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Anoka County City of Lino Lakes <br />9 <br /> <br />We are aware that due to the time frames we are required to work within it sometimes appears as though <br />the assessor’s estimated market value does not represent the market. It seems lower than it should be <br />during times of inflation and higher than it should be in times of deflation. The following chart illustrates <br />the relationship between assessed values and actual sale prices; and how the assessor’s market values have <br />been following the changes as they occur in the open market. <br /> <br /> Note: The Median Assessor’s Estimated Market Value represents the homes that are in the sales study. <br /> <br />One important thing to remember is the assessment process is completed before the budgeting process <br />begins. Assessors do not adjust values in order to increase revenue. There is little correlation between <br />changes in assessments due to market changes and how the resulting real estate tax changes. When we <br />adjust assessments due to market conditions, all properties are adjusted. The only time that an adjustment <br />in an assessor’s estimated market value will have an impact on the increase or decrease in tax is if the change <br />in value is due to value added for new construction or value removed due to demolition/destruction of an <br />improvement. <br /> <br />2020 Sales Statistics – Residential <br />The table below uses various sales metrics to compare how the residential market in Lino Lakes performed <br />compared to the rest of the county. The sales study figures were gathered using Northstar MLS data. <br /> <br />Metric Lino Lakes Countywide <br />Average Sale Price & % Change (YOY) $328,106(+3.79%) $304,685(+11.13%) <br />Median Sale Price % Change (YOY) $305,000(+3.55%) $275,000(10.00%) <br />Median Days on Market (DOM) 55 44 <br /># of Sales & % Change (YOY) 360(-2.17%) 4,544(-8.81%) <br /># of Arm’s Length Sales & % Change (YOY) 355(-0.56%) 4,435(-8.89%) <br /># of Non-Arm’s Length Sales & % Change (YOY) 5(-54.55%) 109(-46.04%) <br />$165,000 <br />$170,000 <br />$175,000 <br />$180,000 <br />$185,000 <br />$190,000 <br />$195,000 <br />$200,000 <br />$205,000 <br />$210,000 <br />$215,000 <br />$220,000 <br />$225,000 <br />$230,000 <br />$235,000 <br />$240,000 <br />$245,000 <br />$250,000 <br />$255,000 <br />$260,000 <br />$265,000 <br />$270,000 <br />$275,000 <br />2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 <br />Tax Payable Year <br />Median Assessed Value as it Relates to Median Sale <br />Price <br />Median Sale Price