Usually it is a
written statement setting forth an opinion of the value of an adequately described
property as of a specified date, supported by the presentation and analysis of relevant
data.
APPRAISER - One who estimates value; specifically, one who possesses the necessary
qualification, ability and experience to execute or direct the appraisal of real property.
CAPITALIZATION - The process of converting into present value (or obtaining the
present worth of) a series of anticipated future periodic installments of net income. In
real estate appraising, it usually takes the form of discounting.
CAPITALIZATION RATE - The sum of a discount and a capital recapture rate. It is
applied to any income stream with a finite term over which the invested principal is to
be returned to the investor or lender.
CLASS RATE - Statutory percentage applied to the estimated market value of a parcel
based on the parcel's classification. Formerly known as tax capacity rate or
percentage.
CLASSIFICATION OF PROPERTY - The classification of property after the valuation
is complete to identify the property as residential, commercial, homestead, non -
homestead, etc. Each class refers to a different statutory assessment rate. It is based
on the use as of the assessment date.
COEFFICIENT OF DISPERSION: (Assessment Accuracy) - In 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.
COST APPROACH - That approach in appraisal analysis which is based on the
proposition that the informed purchaser would pay no more than the cost of producing
a substitute property with the same utility as the subject property. It is particularly
applicable when the property being appraised involves relatively new improvements
which represent the highest and best use of the land or when relatively unique or
0
ASSESSMENT TERMINOLOGY (continued)
specialized improvements are located on the site and for which there exist no
comparable properties on the market.
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.
PHYSICAL DEPRECIATION - A reduction in utility resulting from an
impairment of physical condition. For purposes of appraisal analysis, it is most
common and convenient to divide physical deterioration into curable and
incurable components.
PHYSICAL CURABLE DEPRECIATION - Physical deterioration which the
prudent buyer would anticipate correcting upon purchase of the property. The
cost of effecting the correction or cure would be no more than the anticipated
addition to utility, and hence ultimately to value, associated with the cure.
PHYSICAL INCURABLE DEPRECIATION - Physical deterioration which in
terms of market conditions as of the date of the appraisal is not feasible or
economically justified to correct. The cost of correcting the condition or
effecting a cure is estimated to be greater than the anticipated increase in utility,
and hence ultimately in value, of the property that will result from correcting or
curing the condition.
FUNCTIONAL DEPRECIATION - Impairment of functional capacity or
efficiency. Functional obsolescence reflects the loss in value brought about by
such factors as over capacity, inadequacy and changes in the art, that affect the
property item itself or its relation with other items comprising a larger property.
The inability of a structure to perform adequately the function for which it is
currently employed.
ECONOMIC OBSOLESCENCE - Impairment of desirability or useful life
arising from factors external to the property, such as economic forces of
environmental changes which affect supply -demand relationships in the market.
Loss nit he use and value of a property arising from the factors of economic
obsolescence is to be distinguished from loss in value from physical
deterioration and functional obsolescence, both of which are inherent in the
property. Also referred to as Location or Environmental Obsolescence.
ESTIMATED MARKET VALUE - The value which the Assessor has estimated the
property to be worth.
10
ASSESSMENT TERMINOLOGY (continued)
EQUALIZATION - The adjustment of assessed valuation of real property in a
particular area to establish a more equitable division of the total tax burden within the
area.
FISCAL DISPARITIES - Program which provides for the sharing of 40 percent of the
growth of the commercial/industrial tax base nit he seven county metro area since
1971. A percentage of the property tax on each commercial/industrial parcel is
calculated at the seven county uniform rate.
GEOCODE NUMBER - A geographically related parcel numbering system. The
number contains thirteen digits made up of section, township, range, quarter -quarter
and parcel. The first seven digits, based on the public land survey, geographically
locate the section in which the property is located. The next two digits will designate
in which quarter -quarter the property is located. The ten through thirteen digits
indicate the parcel within the quarter -quarter. The parcels will be numbered
consecutively beginning with 0001. When a division is made, the next consecutive
available number(s) will be assigned, and the old number(s) will be retained for
historical data.
