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Anoka County City of Lino Lakes <br /> <br />Residential Appraisal System <br />Per State Statute, each property must be physically inspected and individually appraised once <br />every five years. For this individual appraisal, or in the event of an assessed value appeal, we use <br />two standard appraisal methods to determine and verify the estimated market value of our <br />residential properties: <br />1. First, an appraiser inspects each property to verify <br />data. If we are unable to view the interior of a home on the <br />first visit, a tag is left requesting a return telephone call from <br />the owner to schedule this inspection. Interior inspections are <br />necessary to confirm our data on the plans and specifications <br />of new homes and to determine depreciation factors in older <br />homes. <br />2. To calculate the estimated <br />market value from the property data we use <br />a Computer Assisted Mass Appraisal <br />(CAMA) system based on a reconstruction <br />less depreciation method of appraisal. <br />The cost variables and land schedules are <br />developed through an analysis of <br />stratified sales within the city. This method <br />uses the "Principle of Substitution" and <br />calculates what a buyer would have <br />to pay to replace each home today less age <br />dependent depreciation. <br />3. A comparative market analysis is used to verify these estimates. The properties used for <br />these studies are those that most recently have sold and by computer analysis, are most <br />comparable to the subject property taking into consideration construction quality, location, <br />size, style, etc. The main point in doing a market analysis is to make sure that you are <br />comparing "apples with apples". This will make the comparable properties "equivalent to" <br />the subject property and establish a probable sale price of the subject. <br /> <br />These three steps give us the information to verify assessed value or to adjust it if necessary. The <br />following pages contain an example of the appraisal information for one property. They include data <br />calculations, plan sketch, photo, comparative analysis, and photos and a map of comparable properties. <br />15 <br />