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HomeMy WebLinkAboutCity Council Packet 05-08-1990 BOEprITV OF PLYM.OUTR 1990 BOARD OF REVIEW MAY 89 7:00 RM TABLE OF CONTENTS DESCRIPTION SUMMARY........................................................... INTRODUCTION TO 1990 ASSESSMENT ................................... ASSESSINGSTAFF.. .................................................. 1990 ASSESSMENT STATISTICS ........................................ DISTRIBUTION OF CITY MARKET VALUE ................................. LOCAL BOARD OF REVIEW AUTHORITY ................................... AREAS OF CHANGES TO VALUES ........................................ RATIO STUDY TER14INOIIJGY........................................... 1990 RATIO STUDY .................................................. 1990 LAKESHORE STUDY .............................................. PREVIOUS BOARD OF REVIEW PLAINTIFFS ............................... SAMPLE VALUATION NOTICE PACS # 1 2 4 5 6 7 9 10 11 13 14 MEMO CITY OF PLYMOUTH 3400 PLYMXTM BOULEVARD, PLYNFJLJPH, I -TIM ESOTA 55447 DATE: May 8, 1990 TO: Plymouth Board of Review FROM: Scott L. Hovet, City Assessor SUBJECT: 1990 BOARD OF REVIEW Attached, for your review, is a report on the 1990 assessment. The report introduces you to what has been done, statistical measurement of our work and general information which 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 comments on the methods used, the values and the results obtained. 1990 BOARD OF REVIEW SUMMARY This past year there were some changes in estimated market values of properties located in Plymouth. These value changes range from reductions in some condominium valuations to substantial increases in large ccsmlercial and industrial properties. Typical valuation changes are as follows: Property Tvpe Residential Apartments Commercial & Industrial Percent Chanas 3% 0% 5% Exceptions to the above market value changes would include new construction, quartile areas, reappraisals, and/or other market adjustments. On April 13, 1990 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 be 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 frau September 1st through the end of January because of the volume of new building permits that were issued during the calendar year of 1989. This does not include the 4,350 quartile parcels that had to be reviewed and reappraised. With additional improvements to our Telxon unit and 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 interpretation of various printed reports were a major part of our workload. 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 1990 assessment is a direct result of this computerization. The assessment just completed for 1990 represents a good many hours of staff research and time. I feel confident that the 1990 assessment is fair and well equalized through the city. Respectfully submitted, Scott L. Hovet, CAE City Assessor and Staff SH/je 1- DUTC =CN TO T E 1990 ASSESSMENT The 1990 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: "A11 real property subject to taxation shall be listed and assessed every near 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 agc,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 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 money 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 improvements upon the land, while no consideration is given to who owns the land. The 1990 Assessment (not the 1990 taxes) reflects an increase of 