GROSS TAX CAPACITY - A parcel's estimated market value multiplied by the gross
class rate for that type of property. Formerly known as assessed value.
HIGHEST AND BEST USE - That reasonable and probable use that will support the
highest present value, as defined, as of the effective date of an appraisal.
HOMESTEAD AND AGRICULTURAL CREDIT AID (HACA) - Replaces homestead
credit and agricultural credit. The state gives this aid directly to the local units of
government.
HOMESTEAD FULL YEAR - Property is granted a lower assessed value if the owner
lives in and owns the property as of January 2. If a person owns and occupied their
home up until December 1, they receive a mid year homestead which carries the full
homestead benefits payable the following year. For example, the January 2, 1994,
classification affects the taxes payable in 1995.
NON -HOMESTEAD - Residential property that does not qualify for a full year
or half year homestead. The tax capacity is higher, hence a higher tax.
11
ASSESSMENT TERMINOLOGY (continued)
INCOME APPROACH - That procedure in appraisal analysis which converts
anticipated benefits (dollar income or amenities) to be derived from the ownership of
property into a value estimate. The income approach is widely applied in appraising
income-producing properties. Anticipated future income and/or reversions are
discounted to a present worth figure through the capitalization process.
LEGAL DESCRIPTION - The formal way to describe a parcel of property typically
metes and bounds, lot and block or government survey.
LOCAL TAX RATE - Rate of tax applied to the tax capacity of property to calculate
the tax due. Formerly known as tax capacity rate, mill rate.
MARKET VALUE - The most probably price in terms of money which a property will
bring in a competitive and open market under all conditions requisite to a fair sale, the
buyer and seller, each acting prudently, knowledgeably and assuming the price is not
affected by undue stimulus.
MASS APPRAISAL - A method used in valuation of a jurisdiction for tax purposes.
As the term implies, it is a method of appraising a large number of properties at one
time by adopting standard techniques, and giving due consideration to the appraisal
process so that uniform or equality of values may be achieved between all properties.
METES AND BOUNDS - A description of a parcel of land by reference to the courses
bearings, that is, the angles east or west f due north or due south) and distances
usually in feet or chains) of each straight line which forms its boundary, with one of
the corners tied to an established point; that is the bearing and distance from an
established point; such as a section corner or to the intersection of the center lines of
two roads, etc.
If one part of the boundary is on a curve, this part is described by showing the number
of degrees of the central angle subtended by the curve (arc), the length of the radius,
and the length along the curve.
PARCEL - A piece of land, with or without improvements, in one ownership.
PRICE RELATED DIFFERENTIAL: (Assessment Difference) - A statistic used to
measure the assessment differences that may exist between higher priced properties vs
lower priced properties. 100 points is ideal. Within 10 points of 100 is considered
excellent.
12
ASSESSMENT TERMINOLOGY (continued)
PROPERTY TAX REFUND - Also known as the "Circuit Breaker" or "Income
Adjusted Homestead Credit". State -reimbursed refund to owners of homesteaded
property and renters based on income.
SALES COMPARISON APPROACH - Traditionally, an appraisal procedure in which
the market value estimate is predicted upon prices in actual market of value in a static
or advancing market (price wise), and fixing the higher limit of value in a declining
market; and the latter fixing the higher limit on any market. It is a process of
analyzing sales of similar recently sold properties in order to derive an indication of the
most probably sales price of the property being appraised. The reliability of this
technique is dependent upon (a) the availability of comparable sales data, (b) the
verification of the sales data, (c) the degree of comparability or extent of adjustment
necessary for time differences and (3) the absence of non -typical conditions affecting
the sale price.
SALES RATIO (Assessment Level) - The ratio derived by dividing a property's sale
price into the Assessor's estimated market value.
