Loading...
HomeMy WebLinkAboutCity Council Packet 04-15-1991 BOEITrprY OF PLYMOUTR 1991 BOARD OF REVIEW APRIL 159 7:30 PM L i A TABLE OF CONTENTS DESCRIPTION PACS # SUMMARY............................................................1 INTRODUCTION TO 1991 ASSESSMENT.....................................2 ASSESSING STAFF.....................................................4 1991 ASSESSMENT STATISTICS..........................................5 DISTRIBUTION OF CITY MARKET VALUE...................................6 LOCAL BOARD OF REVIEW AUTHORITY.....................................7 AREAS OF CHANGES TO VALUES..........................................8 RATIO STUDY TERZ9NOLOGY............................................10 1991 RATIO STUDY...................................................11 1990 YEAR END SALES ANALYSIS (TOTAL CITY) .......................... 12 CITY TAX BASE DISTRIBUTION.........................................13 1991 LAKESHORE ASSESSMENT CONSIDERATIONS ...........................14 1991 LAKESHORE SALES STUDIES.......................................15 SALES MAPS BASS & SCIMDT..........................................18 SPECIAL PROPERTY TAX REFUND........................................20 t MEMO CITY OF PLYMOUTH 3400 PLYNOUTH BOULEVARD, PLYMOUTH, MINNESOTA 55447 DATE: April 15, 1991 TO: Plymouth Board of Review FROM: Scott L. Hovet, City Assessor SUBJECT: 1991 BOARD OF REVIEW Attached forur review, is a report on the 1991 assessment. ThereportYo introduces you to statistical measurement of our work and general information. This will hopefully make your task as a Board of Review member easier and more understandable. I invite you to read through the information and then feel free to ask questions and give your ccnu ents on the methods used, the values and the results obtained. J L 7 L 1991 BOARD OF REVIEW SUMMARY This past year there were very little changes in estimated market values of residential properties located in Plymouth. Some of these minor value changes range from reductions in some condominium valuations to substantial increases of lakeshore properties. Typical valuation changes are as follows: ITotal Value Residential 0% Residential Lakeshore +10% Apartments 0% Commercial & Industrial -2% Exceptions to the above market value changes would include new construction, quartile areas, reappraisals, and/or other market adjustments. On March 29, 1991 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 2nd. The annual assessment this past year put a real burden on our staff. Some overtime was required this year from September 1st through the end of January because of the volume of new building permits that were issued during the calendar year of 1990. This does not include the 4,400 quartile parcels that had to be reviewed and reappraised. With additional 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 data entry information, and interpreting various printed reports. Our computerization of the assessing function in Plymouth is, perhaps, the most progressive and sophisticated that exists in Minnesota. The excellence and quality of the 1991 assessment is a direct result of this computerization. n n u The assessment just completed for 1991 represents a good many hours of staff research and time. I feel confident that the 1991 assessment is fair and well equalized through the city. Respectfully submitted, JO bd4z Scott L. Hovet, CAE City Assessor and Staff SH/lk 1. INTRODUCTION TO THE 1991 ASSESSMENT The 1991 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 precedincr 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 ag_q_regate 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 