05-09-2016 Council Packet - Laserfiche WebLink

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Anoka County City of Lino Lakes As part of this mass appraisal process, all properties are re-valued annually based on the information on record. Properties are physically inspected and property records reviewed once every 5 years (as statutorily required). This is an ongoing process whereby 20% of a city is inspected each year so that in a cycle of 5 years all properties have been inspected at least once. In addition to this quintile review, properties are also inspected when there is a building permit issued or at the request of the property owner. The sale of a property does not initiate a reassessment. As stated earlier, Minnesota state law governs the assessment date, which is January 2nd of each year, as well as the sales periods associated with each assessment date. The 2015 assessment which was used for tax calculations this year (2016) was based on transactions that closed between October 1, 2013 and September 30, 2014. Property owners were notified of their 2015 value on their Notice of Valuation and Classification (also referred to as a valuation notice). The notices were mailed out in March of 2015 in the same envelope as the 2015 tax statement. The appeals process took place at the municipal level during the month of April of 2015 and at the county level in June of 2015. At this point, if a property owner wishes to appeal their 2015 assessment (for taxes payable 2016) their only option is to file a tax court petition. This must be done no later than April 30, 2016. The 2016 assessment has just been completed and the valuation notices were mailed the week of March 14th. This is the assessment that will be used for tax calculations next year for taxes payable in 2017. The sales period associated with this assessment is October 1, 2014 thru September 30, 2015. As with past assessments, the local appeals process will begin in April and finish up in June. The options and requirements to appeal this assessment are listed on the back of the valuation notice. If a property owner has an issue with their 2016 assessment, the first thing they should do is contact their local assessor. The phone numbers are listed on their notice of valuation. In conclusion, all arms-length sales that closed between October 1, 2014 and September 30, 2015 have been used to determine valuations for the 2016 assessment, for taxes payable in 2017. And by the time you are paying your 1st half real estate tax on May 15 of, 2017, the sales that were used to determine the estimated market value on which your taxes are based occurred somewhere between 19 to 31 months earlier. The following chart may be helpful in following the timeline of your assessment. 4