02-12-1975 Council Agenda - Laserfiche WebLink

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STATE OF MINNESOTA DEPARTMENT OF REVENUE CENTENNIAL OFFICE BUILDING SAINT PAUL, MINNESOTA 55145 December 30, 1974 Mayor City of Little Canada gt ForrII j �,l ,, li Ttit•.:r. . CI' -1 £YF,n_E <1, /",ADA Gentlemen: Representatives from the Department of Revenue recently completed meetinos with county assessors throughout the state. One of the purposes of these meetings was to discuss the levels of assessment of real orcc&rty dS re- flected in the most recent sales ratio studies and to explore possible courses of action to bring the 1975 assessments up to current market values. Traditionally, the Department of Revenue has based its recommendations for changes made to bring the level of assessment into line with the current market values on the state's sales ratio studies. However, because the sales ratio study is based upon sales dating back over a three -year period, it was the opinion of most assessors that the state's sales ratio study presented a higher level of assessment than actually exists. This, of course, is due to the dramatically rising prices being paid for almost all types of real estate. Therefore, the suggestions we are recommending to he mad. for the 1975 assessment are based upon current available data. This depart:! nt and assessors generally throughout the state agree that the market value- must be established on the basis of the best current information. Regardless of the fact that there is currently a five percent limitation on valuation increases on certain types of property, the assessors and tie boards of review and equalization are still required by law to value .:'1 property at one hundred percent of market value. Future legislative rhanies in our property tax system could penalize a taxing district not asse,te i at its current market value. After having discussed the level of assessment in your district with your county assessor and after having carefully examined the latest sales ratio studies, it is our belief that the following increases are the minimum necessary in the general valuation level of property to equalize within your district, county, bordering counties and with the standards throughout the state. These suggestions are minimal aggregate increases and are not to he considered as necessarily applicable to each parcel or Hue of property or the limit of changes to individual taxpayers in eoualizinq at market value. page -4- AN EQUAL OPPORTUNITY EMPLOYER