05-09-2022 Council Packet - Laserfiche WebLink

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Anoka Countv Citv of Lino Lakes 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. 2022 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) $410,800(+15.75%) $355,400(+12.9%) Median Sale Price % Change (YOY) $400,000(+14.28%) $327,500(+14.11%) Median Days on Market (DOM) 8 9 # of Sales & % Change (YOY) 413(-3.06%) 6597(+.007%) # of Arm's Length Sales & % Change (YOY) 413(-3.06%) 6540(+1.63%) # of Non-Arm's Length Sales & % Change (YOY] None 57(-12.31%)