HomeMy WebLinkAboutCity Council Packet 05-10-1993 BOEAgenda
City of Plymouth
Board of Review Meeting
Tuesday, May 10, 1993
7:00 p.m.
Council Chambers
1. Call to Order
2. City Assessor's Report
3. Public Comment
4. Adjourn
THE CITY
19913
MAY 10
PLYMOUTH
REVIEW
1993
7:00 R.M.
MEMO
CITY OF PLYMOUTH
3400 PLYMOUTH BOULEVARD, PLYMOUTH, MINNESOTA 55447
DATE: May 10, 1993
TO: Plymouth Board of Review
FROM: Scott L. Hovet, City Assessor' J
SUBJECT: 1993 BOARD OF REVIEW
Attached, for your review, is a report on the 1993 assessment. The report
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 comments on the methods used, the values and the results obtained.
TABLE OF CONTENTS
DESCRIPTION PAGE #
SUMMARY..................................................................... 1
INTRODUCTION TO 1993 ASSESSMENT ..................................... 2
ASSESSINGSTAFF............................................................. 4
1993 ASSESSMENT STATISTICS ............................................... 5
DISTRIBUTION OF CITY MARKET VALUE .................................. 6
LOCAL BOARD OF REVIEW AUTHORITY .................................. 7
AREAS OF CHANGES TO VALUES .......................................... 8
RATIO STUDY TERMINOLOGY .............................................. 10
1993 RATIO STUDY........................................................... 11
1992 YEAR END SALES ANALYSIS (TOTAL CITY) ....................... 12
CITY TAX BASE DISTRIBUTION ............................................ 13
1993 LAKESHORE SALES STUDY ..................................................... 14
SINGLE FAMILY HOUSING VALUE DISTRIBUTION ....................... 15
LIVING UNIT COUNT BREAKDOWN ........................................ 16
ADDENDUM
1993 ASSESSMENT NOTICES
HENNEPIN COUNTY 1993 SPRING SALES STUDY (ALL CITIES)
1993 BOARD OF REVIEW
SUMMARY
This past year there were generally very modest changes in estimated market
values of most 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:
Exceptions to the above market value changes would include new construction,
quartile areas, reappraisals, and/or other market adjustments.
On April 16, 1993 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 record volume of new building permits that were issued during the
calendar year of 1992. This does not include the 4,400 quartile parcels that had to
be reviewed and reappraised.
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 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 1993 assessment is a
direct result of this computerization.
The assessment just completed for 1993 represents a good many hours of staff
research and time. I feel confident that the 1993 assessment is fair and well
equalized through the city.
Respectfully submitted,
A
Scott L. Hovet, CAE
City Assessor and Staff
SH/lk
1.
Total Value
Prop. Type Percent Change
Residential 3% to +8%
Residential Lakeshore 8% to +14%
Apartments 3%
Commercial 0%
Industrial 7% to -8%
Exceptions to the above market value changes would include new construction,
quartile areas, reappraisals, and/or other market adjustments.
On April 16, 1993 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 record volume of new building permits that were issued during the
calendar year of 1992. This does not include the 4,400 quartile parcels that had to
be reviewed and reappraised.
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 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 1993 assessment is a
direct result of this computerization.
The assessment just completed for 1993 represents a good many hours of staff
research and time. I feel confident that the 1993 assessment is fair and well
equalized through the city.
Respectfully submitted,
A
Scott L. Hovet, CAE
City Assessor and Staff
SH/lk
1.
INTRODUCTION TO THE 1993 ASSESSMENT
The 1993 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 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 1993 Assessment (not the 1993 taxes) reflects an increase of +4.2% overall
valuation over 1992 (including new construction, quartile adjustments, and/or market
adjustments). This can be demonstrated as follows:
1992 TOTAL CITY VALUE
2,812,929,500
Percent Total Growth:
Total Value Growth:
New Construction:
Growth Before New Construction:
2.
1993 TOTAL CITY VALUE: (PRELIM.)
2,931,047,600
4.2010
118,118,100
109,966,100
1.002°10
INTRODUCTION TO THE 1993 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 1991 and represent over 4,000 parcels, excluding 1,728
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.
Industrial properties were decreased approximately 7% in valuation. These areas
represent over 1000 parcels. There were 45 commercial, industrial, and 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 judgement, 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.
3.