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 econcudcs, 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 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 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 improvanents upon the land, while no consideration is given to who owns the land. The 1991 Assessment (not the 1991 taxes) reflects an increase of 4.8% overall valuation over 1990 (including new construction, quartile adjustments, and/or market adjustments). This can be demonstrated as follows: 1990 TONAL CITY VALUE 2,647,688,700 Percent Total Growth: Total Value Growth: New Construction: Growth From New Construction: Growth From Inflation: 2. 1991 TOTAL CITY VALUE: (EST) 2,775,222,500 4.8% 127,511,800 112,078,900 4.2% 0.6% INTRODUCTION TO THE 1991 ASSESSMENT (cont.) 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 1990 and represent over 4,400 parcels, excluding 1,544 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. Commercial and industrial properties were decreased approximately 2% in valuation. These areas represent over 1000 parcels. There were 60 commercial/industrial/apartment properties physically inspected this year. The value we place on 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 equitably 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, afterall, 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. r 3. NAME Scott Hovet, CAE Nancy Bye, CMA Mike Carroll, CNA Jan Olsson, CMA Joan McCormick, CNA ASSESSING STAFF SENIOR APPRAISER DUTIES p Administration Appraisal Review Tax Court Defense Comm/Ind. Appraisal Computer Coordinator Appraisal Assignment Condominiums Sales Ratio Studies APPRAISER Townhouse Appraisal Rural Appraisal Residential Appraisal Vacant Land APPRAISER Residential Appraisal Mobile Homes/Sales 3CC" Coordinator Tax Increment Finance Residential Appraisal Green Acres Coordinator New Laws Gail Bangle ASSESSMENT Sales Ratio Studies TECHNICIAN Abatements/Homesteads Property Division Data Entry Lori Kraemer/Gladys Kazimer DATA PROCESSING Homesteads/Change Orders CLERK/TYPIST Appraisal Preparation Clerk/Typist Data Entry CAE: Certified Assessment Evaluator Highest professional designation awarded by the International Association of Assessing Officers CMA: Certified Minnesota Assessor Awarded by the State Board of Assessors 4. 1991 ASSESSMENT STATIS'T'ICS Total City Parcel count ... (01-02-91) ........................ 17,974 Total City Parcel Count ... (01-02-90) ........................ 17,402 to 1991 Total City Valuation Growth .................... Parcel Count Per Appraiser 1990 Assessment .................. 4,350 4,490ParcelCountPerAppraiser1991Assessment .................. Assessor's Industry Standard ................................ 2,500 1990 1990 Total Estimated Market Value ....................... 21647,688,700. 1990 1991 Total Estimated Market Value ... (Preliminary) ....... 2,775,222,500. 1989 to 1990 Total City Valuation Growth .................... 7.74% 1990 to 1991 Total City Valuation Growth .................... 4.80% 1989 Total Building Permits .... . ............................ 1,561 1990 Total Building Permits ................................. 1,544 1990 Metropolitan Area Average Home Sale Price .............. 90,000 (Est.) 1989 Plymouth's Average Home Sale Price ..................... 142,500. 1990 Plymouth's Average Home Sale Price ..................... 145,000. 1990 Total Number of Homesteads..(Excluding 350 mid years).. 13,411 1991 Total Number of Homesteads..(Excluding 350 mid years).. 13,938 1990 Median" Sales Ratio (Assessment Level) ................ 