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Anoka County City of LinoLakes <br />Residential Appraisal System <br />Per State Statute, each property must be physically inspected and <br />individually appraised once every five years. For this individual appraisal, or <br />in the event of an assessed value appeal, we use two standard appraisal <br />methods to determine and verify the estimated market value of our residential <br />properties: <br />1. First, an appraiser inspects each property to verify data. If we are unable <br />to view the interior of a home on the first visit, a tag is left requesting a <br />return telephone call from the owner to schedule this inspection. Interior <br />inspections are necessary to confirm our data on the plans and <br />specifications of new homes and to determine depreciation factors in <br />older homes. <br />2. To calculate the estimated market 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 anlaysis 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 each home today less age dependent <br />depreciation. <br />3. A comparative market analysis is used to verify these estimates. The <br />properties used for these studies are those that most recently have sold <br />and by computer analysis, are most comparable to the subject property <br />taking into consideration construction quality, location, size, style, etc. <br />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 <br />properties "equivalent to" the subject property and establish a probable <br />sale price of the subject. <br />These three steps give us the information to verify assessed value or to adjust it if <br />necessary. The following pages contain an example of the appraisal information <br />for one property. They include data calculations, plan sketch, photo, comparative <br />analysis, and photos and a map of comparable properties. <br />13 <br />