ASSESSING STAFF
NAME CLASSIFICATION DUTIES PERFORMED
Scott Hovet, CAE ASSESSOR Administration
Appraisal Review
Tax Court Defense
Comm/Ind. Appraisal
Nancy Bye, SAMA SENIOR APPRAISER Computer Coordinator
Appraisal Assignment
Tax Increment Finance
Sales Ratio Studies
Mike Carroll, CMA APPRAISER Townhouse Appraisal
Rural Appraisal
Residential Appraisal
Vacant Land.
Jan Olsson, CMA APPRAISER Residential Appraisal
Mobile Homes/Sales
113CC" Coordinator
Condominiums
Joan McCormick, CMA APPRAISER 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
SAMA: Senior Accredited Minnesota Assessor
Awarded by the State Board of Assessors
CMA: Certified Minnesota Assessor
Awarded by the State Board of Assessors
4.
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1993 ASSESSMENT STATISTICS
Total City Parcel Count ... (01-02-92) .........................................18,546
Total City Parcel Count ... (01-02-93) .........................................18,991
Parcel Count Per Appraiser 1993 Assessment ................................ 4,748
Parcel Count Per Appraiser 1992 Assessment ................................ 4,635
Assessor's Industry Standard ....................................................3,000
1993 Total Estimated Market Value (Preliminary)...................2,931,047,600
1992 Total Estimated Market Value...................................2,812,929,500
1992 to 1993 Total City Valuation Growth ................................. +4.20%
1991 to 1992 Total City Valuation Growth .................................. +1.9%
1992 Total Building Permits ....................................................1,728
1991 Total Building Permits ....................................................1,700
1991 Metropolitan Area Average Home Sale Price .........................90,000 (Est.)
1992 Plymouth's Average Home Sale Price ................................ 148,500
1991 Plymouth's Average Home Sale Price ................................ 145,000
1991 Total Number of Homesteads. (Excluding 350 mid years) ............13,938
1992 Total Number of Homesteads. (Excluding 366 mid years) ............14,415
1993 "Median" Sales Ratio (Assessment Level) .............................. 93.2%
1992 "Median" Sales Ratio (Assessment Level) .............................. 92.1%
1993 Coefficient of Dispersion (Assessment Accuracy) ..................... 6.66%
1992 Coefficient of Dispersion (Assessment Accuracy) ..................... 7.39%
1992 Total Number of Sales....................................................1,650
1991 Total Number of Sales....................................................1,575
5.
DISTRIBUITON OF ESTIMATED MARKET VALUE
BY PROPERTY TYPE
1993
ESTIMATED MARKET VALUE
Residential 70.50% 2,066,702,800.00
Commercial IIndustrial 22.10% 648,845,900.00
Apartments 5.60% 162,846,000.00
All Other 1.80% 52,652,900-00
TOTAL ESTIMATED MARKET VALUE 2,931,047,600.00
All other includes: Commons, Open Land, Seasonal•Recreational, Title II
Commercial Vacant Land
2
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 accurately.
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 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.
1993 BOARD OF REVIEW
CITY OF PLYMOUTH
MAY 10, 1993 - 7:00 P.M.
Statistics for phone call coverage)
AVERAGE Value Changes (1993 Assessment)
Residential = +3% to +8% (Market adjustments & new construction)
Res Lakeshore = +8% to +14%
Commercial = -0%
Industrial = -7% to -8%
Apartments = -3%
1992 number of total Building Permits (Residential New and Remodel) 1,728
1,650 houses sold in Plymouth last year.
ALL 1993 Mid -Year Homesteads show as Non -Homestead on value notice.
Notice is effective as of January 2, 1993.
Mid -Year Homestead is effective as of June 1, 1993.
Must own/occupy on or prior to June 1, 1992 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 CARROLL NANCY BYE JOAN MCCORMICK JAN OLSSON
Appraiser #126 Sr. Appraiser #137 Appraiser #155 Appraiser #167
RURAL PROPERTIES LAKESHORE GREEN ACRES 3 CC PROPERTIES
Bridlewood Farms Heritage West Parkers Lake Zachary Heights
Deer Pond Fox Run Quail Ridge Pine Ridge at Bass Creek
Seven Ponds BoulderRidge Deerwood Glen Carlson Center 6th
Boulder Crest Swan West Wild Wings Heritage Woods 2nd
Fawn Creek Steeplechase Woodlandhills Parkview Ridge
Fernbrook Woods Willow Meadows Sunset Valley Fischers Ponds
Northfork Holly Creek Bass Lake Terrace Churchill Farms
Troy Ridge Golfview Estates Curtis Lake Bay Pointe
Kingsview Heights Ironhorse Estates Birch Briar Lake Camelot Estates
Estates of Fernbrook Pine Creek Birchwood Estates Plymouth Pointe
Elmhurst (Sec. 26) Biterin Fox Glen &
Criterion MPUD
Berthiaumes
Edman
H. C. Johnson
Fazendin Krogness
Kreatz Highview Acres
Es3
RATIO STUDY TERMINOLOGY
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. Sometimes 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 1993 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.