SALES RATIO ANALYSIS - Study of the relationship between the Assessor's values,
sales prices and the deviations resulting from differences between the two. The
purpose of such an analysis is to determine the efficiency, equity, quality and fairness
of assessing activities of a particular neighborhood or jurisdiction.
SPECIAL ASSESSMENT - Street, sewer, water, curb, or other infrastructure costs
that are incurred by a city/township and assigned to benefiting properties.
TARGETING REFUND - State reimbursed refund to owners of homesteaded and
seasonal recreational residential property. The refund is a percentage of the tax
increase in excess of 12 percent over the previous year on the same property. It does
not apply to increases caused by improvements. Forms are available in the property
tax refund booklet, M-1 PR available by calling 296-3781.
The following pages discuss the methodology and our 1994 Sales Ratio Study. We are
fortunate in Plymouth to have a very active market with numerous sales to be able to
accurately measure our assessment.
13
1994 SALES RATIO STUDY
Equalizing is done in today's procedures through ratio studies. These studies compare
the Assessor's value with that same property's actual sale price. This comparison gives
us ratio indicators that are recognized by the county and the State Commissioner of
Revenue. The ratio indicators must reach acceptable levels or they will trigger
corrective action for general across-the-board adjustments by the County Assessor or
the Commissioner of Revenue. These general corrections are essentially a "shotgun
blast" type correction that affect the adequate and inadequate values alike and, although
they correct equalization across jurisdiction lines, they do just the opposite within a
jurisdiction by increasing inequity. In Plymouth, this type of correction was done to
Commercial/Industrial properties for the 1988 assessment. (+5% to building value.)
Fortunately it has never been done to residential properties.
The 1993 sales study recently completed by our staff and Hennepin County places our
overall median ratio at 93.2 %. Hennepin County's median ratio is 93.5 % which puts
Plymouth below the average and dictates that jurisdictions at or above the median carry
a slightly greater share of the load. We want to be the leader in most other areas,
however, in equalization ratio studies we certainly don't want to be at or near the top.
The 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, and
then everyone suffers.
Our coefficient of dispersion in this year's study is 6.640%. This is comparable to
other jurisdictions of our size in Hennepin County. (Anything under 10 is considered
excellent.) This is a direct result of our computerization of the appraisal process and
demonstrates our ability to administer fair and equalized valuations at both ends of the
value spectrum.
Our price related differential fluctuated between 98 and 101. This also shows our
ability to treat higher priced homes as equally as the lower priced homes. It is
currently at 100.1. (100 is consideredep rfect.)
14
DISTRIBUTION OF ESTIMATED MARKET VALUE
BY PROPERTY TYPE
1994
2(
5% 2%
ESTIMATED MARKET VALUE
TOTAL EMV 3,142,536,100.00 2,924,075,100.00
All other includes: Commons, Open Land, Commercial Vacant Land
15
1994 1993
Residential 73% 2,294,307,300.00 2,066,702,800.00
Commercial/Industrial 20% 633,724,200.00 644,284,600.00
Apartments 5% 165,528,400.00 162,346,000.00
All Other 2% 48,976,200.00 50,741,700.00
TOTAL EMV 3,142,536,100.00 2,924,075,100.00
All other includes: Commons, Open Land, Commercial Vacant Land
15
DATE: March 18, 1994
TO: Nancy Bye, City Assessor
FROM: Jan Olsson, Senior Appraiser
SUBJECT: 1994 ASSESSMENT SALE STATISTICS
OVERALL SALES RATIO
1993 Estimated Market Values were used on all sales
STYLE OF SALES MEAN RATIO
Ramblers 159 923
Splits 294 931
Two Stories 224 940
Condominiums 209 927
Townhomes 203 902
TOTAL 1,089
Approximate Number Homes Sold Excluding New Construction 1,900
Average Price $157,500
cc: Mike Carroll, Appraiser
Joan McCormick, Appraiser
Paul Kingsbury, Appraiser
16
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DATE: April 5, 1994
TO: Assessing Staff
FROM: Nancy D. Bye, City Assessor
SUBJECT: SINGLE FAMILY LIVING UNIT COUNT BREAKDOWN (TOTAL CITY)
The following is a listing of the type and the number of living units for each that is on the tax
rolls for assessment year January 2, 1992, 1993, and 1994.