91.9% 1991 Median" Sales Ratio (Assessment Level) ................ 91.7% 1990 Coefficient of Dispersion (Assessment Accuracy)........ 7.20% 1991 Coefficient of Dispersion (Assessment Accuracy)........ 7.60% 1989 Total Number of Sales.................................. 1,418 1990 Total Number of Sales .................................. 1,450 n Distribution of Estimated Market Value By Property Type 65.7% Residential Commercial/Industrial2 6.2 11 Other 1.7% 6.5% artments 1990 ESTIMATED MARKET VALUE Residential 65.7% 1,587,644,100 Commercial/Industrial 26.2% 632,725,700 Apartments 6.5% 157,920,000 All Other 1.7% 39,946,000 Total Estimated Market Value 2,418,235,800 All other includes: Commons, Open Land, Seasonal -Residential, Title II Commercial Vacant Land PLYMOUTH RESIDENTIAL PROPERTY VALUE DISTRIBUTION 1990 SINGLE FAMILY DETACHED ONLY) t VALUES OF HOMFS PEA-CENI 0 - 50,000 1,017 6.89 50,000 60,000 497 3.37 60,000 70,000 1,039 7.04 9.31 70,000 80,000 1,374 80,000 90,000 1,254 8.49 90,000 100,000 1,430 9.69 100,000 150,000 5,132 34.78 150,000 200,000 2,024 13.72 200,000 250,000 683 4.63 250,000 300,000 231 1.57 300,000 350,000 47 32 350,000 400,000 13 08 400,000 450,000 8 06 450,000 500,000 4 03 500, 000 + 2 02 TOTAL 14,755 100.00 LOCAL BOARD OF REVIEW AUTHORITY Minnesota Statues, Section 274.01, provides that the council of each city shall be cr appoint a Board of Review. Assessments of property are made to provide the means for the measuring of the relatixe share of each taxpayer in the meeting of the costs of local government. It is the duty cf the Assessor to assess all real and personal property except that which is exempt Cr 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 macb accurately. J r 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 on the assessment record, the owners of 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 demanch 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 ky 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 tdE Assessor by more than one percent of said aggregate. If the total of such adjustments does lower the aggregate assessment made by the Assessor by more than one percent, none cf 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 undervaluation. 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 to increase. The Local Board of Review meetings assure a 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 boaird is required to review the matter and make any corrections that it deers just. 1991 ASSESSMENT AREAS WITH PERCENTAGE CHARS TO VALUE Percentage Ratio han 1 -Year Studv Plymouth Creek 10% to Building 945 Shenandoah 10% to Building 845 Sagamore I, II & III 05% to Building 976 Trenton Place II 10% to Building 1.06 LAKESHORE Lakeshore properties are analyzed separately. The various increases by lake are demonstrated on the attached maps and supporting data. GREEN ACRES (Agricultural) Taxable" land values remained unchanged on a countywide basis to reflect leveling markEt values in the state's faun economy. 0% changed. GOLF COURSES (Open Space/Recreation) Land values increased -0-% on a countywide basis reflective of current values of golf course properties. CONK— C_IAT 1INUETRTAL. Commercial/Industrial values decreased approximately 2% to reflect current market conditions. Apartment values remained unchanged. RESIDENTIAL Most City Neighborhoods -0-% 1991 BOARD OF REVIEW CITY OF PLYMOUTH APRIL 15, 1991 - 7:30 P.M. Statistics for phone call coverage) a Value Increases: Residential = -0-(Market adjustments & new construction.) Res Lakeshore +10% Commercial -2% Industrial 2% Apartments = -0- i- 1990 number of total Building Permits (Residential