10.
1993 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 1992 spring sales study recently completed by our staff and Hennepin County
places our overall median ratio at 93.2%. Hennepin County's median ratio is 93.6%
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 1993 assessment, Plymouth is the 3rd
lowest of all the major cities.
Our coefficient of dispersion in this year's study is 6.6% 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 1991 has 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 100.2. (100 is considered perfect.)
11.
MEMO
CITY OF PLYMOUTH
3400 PLYMOUTH BOULEVARD, PLYMOUTH, MINNESOTA 55447
DATE: May 3, 1993
TO: Scott Hovet, City Assessor
FROM: Gail Bangle, Assessment Technician
SUBJECT: 1992 YEAR END SALES ANALYSIS EXISTING HOMES
OVERALL SALES RATIO
1992 Estimated Market Values were used on all sales)
STYLE # OF SALES MEAN RATIO
Total Homes Sold - 1650
Average Price $148,500
cc: Nancy Bye, Senior Appraiser
Mike Carroll, Appraiser
Joan McCormick, Appraiser
Jan Olsson, Appraiser
12.
Ramblers 160 918
Splits 313 928 932
Two Stories 241 949
Condominiums 253 922
Townhomes 213 913
TOTAL 1180 926
Total Homes Sold - 1650
Average Price $148,500
cc: Nancy Bye, Senior Appraiser
Mike Carroll, Appraiser
Joan McCormick, Appraiser
Jan Olsson, Appraiser
12.
MEMO
CITY OF PLYMOUTH
3400 PLYMOUTH BOULEVARD, PLYMOUTH, MINNESOTA 55447
DATE: May 5, 1993
TO: Dwight D. Johnson, City Manager
FROM: Scott Hovet, City Assessor _ C,
SUBJECT: CITY TOTAL TAX BASE DISTRIBUTION
The following is a breakdown of the City's 1993 collectible tax
base in four mayor categories. It's interesting to note that our
base, etlthey pay almost one-
halfeofathe3taxesVe(
46.4%)f our tax
base, y Y pay
CITY TOTAL: VALUE PARCELS PERCENT
Market Value: 2,779,671,100 18,709
100%
Tax Capacity: 66,535,540
RESIDENTIAL PROPERTIES: OF TOTAL
Market Value: 1,854,856,400
27,144,869
15,835 57.0%
40.6%
Tax Capacity:
COMMERCIAL AND INDUSTRIAL:
Market Value: 676,041,000 499 24.3%
Tax Capacity: 30,859,553 46.4%
APARTMENTS:
Market Value: 173,527,000 57 6.2%
Tax Capacity: 5,737,620 8.6%
ALL OTHER: (VACANT LAND)
Market Value: 75,246,700 2,318 12.5%
Tax Capacity: 2 793,498 4.2%
cc: Dale Hahn, Finance Director
Financial Task Force
Nancy Bye, Senior Appraiser
13.
1993 RESIDENTIAL LAKESHORE SALES STUDY
1991 & 1992 SALES)
umber of Lake 2 Years
arcels Names of Sales
109 Bass 15
37 **Gleason 3
t1r.]
31
126
41
49
8
11
61
521
Hadley
Lost
Medicine
Mooney
Parkers
Pike
Pomerleau
Schmidt
10
4
5
7
1
2
0-
9
56
Preliminary Average
Ratio Lot Value
Adjustments Average Total
To Value Sale Price
957 108,000* 0-
747 45,000/ 14%
80,000
831 52,500 5%
882 52,700 5%
901 94,600 5%
972 95,000 QRTL***
886 54,000 5%
878 50,000 5$
N/A 80,000 5%
974 75,000 0-
908 (Before Increases)
263,000
180,000
Hennepin County Sales Study of all Residential
Lakeshore Sales in Plymouth for 1993 Assessment:
251,600
218,400
250,200
211,200
232,500
345,000
0-
235,700
Total Sales Mean Ratio
17 .931 (After Increases)
FAverage lot value on Bass Lake Lagoons - $70,000 to $75,000
Total market values in the Gleason Lake neighborhoods increased approximately
F14%.
