05-01-2017 Council Packet - Laserfiche WebLink

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Anoka County City of Lino Lakes 12 A non-resident may file written objections to his/her assessment with the county assessor prior to the meeting of the Board of Appeal and Equalization. Such objections must be presented to the Board for consideration while it is in session. Before adjourning, the Board of Appeal and Equalization should cause the record of the official proceedings to be prepared. The law requires that the proceedings be listed on a separate form which is appended to the assessment book. The assessments of omitted property must be listed in detail and all assessments that have been increased or decreased should be shown as prescribed in the form. After the proceedings have been completed, the record should be signed and dated by the members of the Board of Appeal and Equalization. It is the duty of the county assessor to enter changes by Boards of Appeal and Equalization in the assessment book of each district. The Local Board of Appeal and Equalization has the opportunity of making a great contribution to the equality of all assessments of property in a district. No other agency in the assessment process has the knowledge of the property within a district that is possessed jointly by the individual members of a Board of Appeal and Equalization. The County or State Board of Equalization cannot give the detailed attention to individual assessments that is possible in the session of the Local Board. The faithful performance of duty by the Local Board of Appeal and Equalization will make a direct contribution to the attainment of equality in meeting the costs of providing the essential services of local government. Market Value Statistics After thorough studies of the sales in the market place are conducted, we establish the assessed value of all real property. During the 2016 study period for the 2017 assessment, we recorded 7597 sales countywide of all property types. Of these sales 4907 were considered "arms-length" transactions. The remaining 2690 sales not considered arms-length would include foreclosure sales, bank sales, sales involving government entities, and sales between related parties. During the 2016 Sales Period the total number of transactions increased by 841, or 11.6%. The number of non-arms-length transactions (mostly bank sales and foreclosure sales) decreased by 335, or -11.1% while the number of arm’s length sales increased by 335, or 14.6%. We believe that this is reflective of a healthy real estate market. Later in the report you will see sales analysis information for this city and for the entire county. This information will relate to improved residential properties only and will not include vacant land sales or sales for commercial, industrial or apartment properties. In accordance with the results of these sales studies, certain areas of the city and certain styles and grades of homes may have adjusted values either lower or higher than the previous year's value. The new values reflect market trends during the period of October 2015 thru September 2016. These numbers were then time adjusted based on the time adjustment supplied by the Department of Revenue.