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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 />2. To calculate the estimated market <br />value from the property data we use a <br />Computer Assisted Mass Appraisal <br />(CAMA) system based on a <br />reconstruction less depreciation <br />method of appraisal. The cost <br />variables and land schedules are <br />developed through an analysis of <br />stratified sales within the city. This <br />method uses the "Principle of <br />Substitution" and calculates what a <br />buyer would have to pay to replace <br />each home today less age dependent <br />depreciation. <br />1. First, an appraiser inspects each <br />property to verify data. If we are unable to <br />view the interior of a home on the first visit, a <br />tag is left requesting a return telephone call <br />from the owner to schedule this inspection. <br />Interior inspections are necessary to confirm <br />our data on the plans and specifications of <br />new homes and to determine depreciation <br />factors in older homes. <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 />Page 16 <br />