Mooney lakeshore properties were reappraised for the 1993 assessment. The
average total market value increase on Mooney Lake was +8%.
JB/jk
3/29/93
14.
PLYMOUTH RESIDENTIAL PROPERTY
VALUE DISTRIBUTION 1993
Single Family Housing Only)
VALUES OF HOMES PERCENT
0- 509000 19470 8.40%
509000 - 759000 39006 17.18%
759000 -100,000 39238 18.51%
1009000 - 1259000 2,672 15.27%
1259000 - 1509000 19701 79752 9.72%
1509000 - 2009000 39379 19.32%
200,000 - 2509000 19288 7.36%
2509000 - 3009000 524 2.99%
3009000 - 4009000 197 1.12%
4009000 - 500,000 13 07%
5009000 - 7009000 4 02%
194259000 1 01%
179494 100.00%
15.
44.3%
MEMO
CITY OF PLYMOUTH
3400 PLYMOUTH BOULEVARD, PLYMOUTH, MINNESOTA 55447
DATE: May 8, 1992
TO: James G. 'Willis, City Manager
FROM: Scott L. Hovet, City Assessor 4A
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, 1990, 1991 and 1992.
90 ASMT 91 ASMT 92 ASMT
TYPE OF DWELLING # OF UNITS OF UNITS OF UNIT'S
Apartment Units 5,028 5,028 5,044
Single Family Homes 11,689 12,037 12,361
Condominiums 1,312 1,338 1,568
Townhomes 1,635 1,659 1,746
Permalease 211 202 142
Mobile Homes 67 66 64
Farm Houses 32 30 29
Seasonal Res. (Cabins) 6 6 6
TOTAL LIVING UNITS: 19,980 20,366 20,960
1991 Assessment represents an increase of 386 living units over January 2, 1990.
There were 594 more living units built during 1991.
SLH/1k
cc: Dale Hahn, Finance Director
Joe Ryan, Building Official
Staff
memo)parcelcountbreakdown
16.
Clerk's Notice to Post and Publish — HC 1163
ASSESSMENT NOTICE
NOTICE IS HEREBY GIVEN, That the Board of Review of the Ci ty of
Plymouth in HPnnepi n County, Minn.,
will meet at the office of the Ci ty Clerk, in said City
a 7 : -, o'clock —2—M., on
I'cnday , the lothday of may _, 19-2,
for the purpose of reviewing and correcting the assessment of said Ci ty
for the year 19 93.. 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 -IS t day of May 19 21-
ciL t r l(LCrd2c t
Clerk of the City of Plymouth
HENNEPIN COUNTY
REAL ESTATE
1993 VALUATION NOTICE
FOR TAXES PAYABLE IN 1994
CITY ASSESSOR
3400 PLYMOUTH BLVD
PLYMOUTH MN 55447
SCOTT L HOVET
1304 W MEDICINE LAKE DR
UNIT 121
PLYMOUTH MN 55441-4860
RETIAL AT
HNMESTEAD
1993 ESTIMATED MARKET VALUE
CITY OF PLYMOUTH
6Ng-
26-118-2272
50,400
Market value is defined as the most probable price that a well informedbuyerwouldpayawellinformedsellerforapropertywithouteither
party being unduly forced to buy or sell. 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
and is based on the use of the property. If you have information that
indicates your valuation or classification is incorrect, you May call
0 within the next 5 business days. You can then discuss this
information 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: THE BOARD IS SCHEDULED FOR -
DATE MAY 10
TIME 7:00 PM
LOCATION PLYMOUTH CITY CENTER
THE NN P N UNTYA F A : The board will meet beginning
on une 14, 93. ou mus ave appealedto the Local Board of Review to
be eligible to appeal to the County Board of Equalization. For an
appointment to appeal to the County Board you must call 348-5076 by
MINE 7. 1993.
NN TA TAX COURT: State law also provides that a property owner can appeal to the Minnesota
Tax Court. For information on the Tax Court contact the Tax Court
office. 520 Lafayette Road, 2nd Floor, St. Paul, MN 55155. Telephone No.
296-2806.
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