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05-09-2022 Council Packet
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05-09-2022 Council Packet
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12/12/2022 5:53:38 PM
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5/9/2022 11:34:38 AM
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City Council
Council Document Type
Council Packet
Meeting Date
05/09/2022
Council Meeting Type
Regular
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Anoka Countv Citv of Lino Lakes <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 />Note: The Median Assessor's Estimated Market Value represents the homes that are in the sales study. <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 />2022 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 />Metric <br />Lino Lakes <br />Countywide <br />Average Sale Price & % Change (YOY) <br />$410,800(+15.75%) <br />$355,400(+12.9%) <br />Median Sale Price % Change (YOY) <br />$400,000(+14.28%) <br />$327,500(+14.11%) <br />Median Days on Market (DOM) <br />8 <br />9 <br /># of Sales & % Change (YOY) <br />413(-3.06%) <br />6597(+.007%) <br /># of Arm's Length Sales & % Change (YOY) <br />413(-3.06%) <br />6540(+1.63%) <br /># of Non-Arm's Length Sales & % Change (YOY] <br />None <br />57(-12.31%) <br />
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