TYPE OF DWELLING ' 92 ASMT '93 ASMT 94 ASMT
OF UNITS # OF UNITS OF UNITS
Apartment Units 5,044 5,180 5,227
Single Family Homes 12,361 12,902 13,479
Condominiums 1,568 1,683 1,707
Townhomes 1,746 1,781 1,815
Permalease 142 127 120
Mobile Homes 64 62 62
Farm Houses 30 32 32
Seasonal Res. (Cabins) 6 6 6
TOTAL LIVING UNITS: 20,961 21,773 22,448
1993 assessment represents an increase of 812 living units over January 2, 1992. There were 675
more living units built during 1993.
1994 RESIDENTIAL LAKE SHORE SALES STUDY
1993 SALES)
NUMBER NAME 1 YEAR PRELIlVIINARY AVERAGE ADJUSTMENT AVERAGE
OF OF . OF RATIO LOT TO VALUE SALE PRICE
PARCELS LAKE SALES VALUE CITY 5
ivy bass 4 6425 112,000 7%* 257,200
37 Gleason 1 796 50,000 to QTRL** 181,100
120,000
48 Hadley 2 941 52,500 0 269,300
31 Lost 0 0 52,700 0 0
126 Medicine 2 961 94,600 0 307,700
41 Mooney 0 0 95,000 0 0
49 Parkers 2 711 54,000 QRTL** 241,500
8 Pike 0 0 50,000 0 0
61 Schmidt 3 843 78,500 5%*** 255,900
510 14 84.5
efore increases)
Hennepin County Sales Study of all Residential Lake Shore Sales in Plymouth for the
1994 Assessment:
TOTAL SALES: 14 MEAN RATIO: 93.7 (after increase)
Land values on Bass Lake were increased 7 % with the average increase to the total market
value being approximately 6 %.
Parkers Lake Shore properties were reappraised for the 1994 Quartile. The average total
market value increase was + 19 %. Gleason Lake Shore property was also reappraised for the
1994 Quartile. The average total market value increase was + 16 %.
Land values on Schmidt Lake were increased 5 % with the average increase to the total
market value being approximately 4 %.
2/94
JLO
19
60
50
40
30
20
10
0
PLYMOUTH RESIDENTIAL PROPERTY
VALUE DISTRIBUTION 1994
UNDER 75,001 150,001 250,001 350,001 OVER
75,000 TO TO TO TO 500,000
150,000 250,000 350,000 500,000
VALUE OF HOMES PERCENT
Under 75,000 8,338 50.08
75,000-150,000 2,722 16.35
150,000-250,000 4,667 28.03
250,000-350,000 784 4.71
350,000-500,000 129 78
Over 500,000 9 05
Total 16,649 100.00
Includes all residential types but excludes any partial construction
20
ADDENDUM
Clerk's Notice to Post and Publish — HC 1163
ASSESSMENT NOTICE
NOTICE IS HEREBY GIVEN, That the Board of Review of the City of
Plymouth to Fiannanin County, 1V1lnn.,
will meet at the office of the City Clerk, in said City
at. 7:00 o'clock —2—M., on
Monday the 11th day of April ' 19 94
for the purpose of reviewing and correcting the assessment of said City
for the year 19 .. All persons considering themselves aggrieved by said assessment or who
wish to complain that the property of another is assessed too low, are hereby notified to
appear at said meeting and show cause for having such assessment corrected.