New and Remodel) 1,544 Approximately 1500 houses sold in Plymouth last year. ALL 1991 Mid -Year Homesteads show as Non -Homestead on value notice. Notice is effective as of January 2, 1991 Mid -Year Homestead is effective as of June 1, 1991. Must own/occupy on or prior to June 1, 1990 to qualify for Mid -Year Homestead but receive full monetary credit HACA Aid). Scott: Commercial -Industrial -Apartments - Major problems. NEW CONSTRUCTION AREAS OF CONCENTRATION and phone call activity by appraiser) MIKE CARROLZ NANCY BYE JOAN MCCORMICK JAN OLSSON Appraiser Senior Appraiser Appraiser Appraiser RURAL PROPERTIES LA17SHORE GREEN ACRES 3 CC PROPERTIES Lake Camelot Heritage Est. Parkers Lake Meadows of Bass Lake Plymouth Meadows Westwood Ridge Quail Ridge Windridge Silverthorne Fox Run Deerwood Glen Zachary Hills Oxbow Ridge Boulder Ridge Wild Wings Bass Lake Estates Amhurst Hadley Woods Rolling Hills Sagamore Tyrell Heritage Ridge Woodlands Bass Lake Woods W. Med. Lk Terr. Swan Lake Nathan Trails Shiloh Pines Gonyeas Faber Place Glen Echo Ponds Grabowski Kingsview Hgts. Rappaport Harbor Place Pine Ridge Weaver Mission Trails St. Mary's Carlson Ctr. 6th Elmhurst Heritage West Woodpointe Leh Hgts Lagoon Tammy Middlemi.st Steeplechase Sunset Valley Heritage Woods Kings North Lake Camelot Villas Skyline Hills Harrison Hills Fernbrook Woods Deerwood Trail Parkview Ridge Northfork Fischers Pond Oakdale West Cates Troy Ridge Zbwnhomes a 1991 RATIO STUDIES TEPM12ULOGY r Sales Ratio: (Assessment level) The ratio derived by dividing a property's sale price into the Assessor's estimate market value. r 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 tD determine the efficiency, equity, quality and fairness of assessing activities of a particular neighborhood or jurisdiction. coefficient of Dispersion: (Assessment Accuracy) In statistics, the measure of absolute dispersion to an appropriate average. A measure of relative dispersion. Scmetimes referred to as an "index of assessment inequality". Under 10% is in the excellent range. 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 cf 100 is considered excellent. The following page discusses the methodology and our 1991 Equalization 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. n 0 u I I u tell 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 Ccnmrcial/Industrial properties for the 1988 assessment. (+5% to building value.) Fortunately it has never been done to residential properties. The 1991 spring sales study recently completed by our staff and Hennepin County places our overall median ratio at 91.7%. Hennepin County's median ratio is 93.3% 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. I 0 0 u 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. For the 1991 assessment, Plymouth is the 2nd lowest of all the major cities. Our coefficient of dispersion in this year's study is 7.6% and is one of the lowest in Hennepin County for a jurisdiction of our size. (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 during 1990 has fluctuated between 97 and 102. This also shows our ability to treat higher priced homes as equally as the lower priced homes. It is currently at 101. (100 is considered perfect.) 