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Anoka County <br />City of Lino Lakes <br />Residential Appraisal System <br />Per State Statute, each property must be physically inspected and individually appraised once <br />every five years. For this individual appraisal, or in the event of an assessed value appeal, we <br />use two standard appraisal methods to determine and verify the estimated market value of our <br />residential properties: <br />1. First, an appraiser inspects each property to verify <br />data. If we are unable to view the interior of a home on the <br />first visit, a tag is left requesting a return telephone call from <br />the owner to schedule this inspection. Interior inspections <br />are necessary to confirm our data on the plans and <br />specifications of new homes and to determine depreciation <br />factors in older homes. <br />2. To calculate the estimated market value from <br />the property data we use a Computer <br />Assisted Mass Appraisal (CAMA) system <br />based on a reconstruction less depreciation <br />method of appraisal. The cost variables and <br />land schedules are developed through an <br />analysis of stratified sales within the city. <br />This method uses the "Principle of <br />Substitution" and calculates what a buyer <br />would have to pay to replace each home <br />today less age dependent depreciation. <br />Ep (,, Om **, za+, .. ..M- ,.,v. a p,w yry <br />*RM,1:. • - .r iu,ar Mmfl0014 *err <br />. <br />...00n =10.1 . <br />+......+r ...MM.r w..,...... „..r� <br />0 1 0. 1 a.+s. � 0000.. 1 +w.. i c...,... <br />0.000. <br />,,,00,00,,, <br />1 <br />1 <br />J <br />3. A comparative market analysis is used to verify these estimates. The properties used for <br />these studies are those that most recently have sold and by computer analysis, are most <br />comparable to the subject property taking into consideration construction quality, location, <br />size, style, etc. The main point in doing a market analysis is to make sure that you are <br />comparing "apples with apples ". This will make the comparable properties "equivalent to" <br />the subject property and establish a probable sale price of the subject. <br />These three steps give us the information to verify assessed value or to adjust it if necessary. The <br />following pages contain an example of the appraisal information for one property. They include data <br />calculations, plan sketch, photo, comparative analysis, and photos and a map of comparable <br />properties. <br />18 <br />