No complaint that another person is assessed too low will be acted upon until the
person so assessed, or his agent, shall have been notified of such complaint.
Dated this 28th day of March 19 94
l L
Clerk of the City of Plymouth
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Am
City Assessor
3400 Plymouth Blvd.
Plymounth H11. 55447
1 CLASS MAIL
ZIP + 4 BAR CODE
U.S. POSTAGE PAID
MPLS, MN.
HENNEPIN COUNTY REAL ESTATE VALUATION NOTICE
1994 Value For Taxes Payable in 1995
SEE REVERSE SIDE FOR ADDTIONAL INFORMATION '•'
MUNICIPALITY PROPERTY ID
ESTIMATED LIMITED
MARKET VAL E
QUALIFYING VALUE
FORIMPROVEMENTS
MARKET VALUE
FOR TAXATION
MARKET VALUE
197,000 177,000 7,000
PROPERTY CLASSIFICATION
Residential - HomesteadTOTALKTOANAPPRAISER/ASSESSOR CALL:
550-5020
THE LOCAL BOARD OF REVIEW WILL MEET ON: THE COUNTY BOARD OF EQUALIZATION
WILL MEET: June 13,1994
April 11,1994 at 7:00 p.m. FOR AN APPOINTMENT, YOU MUST CALL: at Plylr,outh City Center
348-5076 By June 6,1994
YOU MAY APPEAL BY APPEARING IN PERSON OR SENDING A YOU MUST APPEAL TO THE LOCAL BOARD OF REVIEW TO BE
LETTER OR REPRESENTATIVE TO THE LOCAL BOARD OF REVIEW ELIGIBLE TO APPEAL TO THE COUNTY BOARD OF EQUALIZATION
John Q. Public
1234 Pain Ave.
Apt. Flo. 4
Plymouth, Hii. 55447-5654
YOUR MARKET VALUE
Vlarket value is defined as the most probable price that a well-informed buyer would pay a well-informed seller
or a property without either party being unduly forced to buy or sell. The valuation of your propery is based oreportedandrecordedmarketsalesdatafrompropertiessimilartoyours. The classification of your property iE
nandated by state law and is based on the use of your property.
IF YOU WISH TO APPEAL YOUR ESTIMATED MARKET VALUE
You should first try to collect information about properties similar to yours that have sold. Then, if this informatior
ndicates the valuation or classification is incorrect, you may call your assessor's office and disCLISS thi:
information with- an appraiser. The telephone number is listed on the front of this card. If, after discussing you
information with an appraiser you feel you still have reason to appeal your valuation or classification, you ma,.,
appear before your Local Board of Review. The date, time and location of your Board of review is printed on the
front of this card. If you wish to continue your appeal, you may also make an appointment to appear before the
County Board of Equalization. You must appeal at the Local Board of Review to be eligible to appear to theCountyBoardofEqualization. The dates, times and numbers are listed on the front of this card for the Count, Board of Equalization. If you are still dissatisfied with your market value, you may make your final appeal to th(
Minnesota Tax Court.
MINNESOTA TAX COURT
State law also provides that a property owner can appeal to the Minnesota Tax Court. For information on tI^
Tax Court please contact the Tax Court Office, 520 Lafayette Road, 2nd Floor, St. Paul MN 55155. Telephor
No. 296-2806. All appeals to Tax Court must be made on or before May 15 of the year in which the tax
payable.
MARKET VALUE APPEAL PROCESS
NOTICE OF MARKET VALUE
ABATEMENT
DISCUSS WITH PROCESS
ASSESSOR'S OFFICE H -
ADMINISTRATIVE
REVIEW)
LOCAL BOARD OF REVIEW
DENY APPEAL'
CHANGE
VALUE
COUNTY BOARD
OF
EQUALIZATION
APPROVE APPEAL
DENY APPEAL
STATE TAX COURT
54)
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Real estate
Star Tribune
Tuesday
May 11 / 1993
Frantic metro home buying pace
continues; prices are heading up
April activity upnearly 27% over year-ago
By Willard Woods
Staff Writer
Twin .Cities home buyers in Apol
continued the frenzied pace started
in March — the industry's busiest
month in history. As a result, home
prices are beginning a significant up-
swing.