11. MEMO CITY OF PLYMOUTH 3400 PLYMDUl'H BOULEVARD, PLYIDUTH, MINNESOTA 55447 DATE: April 10, 1991 TO: Scott Hovet, City Assessor FROM: Gail Bangle, Assessment Technician SUBJECT: 1990 YEAR END SALES ANALYSIS EXISTING HOMES Total Homes Sold - 1450 Average Price $145,000 cc: Nancy Bye, Senior Appraiser Mike Carroll, Appraiser Joan McCormick, Appraiser Jan Olsson, Appraiser 12. OVERALL SALES RATIO 1991 Estimated Market Values were used on all sales) STYLE OF SALES MEAN RATIO Ramblers 145 890 Splits 222 911 917 Two Stories 167 951 Condominiums 119 925 Townhomes 139 910 TOTAL, 722 217 Total Homes Sold - 1450 Average Price $145,000 cc: Nancy Bye, Senior Appraiser Mike Carroll, Appraiser Joan McCormick, Appraiser Jan Olsson, Appraiser 12. MEMO CITY OF PLYMOUTH 3400 PLYMWI'H BOULEVARD, PLYMOUTH, MINNESOTA 55447 DATE: September 21, 1990 TO: James G. Willis, City Manager FROM: Scott L. Hovet, City Assessor SUBJECT: CITY TOTAL TAX BASE DISTRIBUTION The following is a breakdown of the City's 1990 collectible tax base in four major categories. It's interesting to note that our commercial and industrial properties are only 25% of our tax base yet, they pay almost one-half of the taxes. CITY TOTAL: Market Value: $2,418,235,900 100% Tax Capacity: 67,480,530 100% RESIDENTIAL PROPERTIES: OF TOTAL Market Value: 1,587,644,100 65.1% Tax Capacity: 27,396,346 40.6% COMMERCIAL AND INDUSTRIAL: Market Value: 632,725,700 25.9% Tax Capacity: 32,568,700 48.3% APARTMENTS: Market Value: 157,920,000 6.5% Tax Capacity: 5,508,900 8.1% ALL OTHER: (VACANT LAND) Market Value: 39,946,100 1.6% Tax Capacity: 2,006,584 3.0% cc: Dale Hahn, Finance Director Financial Task Force Nancy Bye, Senior Appraiser 13. I MEMO CITY OF PLYMOUTH 3400 PLYMOUTH BOULEVARD, PLYMOUTH, MINNESOTA 55447 DATE: April 4, 1991 TO: James G. Willis, City Manager FROM: Scott Hovet, City Assessor SUBJECT: 1991 LAKESHORE ASSESSMENT CONSIDERATIONS 1990 Lakeshore sales activity was the largest ever; 18 existing Lakeshore homes sold, none of which were vacant lots or new construction. (See Attached). While ratio studies are not conducted on vacant lots, such sales have an influence on existing home sale prices on lakes. Maps of sales activity were documented to "track" values on each lake. See Attached). Lakeshore assessment level (ratio) is now measured independently from other residential properties, as required by Hennepin County. Of Plymouth's 521 existing lakeshore homes 42, or 8%, have sold in the past 2 years; 18, or 3.45% sold during 1990. Lakeshore was not the only class property analyzed for the 1991 assessment. Stratification was done by groups of properties; homes over 200,000; homes $100,000 to $200,000; older homes versus newer homes; 2 stories versus ramblers as well as lakeshore. Bass Lake was viewed and re -valued in the quartile for the 1991 assessment. Attached are instructions for a special property tax refund for those whose tax may increase over 10%. cc: Mayor and City Council Dale Hahn, Finance Director Assessing Staff 1 14. 1 1 1 1 1 1 1 1991 RESIDENTIAL LAKESHORE SALES STUDY 1989 & 1990 SALES) Number of Lake 2 Years Preliminary Increase to Average Total Parcels Names of Sales Ratio Land Value Sale Price 109 Bass 12 805 QRTL * 314,900 37 Gleason 2 854 25% 102,500 48 Hadley 9 861 19% 238,500 31 Lost 2 860 15% 192,900 126 Medicine 9 870 15% 214,100 41 Mooney 3 890 0- 270,300 49 Parkers 0- N/A 0- 0- 8 Pike 1 911 0- 465,000 11 Pomerleau 0- N/A 0- 0- 61 Schmidt 4 812 05% 257,800 521 42 833 (Before Increases) Hennepin County Sales Study of all Residential Lakeshore Sales in Plymouth for 1991 Assessment: Total Sales Mean Ratio 18 .912 (After Increases) All Bass lakeshore properties were reappraised for the 1991 assessment. Average total market value increase on the lake was 14%. Average total market value increase to properties on the lagoons was 4.5%. NDB/lk 03-26-91 15. 1991 Plymouth Lakeshore Sales Study 1 16. ADDRESS SALE SALE 1990 1991 PID LAKE DATE PRICE VALUE VALUE 1. 5725 Evergreen La N 7/90 439,000 282,400 340,800 02-118-22-42-0003 Bass Qrtl) 2. 