7.7% overall valuation over 1989 (including new construction, quartile adjustments, and/or market adjustments) . This process was aided a great deal by the use of our city computer system. During this past year, our staff has gathered property data onto a computer field sheet or the Telxon unit which, in turn, was entered and calculated by the computer system. Adjustment 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 1989 and represent over 4,200 parcels, excluding 1,561 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. 2- nnROD=CN TO THE 1990 ASSESSMENT (cont.) 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. Ccrm-ercial and industrial, properties were increased approximately 5% 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 int)7v-ements . Assessing property values equitably is partly science, partly judgment, partly cone unication skills, and largely a mystery to many property owners. Add to that the fact that property construction, financing and ownership are more axnplex 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. 3- WON Scott Hovet, CAE Sue Mauderer, RES Mike Carroll, CMA Jan Olsson, CMA Joan McCormick, CMA Gail Bangle ASSESSING STAFF LIM ASSESSOR SENIOR APPRAISER I Adninstration Appraisal Review Tax Court Defense Corm/Ind. Appraisal Corputer Coordinator Appraisal Assignment Condominiums Green Acres Coodinator APPRAISER Townhouse Appraisal Rural Appraisal Residential Appraisal Vacant Land APPRAISER Residential Appraisal Mobile Homes/Sales 113CC" Coordinator Tax Increment Finance APPRAISER ASSESSMENT TECHNICIAN Janet Evenson/Cindy Nelson DATA PROCESSING CLERK/TYPIST 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- Residential Appraisal Sales Ratio Studies New Laws Sales Ratio Studies Abatements Property Division Homesteads Appraisal Preparation Clerk/Typist Data Entry 1990 ASSESRENr STATISTICS Total City Parcel Count ... 01-02-89) ........................ 17,040 Total City Parcel Count ... 01-02-90) ........................ 17,402 Parcel Count Per Appraiser 1990 Assessment. 4,350 Parcel Count Per Appraiser 1989 Assessment .................. 4,260 Assessor's Industry Standard ................................ 2,500 1990 Total Estimated Market Value ... (preliminary) ....... 2,626,877,059. 1989 Total Estimated Market Value ....................... 2,438,235,900. 1989 to 1990 Total City Valuation Growth .................... 1988 to 1989 Total City Valuation Growth .................... 1989 Total Building Permits ................................. 1988 Total Building Permits ................................. 1989 Metropolitan Area Average Hone Sale Price .............. 1989 Plymouth's Average Home Sale Price ..................... 1990 Total Number of Hcmesteads..(Excluding 350 mid years).. 1989 Total Number of Homesteads ............................. 1990 "Median" Sales Ratio (Assessment bevel) ................ 1989 "Median" Sales Ratio (Assessment Level) ................ 1990 Coefficient of Dispersion (Assessment Accuracy)........ 1989 Coefficient of Dispersion (Assessment Accuracy)........ 1989 Total Number of Sales .................................. 1988 Total Number of Sales .................................. 5- 7.74% 6.20% 1,452 1,561 90,000 (Est.) 142,500. 