Sales of single-family homes rose
nearly 27 percent in April, to 4,610,
when compared with the same
month last year, according to fi*ures
released Monday by the Regional
Multiple Listing Service.
Meanwhile, the number of listings in
April rose to 6,832, 4 percent above
April 1992. But there still aren't
enough houses for sale to meet buyer
demand,. industry observers said. In
April 1991, there were 7,531 listings.
Houses also are selling faster. The
average number of days a house had
been on the market before it sold fell
to 66 days in April, down 16.4 per-
cent from last year's 79 days, the
figures show.
Increased sales, fewer listings and a
faster market have bolstered home
prices.
The median sale price of a Twin
Cities home rose 6.1 percent last
month to $95,300, up from $89,800
in April 1992 and nearly twice the
rate of inflation. By comparison,
home prices rose 1.9 percent between
April 1991 and April 1992.
Because of the increase in home
prices, home buying is becoming a
better investment, said Todd Grill,
1993 president of the Minneapolis
Area Association of Realtors.
Though the rise actually began in
1992, home prices won't be as static
as last year. There's no doubt about
it, there will be appreciation that's
higher than the rate of inflation this
year" if the trends continue, Grill
said.
People also asked more for their prop-
erties last month. The average asking
rice for all property tyes was
113,324 in April, up from ill 1,429
in April 1992, the figures show.
Sales of all property types — includ-
ing condominiums, townhouses, mo-
bile homes, etc. — rose 24.4 percent,
to 5,031, in April, compared with
4,044 the same month last year.
Homes sales increased in every price
category except those ranging from
40,000 to $49,000 and those to the
400,000 to $499,000 range.
Though property sales increased in
April when compared with the same
month last year, they are down when
compared with March, a record-set-
ting month for Twin Cities real es-
tate. April's single-family home sales
fell 8 percent from March's 5,02 1.
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2ompen- executive Susan Bala both claimed to have
n Cities agrced to purchase the property from owners
e or in- Ladbroke Racing Corp. and Hartman &
pected to Tyner. A Scott County judge, however,
1opment recently ruled that Bala did not have a valid
wapolis, contract to buy the track. The decision en-
bs, .with ables Jacobs to close on the sale with his of -
in fairly fer of $7 million for the track and $2 million
in property taxes.
fifth in After the purchase, Jacobs initially an -
at $4 5Q nounced plans to add a state-sponsored
ninth at casino to the horse racing track, but abandon -
t.. Paul's ed the controversial plans within days.
highest Without the casino, Jacobs has said that he
pronto at will not reopen Canterbury for horse racing.
1. Min- Other possible uses for the site he has men -
1991 for tioned include car racing, an amphitheater or
a convention center.
shed by OFFICE/INDUSTRIALopingto
asis if ifs
e studies St. Paul industrial parks
to focus, receive final approval
they like
he says. St. Paul — The last official hurdle has been
1988 to cleared for the development of two St. Paul
istorical industrial park sites that together total 110
hic pro- acres.
me and The Board of Commissioners of the St.
SIA Ex Paul Port Authority has voted unanimously to
t condi- proceed with plans to redevelop the 41 -acre
nd corn- Crosby -Lake Industrial Park and the 69 -acre
udy was Arlington -Jackson Industrial District. The
Indiana Board also authorized the sale of $16 million
tudies. of Port Authority bonds to finance the
estimated costs needed to complete the initial
rip phases of both projects.
