05-06-2019 Council Packet - Laserfiche WebLink

Home Search

Anoka County City of Lino Lakes 9 We are aware that due to the time frames we are required to work within it sometimes appears as though the assessor’s estimated market value does not represent the market. It seems lower than it should be during times of inflation and higher than it should be in times of deflation. The following chart illustrates the relationship between assessed values and actual sale prices; and how the assessor’s market values have been following the changes as they occur in the open market. ] Note: The Median Assessor’s Estimated Market Value represents the homes that are in the sales study. One important thing to remember is the assessment process is completed before the budgeting process begins. Assessors do not adjust values in order to increase revenue. There is little correlation between changes in assessments due to market changes and how the resulting real estate tax changes. When we adjust assessments due to market conditions, all properties are adjusted. The only time that an adjustment in an assessor’s estimated market value will have an impact on the increase or decrease in tax is if the change in value is due to value added for new construction or value removed due to demolition/destruction of an improvement. 2019 Sales Statistics – Residential The table below uses various sales metrics to compare how the residential market in Lino Lakes performed compared to the rest of the county. The sales study figures were gathered using Northstar MLS data. Metric Lino Lakes Countywide Average Sale Price & % Change (YOY) $316,134(+.68%) $274,200(+9.37%) Median Sale Price % Change (YOY) $316,215(+5.76%) $250,000(9.36%) Median Days on Market (DOM) 55 45 # of Sales & % Change (YOY) 368(+1.66%) 4,983(-19.26%) # of Arm’s Length Sales & % Change (YOY) 357(+2.29%) 4,868(-16.86%) # of Non-Arm’s Length Sales & % Change (YOY) 11(-15.4%) 202(-36.26%) $165,000$170,000$175,000$180,000$185,000$190,000$195,000$200,000$205,000$210,000$215,000$220,000$225,000$230,000$235,000$240,000$245,000$250,000$255,000$260,000$265,000 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Tax Payable Year  Median Assessed Value as it Relates to Median Sale Price Median Sale Price Median Assessor's Estimated Market Value