13,543 (Est.) 13,411 91.9% 91.5% 7.00% 7.20% 1,333 1,418 Residential 67.3% rtcufturai 1.6% II Other 2.79 mpt (Non—Taxable) 5.8% Commercial/Industrial 22.6% 1990 Residential 67.3% _ $1,890,785,000. Camlercial/Industrial 22.6% = 635,000,000. Exert (NON TA?AELEF) 5.8% = 162, 950, 000. All Other 2.7% = 75,856,000. Agricultural 1.6% = 44,896,000. TUM ESTIMATED MARKET VALUE $2,809,487,000. All other includes: Com ons, Open Land, Seasonal -Residential, Title II Camerical Vacant Land LOM BOARD OF REVIEW ABTfiO= 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 accurately. Whenever any property that should be assessed is ornitted 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 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 adjustments 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 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 the 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 board is required to review the matter and make any corrections that it deems just. 7- 1990 BOARD OF REVIEW CITY OF PLYM TTH MAY 8, 1990 - 7:00 P.M. Statistics for phone call coverage) AVERAGE Value Increases: Residential = +3 -(Market adjustments & new construction.) Commercial = +5% Industrial = +5% Apartments = -0- 1989 number total Building Permits (Residential New and Remodel) 1452 Approximately 1300 houses sold in Plymouth last year. 1990 Mid -Year Homesteads show as Non -Homestead on value notice. Notice is effective as of January 2, 1990 Mid -Year Hcrostead is effective June 1, 1990. Must own/occupy on or prior to June 1, 1990 to qualify for Mid -Year Homestead but receive full monetary credit. Look up Homesteads in "Homestead Returned" computer screen. Scot t: Commercial -Industrial -Apartments - Major problems. NEW CONSTRUCTION AREAS OF OQNCENPRATION and phone call activity by appraiser) Lake Camelot Silverthorne Oxbow Ridge Amhurst Tyrell W. Med. Lk Terr. Gonyeas Kingsview Hgts. Weaver Elmhurst Tammmy Middlemist Kings North Fernbrook Woods Oakdale West Cates Troy Ridge Y 1 u• 1 1: I: Heritage Est. Westwood Ridge Rox Run Boulder Ridge Hadley Woods Heritage Ridge Swan Lake Faber Place Rappaport Mission Trails Heritage West Steeplechase 10 3 ; M' u1 M;j Parkers Lake Quail Ridge Deerwood Glen Wild Wings Rolling Hills Woodlands Nathan Trails Glen Echo Ponds Harbor Place St. Mary's Woodpointe Sunset Valley Skyline Hills Deerwood Trail JAN OL5SON Meadows of Bass Lake Oakwood Shores Windridge at Bass Lake Zachary Hills Bass Lake Est. Sagammore Lake Park Hgts. Bass Lake Woods Medicine Ridge Tepley Shiloh Pines Grabowski Pine Ridge at Bass Lake Carlson Ctr. 5th Larch Heights Lagoon Heritage Woods Harrison Hills Bass Lake Hgts. Ridgecrest 1990 ASSESSMENT AREAS WITH PAGE CHANGES TO VALUE Percentage 1990 Ratio Chanae 1 -Year Study CODMMV-IUM,S Plymouth Creek Shenandoah Sagamore I, II & III Trenton Place II 10% to Building 945 10% to Building 845 05% to Building 976 10% to Building 1.06 LAITLMRE Lakeshore properties are analyzed separately. The various increases by lake are demonstrated on Page 13. GREEN ACRES (Agricultural) Taxable" land values remained unchanged on a county -wide basis to reflect leveling market values in the state's farm economy. 0% changed. GOLF COURSES (Open Space/Recreation) Land values increased +5% on a countywide basis reflective of current values of golf course properties. COMMERCIAL/INDUSTRIAL. APAP ComTerc ial /Industrial values increased approximately 5% to reflect current market conditions. Apartment values remained unchanged. RESIDENTIAL Most City Neighborhoods +3% 1990 RATIO STUDIES TERMIIMOGY 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. Coefficient of Dispersion: (Assessment Accuracy) In statistics, the measure of absolute dispersion to an appropriate average. A measure of relative dispersion. Scu etimes 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 of 100 is considered excellent. The following page discusses the methodology and our 1990 Equalization Sales Ratio Study. We are fortunate in Plymouth to have a very active market with numerous sales to be able to measure our assessment accurately. 