This was essentially the last procedural _
step in developing these properties; says
n8 ';
I and II.' Mike Strand, Port Authority spokesperson.
idy Pte''
TheThe Crosby -Lake site, the former Texaco
farm, is located along West Seventh
nrchas-
Street at Interstate 35E. The Arlington-
Ee Min- Jackson Industrial District is in the city's
ark Co., north end, and bordered by I -35E, Jackson
amir11
Street, Arlington Street and Maryland
Avenue.
Health The industrial districts are set, but the ac -
i
sold
tual land acquisitions have not yet been made,
so s
to Strand says. Both sites will undergo proper -
go. Igo. TheTe t' appraisals, and proposals will be presented
to current owners, he says.
MichaelMMichaelsiness
Bonds are expected to be issued for the ac- ac -
quisitions in late February or early March.
The infrastructure for the development of the
e is $3 old Texaco site will be in place by late 1994.
County Phase one of the Arlington -Jackson site is ex-
pected to begin in early 1995, Strand says.
1 Financial Company
announce the placement of
manent financing of
3,500,000
Federal Building, St. Paul, Minnesota
ed with our exclusive correspondent,
i Life of Canada
kqNORTHL-
XNi)
FINANCWI.
i.wsr%%wr%•
REIT's director of acquisitions. 7/, ' ' o ,,sstt s fo a yig,'jjion TII in Cities
Located at the corner of Cedar Avenue anr3utsta i nes"oia; bunot pin -
150th Street, the 393,239 square foot power pointed an ing definite, Hamlin says.The
center opened in 1991 and is 99 percent oc- trust is also looking at other Midwest retail
cupied with 24 tenants. The real estate invest- properties, including sites in Iowa and
ment trust plans to actively market the one ex- Wisconsin.
isting space, and although there is room for In addition to Southport Centre, the coin-
expansion, the trust is not considering it at pany owns Thunderbird Mall in Virginia, and
this time, Hamlin adds. "It's a very nice Village Square in Inver Grove Heights. -
REALSTATS
Housing boonrcontinHes4n.:1994;?,- .;
As the number of new home construction permits continues to rise and housing values
increase, home builders and real estate agents agree the economy is looking up. And
thanks to the continued low-interest rates, experts foresee that 1994 will continue this en-
couraging pace.
Even December, which is typically a slow period in home building, showed impressive
numbers. In December 1993,1,044 permits were pulled with an estimated value of $154
million. That's compared with December 1992 in which 841 permits were pulled with an
estimated value of $115 million. Closing figures during 1993 revealed that 12,139 permits
were pulled throughout 132 metro areas with an estimated value of $1.68 billion.
Woodbury topped the list in 1993 with 927 residential permits valued at more than $131
million. Woodbury was followed by Eagan, Plymouth and Eden Prairie.
1993 YEAR-END STATISTICS
CITY PERMITS UNITS VALUE
92` + _ 1 ti38.;ai 3036324'
Eagan 639 891 #2 104,200,379
ttl 1 LL ya i R ys.r:._... +_7'[iPlQa74_
Eden Prairie 486 610 83,856,000
Lakvllle" 6T"7135..1`EB_-
Burnsville 376 551 59,799,140
i
iUl 19 drove R@ 372 -. g ...iwr . 9 53;214,745
Andover 508 508 51,417,400
w
Apple Valley..
Coon Rapids 285 536 43,850,000
Ino lakes; ir7Q84%800;;:-:4.:
Chanhassen 243 257 39,545,000
Oakdale 329 396 34,369,432
71,Ramsey T_ 33 ZEMIW
N
331169n
Savage
d
286 293 32,085,680
Cottage`Grove t 39MEW6` 3117,4E
Chaska 260 269 30,812,429
SOURCE: BUILDERS ASSOCIATION OF THE TWIN CITIES
Office/Warehouse Space
2.50 Net /6,000-28,000 Sq. Ft.
425 W. Minnehaha, St. Paul
Fully Sprinklered:,.
16' Ceiling =
700 Amp — 3 Phase
Loading Docks
Fenced Rear Lot