HomeMy WebLinkAboutCity Council Packet 04-15-1991 BOEITrprY OF
PLYMOUTR
1991
BOARD OF REVIEW
APRIL 159 7:30 PM
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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.
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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.
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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.
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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
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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.
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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)
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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
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1991 RATIO STUDIES
TEPM12ULOGY
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Sales Ratio: (Assessment level)
The ratio derived by dividing a property's sale price into the Assessor's estimate
market value.
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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.
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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.
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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
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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.
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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
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3/88 $219,000
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7/90 $43910,
NO 7/83 $71,500 LOT ONLY ..'F,,•
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11/89 $300,000` 7/90 5362,500 •
1« sem.
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R 10/88 $130,000 LOT ONLY 5/87 15100 LOT ONLY '
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9/90 $400,000
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5/88 $375,000 = 6189 $29,900 LOT ONLY
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6/88 $331,200 I " a'i
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4/88 $342,375
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1/87 $252,500
0 5/86 $239,780 I '
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12/86 $175,000
4/87 $331,724 I
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185007/86 $165,000 5/87
9/90 $402,000
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12/82 $138,000
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1
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189,900 ASKING , ' • n » r >
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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.