10- 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 Ccomissioner of Revenues. 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 Ccmmissioner 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 Ca mercial/Industrial properties for the 1988 assessment. (+5% to building value.) Fortunately it has never been done to residential properties. The 1990 spring sales study recently ccinpleted by our staff and Hennepin County places our overall median ratio at 91.9%. Hennepin County's median ratio is 95.3% 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. 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 1990 assessment, Plymouth is the 2nd lowest of all the major cities. (See next page for overall county statistics.) Our coefficient of dispersion in this year's study is 7.0% 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 ccmputerization of the appraisal process and demonstrates our ability to administer fair and equalized valuations at both ends of the valve spectrum. Our price related differential during 1989 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 PLYMOUTH BOULEVARD, PLYbIJLTI'f-I, MIPIIESOTA 55447 DATE: April 26, 1990 TO: Scott Hovet, City Assessor FROM: Gail Bangle, Assessment Technician SUBJECT: 1989 YEAR END SALES ANALYSIS EXISTING HOMES OVERALL SALES RATIO 1990 Estimated Market Values were used on all sales) TYLE # OF SALES MEAN RATIO Ramblers 151 920 Splits 192 915 .92 Two Stories 170 925 Perma Lease 12 955 Condcminiums 100 898 Townhomes 147 905 TOTAL 1 Total Homes Sold - 1333 Average Price $142,500 cc: Sue Mauderer, Senior Appraiser Mike Carroll, Appraiser Joan McCormick, Appraiser Jan Olsson, Appraiser 12- 1990 RESIDENrLAL LAYESHORE SALES STUDY 1988 & 1989 SALES) Number of Lake 2 Years Preliminary Average Increase to Average Total Parcels Names of Sales Ratio Lot Value Land Value Sale Price 133 Bass 10 867 63,700 25% 298,000 37 Gleason 1 639 28,000 0- 240,000 48 Hadley 4 967 45,300 0- 232,500 3 Lost 2 960 40,300 0- 189,900 169 Medicine 7 855 61,000 15% 196,400 39 Mooney 3 824 91,200 30% 211,700 49 Parkers 0- N/A 29,000 0- 0- 8 Pike 0- N/A 50,000 0- 0- 11 Pcmerleau -0- N/A 80,000 0- 0- 61 Schmidt 9 839 69,100 35% 228,400 568 850 (Before Increases) Hennepin County sales study of all residential lakeshore sales in Plymouth for 1990 assessment: Total Sales Mean Ratio 11 903 After Increases) Total Market Value increases range from $3,000 to $46,800, or 6% to 15%. Average increases were approximately $20,000 or 10%. SMM/gk 04-24-90 13- PREVIOUS BOARD OF REVIEW PLAINTIFFS The following are three hon eowners that have subsequently sold their properties since their appearance at either the 1987, 1988, or 1989 Board of Review: 1) JACK AMID CYNIIUA ST= 4590 Magnolia Lane North 11-118-22-33-0029 1987 Estimated Market Value - $163,200 Local Board of Review Decision - Sustained Sold 10-02-89 - $190,000 2 ) MARTINA ESCII2UURG 4105 Minnesota Lane North 16-118-22-13-0073 1989 Estimated Market Value - $173,200 Local Board of Review Decision - $166,300 Sold 06-08-89 - $187,500 3) 14925 31st Avenue Porth 21-118-22-13-0017 1987 Estimated