5715 Evergreen La N 7/90 362,500 280,700 334,300 02-118-22-42-0004 Bass Qrtl) 3. 12420 54th Ave. N 9/90 402,000 320,400 366,300 02-11-22-33-0010 Bass Qrtl) 4. 12000 54th Ave. N. 6/90 298,500 212,200 254,800 11-118-22-21-0006 Bass Qrtl) 5. 12000 53rd Ave. N Bass 6/90 207,000 204,400 209,600 11-118-22-21-0011 Lagoon) Qrtl) 6. 12060 48th Ave. N 7/90 330,000 226,900 271,000 11-118-22-31-0040 Schmidt 7. 4120 Ximines La N 10/89 140,000 136,400 137,700 13-118-22-23-0006 Lost 8. 6220 Deerwood Cir 7/90 465,000 407,000 423,000 02-118-22-11-0005 Pike 9. 940 Garland La N 5/90 125,000 103,000 109,000 32-118-22-24-0016 Gleason 10. 810 Brockton La N 7/90 262,000 204,800 213,700 31-118-22-23-0006 Hadley 11. 18550 6th Ave. N 5/90 240,000 184,100 197,900 31-118-22-31-0040 Hadley 12. 620 Brockton La N 9/90 239,500 193,700 207,100 31-118-22-24-0006 Hadley 13. 18320 5th Ave. N 8/90 257,400 183,700 224,700 31-118-22-31-0024 Hadley 14. 18340 5th Ave. N 12/89 221,700 194,400 203,100 31-118-22-31-0026 Hadley 1 16. 5/90 297,000 242,50015. 435 Queensland La N 31-118-22-42-0020 16. 850 Brockton La N Hadley31-118-22-23-0028 17. 18410 5th Ave. N 255,700 264,300 31-118-22-31-0028 279,000 18. 2209 Xanthus La N 5/90 297,000 242,500 272,500 Hadley 4/90 204,500 179,400 187,500 Hadley 1/90 233,500 255,700 264,300 Hadley 2/91 279,000 9/90 209,900 208,800 208,800 30-118-22-23-0005 Mooney Sales Ratio Before Increases .833 Sales Ratio After Increases .912 17. v : f . 6 a ;u .; 9 -. 3' _ ` LAKIft, VIEM K c ,000 g/87 $195 000w ,a 6/87 $800,000( up ir LAKE s .jaaq w flaY- 8/87 $226,000 ,.,, ,hx 7/82 $323,565 Jy7/83 545,800 LOT ONLY ®assLAKE _ E 8/84 $209' 000 aw l r 4' I I •• - .. (x; 'i' , ' - •`xr <ia u.) (nle e to fal' to I M 'w . x: • ATH AVE N • i to -.. as I w (ln ilv) ,n, 1>•1 na ow r •, . a 3/88 $219,000 rr I J' 7/90 $43910, NO 7/83 $71,500 LOT ONLY ..'F,,• I ,2. 11/89 $300,000` 7/90 5362,500 • 1« sem. i R 10/88 $130,000 LOT ONLY 5/87 15100 LOT ONLY ' n' :• . '• ( w' 9/90 $400,000 Irl 5/88 $375,000 = 6189 $29,900 LOT ONLY l 6/88 $331,200 I " a'i I I AT r} ,A A n , • TM" I 4/88 $342,375 3 1/87 $252,500 0 5/86 $239,780 I ' r .. 0 ks IAIna 12/86 $175,000 4/87 $331,724 I f I r • K i. •.wr.n.. •.` , Iv Y . 1rf13 IlOLY '. t am • $ 185007/86 $165,000 5/87 9/90 $402,000 Jr I . 1 0 , ^h -IgYK 101 " ty 12/82 $138,000 IN •h IM 1%f . (w) lir) 5/83 $130,000 .... (_) t., w 6/90 $298,500 NTH A (19 f.al `moi ~ • J f91 f"4 fYe.. j..a 8/80 $139,688a'. • ' >n' I 1 ' :r " 4/88 $24.5,000 7/87 ( In ey'- . 208,200 q ! r IAI u, 1 a• Nrc , : a r n P ten (Iv 1 .:.t a - fv 4/89 $298P9 R < • (;,) ' ' ; 3/89 $250,000 i.a (: a v -•' 7/87 $195;400 (1., .1 ») (w: / to it .. r.., „rte 1 $ aw) • r.o?`K .t_ i.. • fin ffs • f AT tAai Aa fl:aAafll * - I q o 0 6/90 $207,000 • • .. d, Itll DT 1• a t$1 t li 2/8i9 $308,000 ' v wIV' lin `.i .I t tIt . X"•u.lAlY) li / A7 /wl• (1071 6/86 $225,000 (• r•. ' (>MI ` ^ f Y.v 4/88 $316,000:._ tar, (wl(vl R (D, tAT ,Aft • • L d' _ IW IM' IA> lir IA) f q frl `•. " ' f fDl Iw %i • .. w 1 f>( If01 IfU ftl liv IYI ,p, (w _ 1> (>• 1 ,r, lt'P Ifv (MI F i - fma,w BASS LAKE SALES STUDY ys( ' t (u) _ - •c3a a • "- SCNoat i _ uRe _ a 69) .e!•rr•,>• = w ! , _ rv) fYI r .t .. •., J'< - r aQuo)` ... a` fa> ,(77) 25) 7I ' (1]) _•'.4. Rr5s3 l• w.n (71) (7n- M . _ _ ,., M w. SCHMIDT LAKE SALES STUDY rF 1 * (+e) ••. •i 1 r 3 •v rw J - a,,..- b® 1cl Tr, 91 (50) t. p• : t») rrt J4 `• 4n ry_B.. a 1 `S r (A) - ?: 3 . 1t4D ,tab) 1" •lY A 3 (se) 3) o txt c 3 _ 4 • • ara • ! a a l4•t ql • ! M)a+' n I ,an•n-p•t lx1 tilt < p, ' `._ (at). ( ee) .Y ''•at (A)_ lx 511 I 1 • ' ^.' t - a Gt (a91 • '+v • . V, to rear t } 4t Ap3«w • (79)_ ( 52) I AVE +° (.