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05-09-2022 Council Packet
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05-09-2022 Council Packet
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City Council
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Council Packet
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05/09/2022
Council Meeting Type
Regular
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Anoka Coun <br />Citv of Lino Lakes <br />Sales Statistics Defined <br />We have the ability by using statistical analysis to test the accuracy of the assessment. We use these <br />statistics to ensure equity between properties at the neighborhood, municipal and county levels. The <br />Minnesota Department of Revenue also uses these same techniques to test for equity between counties. <br />The primary statistics used are: <br />Median Ratio: This is a measure of central tendency that is the midpoint of a group of sales <br />ratios when arrayed from low to high. The median is a useful statistic as it is not affected <br />by extreme ratios. <br />Aggregate Ratio: This is the total market value of all sale properties divided by the total sale <br />prices. It, along with the mean ratio, gives an idea of our assessment level. Within the city, <br />we constantly try to achieve an aggregate and mean ratio of 94% to 95% to give us a margin <br />to account for a fluctuating market and still maintain ratios within state mandated <br />guidelines. Also referred to as the Weighted Mean. <br />Mean Ratio: The mean is the average ratio. We use this ratio not only to watch our assessment <br />level, but also to analyze property values by development, type of dwelling and value range. <br />These studies enable us to track market trends in neighborhoods, popular housing types <br />and classes of property. <br />Coefficient of Dispersion (COD): The COD measures the accuracy of the assessment. It is <br />possible to have a median ratio of 93% with 300 sales, two ratios at 93%,149 at 80% and <br />149 at 103%. Although this is an excellent median ratio, there is obviously a great <br />inequality in the assessment. The COD indicates the spread of the ratios from the mean or <br />median ratio. <br />The goal of a good assessment is a COD of 10 to 20. A COD under 10 is considered excellent <br />and anything over 20 will mean an assessment review by the Department of Revenue. <br />Price Related Differential (PRD): This statistic measures the equality between the <br />assessments of high and low valued property. A PRD over 100 indicates a regressive <br />assessment, or the lower valued properties are assessed at a greater degree than the higher. <br />A PRD of less than 100 indicates a progressive assessment or the opposite. A perfect PRD <br />of 100 means that both higher and lower valued properties are assessed exactly equal. <br />Appeals Procedure <br />Each spring Anoka County sends out a property tax bill (based on the prior year assessment) along with <br />the Notice of Valuation and Classification. Three factors that affect the tax bill are: <br />1. The amount your local governments (town, city, county, etc.) spend to provide services to your <br />community; <br />2. The estimated market value of your property; <br />3. The classification of your property (how it is used). <br />The assessor determines the final two factors. You may appeal the value or classification of your property <br />as described on the next page. <br />
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