Market Value - $79,300 Local Board of Review Decision - $75,800 Sold 12-88 - $92,000 14- PRINS 1990 RESIDENTIAL RATIO STUDY 3/9190 COD MUNICIPALITY SALES MEDIAN MEAN COD BLOOMINGTON 870 92.51 92.92 6.2 BROOKLYN CENTER 275 93.11 94.41 6.1 BROOKLYN PARK 501 92.7% 93.41 6.0 CHAMPLIN 185 92.31 92.32 6.5 CORCORAN 34 93.8% 93.21 5.0 CRYSTAL 318 93.32 93.9% 6.0 DAYTON 33 95.21 93.21 7.6 DEEPHAVEN 58 93.42 91.91 6.7 EDEN PRAIRIE 418 93 i 93.0% 5.8 EDINA 586 91.8% 91.41 9.0 EXCELSIOR 11 95.0% 93.8% 5.1 GOLDEN VALLEY 222 92.61 93.31 7.0 GREENFIELD 12 91.21 90.81 6.1 GREENWOOD 10 94.31 93.31 3.2 HANOVER 2 91.51 91.5% 1.5 HASSAN 7 92.9% 92.01 3.0 HOPKINS 104 97.01 96.41 6.3 INDEPENDENCE 23 91.4% 94.01 5.0 LONG LAKE 24 91.91 90.31 7.2 LORETTO 4 92.61 92.51 6.7 MAPLE GROVE 393 92.01 92.41 5.9 MAPLE PLAIN 25 92.91 92.8% 6.0 MEDICINE LAKE 6 91.41 95.1% 10.4 MUNICIPALITY SALES MEDIAN MEAN COD MEDINA 25 92.41 92.11 5.8 MINNEAPOLIS 3921 s` yl''$ L. -r- MINNETONKA 487 91.71 91.82 7.3 MINNETOW BEACH 9 92.61 91.01 4.6 MINNETRISTA 37 94.51 93.11 8.4 MOUND 164 93.8% 94.1% 7.1 NEN HOPE 190 91.91 92.71 5.5 ORONO 105 92.32 92.52 10.3 OSSEO 16 96.0% 95.71 7.6 PLYMOUTH 565 91.91 92.0% 7 RICHFIELD 395 92.51 93.3% 6.1 ROBBINSDALE 223 92.9% 93.61 6.4 ROCKFORD 1 89.01 89.01 0.0 ROGERS 7 95.41 93.0% 8.8 ST ANTHONY 38 93.41 93.91 4.7 ST BONIFACIUS 13 94.41 94.4% 6.3 ST LOUIS PARK 575 93.81 94.71 8.1 SHOREWOOD 72 91.52 69.61 8.6 SPRING PARK 13 92.41 93.41 8.1 TONKA BAY 15 94.51 95.11 5.6 WAYZATA 51 96.4% 95.42 5.2 WOODLAND 11 95.51 93.41 5.6 HENNEPIN COUNTY) 7.133 95.31 95.21 6.4 COUNTY FIGURES (EXCEPT SALES) ARE MUNIC AVERAGES HENNEPIN COUNTY REAL ESTATE 1990 VALUATION NOTICE CITY ASSESSOR 3400 PLYMOUTH BLVD PLYMOUTH MN 55447 JOHN JAMES GRANT 3605 VINEWOOD LA N PLYMOUTH MN 55441 1990 CLASSIFICATION RESIDENTIAL NONHOMESTEAD 1990 ESTIMATED MARKET VALUE CITY OF PLYMOUTH PROPERTY ID NO 15-118-22 43 0021 229,200 THE VALUATION OF YOUR PROPERTY IS BASED ON REPORTED AND RECORDED MARKET DATA COLLECTED OVER THE PAST YEAR. THE MARKET DATA USED FOR YOUR VALUATION IS FROM PROPERTIES SIMILAR TO YOURS. THE CLASSIFICATION OF YOUR PROPERTY IS CONTROLLED BY STATE LAW. IF YOU HAVE INFORMATION THAT INDICATES YOUR VALUATION OR CLASSIFICATION IS INCORRECT YOU MAY CALL 550-5020 WITHIN THE NEXT 5 BUSINESS DAYS. YOU CAN THEN DISCUSS THE INFORMATION THAT YOU HAVE COLLECTED WITH AN APPRAISER. IF AFTER DISCUSSING YOUR INFORMATION WITH AN APPRAISER YOU FEEL YOU STILL HAVE REASON TO APPEAL YOUR VALUATION OR CLASSIFICATION, THE METHODS OF APPEAL ARE THE LOCAL BOARD OF REVIEW IS SCHEDULED FOR DATE MAY 8 TIME 7 00 PM LOCATION PLYMOUTH CITY CENTER THE HENNEPIN COUNTY BOARD OF EQUALIZATION WILL MEET FOR TWO WEEKS BEGINNING JUNE 18 1990. YOU MUST HAVE APPEALED TO THE LOCAL BOARD OF RFVTF!d T ac FlTGfBLF TO APPEAL TO THE COUNTY BOARD OF EQUALIZATION. FOR AN APPOINTMENT TO APPEAL TO THE COUNTY BOARD YOU MAY CALL 348--')Urd BY JUNE 11, 1990. STATE LAW ALSO PROVIDES THAT A PROPERTY OWNER CAN APPEAL TO THE MINNESOTA TAX COURT FOR A REVIEW OF THEIR ASSESSMENT. FOR INFORMATION ON THE TAX COURT CONTACT THE TAX COURT OFFICE. 520 LAFAYETTE ROAD, 2ND FLOOR, ST. PAUL, MN 55155. TELEPHONE NO. 296-2806. 16- U WN w O L 00 O o u O o a r O U d U WN w O L 00 O o u O 1 1 U r O U o O NW W O O = y Ri MQ w w C F cd .0 w C 43 o E w V O 71 z U WN w O L 00 O o u a U cd .0 C 71 C bQ --p y O v N U o a S u 4J 4-1 H u V • wC: Cd i r g a a 14, u oo y y u vi.44m-..!2 J4Ld.o p o • q 4.1 O til f faviuM 64 v o A o a lu°' Q zC H Or O O 1.