+) ^ ti ( 6"+ _ r+ • 3uo z MI 1143 r a , • .60 v•t Y .q ftNdIOT LAKE Y a • u- lm) n Tri, ^7 . _ y_ t ,. s(431 g' \ ti ( e3)' )1 < OODf 1.f»t R 36 (37) ®ID 4- (1 ESQ%(•1) w« ro.os. / {,A* a> •` 'i a, d1 -~' r ,x ' .+ YS-, a (e0) 3 4+4 4 4 VMS e 7 n re , 9 ., R >a!•.t•lo•r R .• 't• n ( al) (en ., 1 TV. 72 s 49TH AVE N .. t3l.pR i i . R' Q4,.4t 1, VY.t• V•• . r N a e3 .ar jyu y,D (+ 3) ( 41) O ZACRAQT (`A) U91 a 7/90 $330,000t.. ,', r » f.•) (9) N (e) (i) t ( S) sy rn)c (51) to 3 ( 4a) COURT s b Sr '• _ wt , ,. .. s (37) ¢ ( 39) z.= 2(52). (47)7o. 9/89 $232,500 a j 9/88 $240 000161 • ...._.,• . l>.I (n) (6) r gip,„ _ b 4 e, x «. 7 D .. to ILr t'•t X. l33) ` F s(3a) ?:; 3 (55) N D 4 Ak , O,,," `^ , (a) 4/90_ $86,000 LOT ON I)_ lc, ''n (3n , a 5, = 40TN ' 't p : _ 9/90 100,000 LO_ T ONLY 4f.rl ? • d .- a a YR •2 ,N. 77 i( 31 ll." V. ' 1,. a ... • ; 8 , _ i(n) - ,. x(37) !. - ? inn via):. i. .. (29)• (Ntr_b 12/89 $120,000 LOT ONLY ' f1" - (o) ,(19c `j°' 9/89 110f 000 LOT ONLY • 361 (u) - C4' , ', r•. (e3) . _t ns 3 77) x 4•r«••rt N A x5• i _ • . •. ^ tt..s ' a e i) n ,t .3 H ' r•^.(2Q'- (25) ~ 291.36 M !t ( rr«•ar• - - s r.: (10jNA • .n.t A_s a) W. is (lo) _ s u) o `l,.n "" a 471N : nn . 3 S 41.00) UNANDEREO nit w ' 0 6) r.n..} - ( 7) - 1 ! AIE k 8/89 $289,500 - y 8 , t t$toel r ro•'a '".'• l3o A (1950 AERIAL v14010) _ ,(53) t? (77) ` .`•.. ' O R1I n ' tA. y/, ,N (7•) r' 971 IsA. SO(70) I 3- e°) 3s1 - l3+) tp n one. rns (77` 111 0 lag s N • A'>rr. y 1771 7e) (Am` €FORESTVIEW; ••`! 291w ar (]I) .. I( .6',. • j,t • ..: i rin f«) ftv _ (9 lur S - w P tel -Tity (255) (82) a iC3 (27) d • 1 iv;y, ,. = (111 p N t, t T Y u.lt . (25) (15) 's« (j4) w; st. .r. _. (]) 1. 8 E tJ 1 s .STN .. Pl N , -'` "-, 11/88 $206,000, ) ` ° (2' ,;:. " i.4291o 1 4 e . A... (6) ' ° _ - _ .o 'e F • .f 8 u nC7) i7a1 Q = (6, 3/89 $179,000al91 ., $ 189,900 ASKING , ' • n » r > 7,)` ul2n t' - _ ',a,' f1.) ; a r+ 45TH AVE —a.,3e r, _cl AVE N(241 17T, n 0 r 0 MEMO CITY OF PLYMOUTH 3400 PLYMOUTH BOULEVARD, PLYMOUTH, MINNESOTA 55447 DATE: March 25, 1991 TO: James G. Willis, City Manager FROM: Scott Hovet, City Assessor SUBJECT: SPECIAL PROPERTY TAX REFUND Minnesota Statute 290A.04 provides for property tax refunds for those resident's taxes that increased over 10 percent. My discussion with Tom Nash, of the Minnesota Department of Revenue, interpret this statute as follows: Homeowners of residential homestead property are entitled to a property tax refund equal to the sum of 75 percent of the first $250 over 10 percent, i.e. $187.50 plus. Residential homeowners are also eligible for a sum equal to 90 percent of the amount of the increase over 10 percent, after the first $250. In my discussion with the Department of Revenue and their interpretation, the refund allowable in payable year 1991 has no limit and is not "hooked" to income. The only requirements are that the amount of refund is calculated from 1990's gross tax in comparison to 1991 payable net tax capacity. The home must also been owned by the same party over the previous two years. An example of this calculation and refund is as follows: 1990 payable taxes $900; 1991 payable taxes $2000. Amount of tax increase over 10 percent is $1000. The amount of refund would be calculated as follows: 75 percent of the first $250 over 10 percent equals $187.50, plus 90 percent of the amount of the increase over 10 percent which equals 90 percent of the remainder of the increase ($750) X 90 percent would equal a refund of $675, plus $187.50, or $862.50 would be the amount of refund for the home that had increased taxes of $1000. CC: Dale Hahn, Finance Director Assessing Staff 20.