04/05/2010 Council Packet - Laserfiche WebLink

Home Search

Anoka County City of Lino Lakes Residential Appraisal System Per State Statute, each property must be physically inspected and individually appraised once every five years. For this individual appraisal, or in the event of an assessed value appeal, we use two standard appraisal methods to determine and verify the estimated market value of our residential properties: 1. First, an appraiser inspects each property to verify data. If we are unable to view the interior of a home on the first visit, a tag is left requesting a return telephone call from the owner to schedule this inspection. Interior inspections are necessary to confirm our data on the plans and specifications of new homes and to determine depreciation factors in older homes. 2. To calculate the estimated market value from the property data we use a Computer Assisted Mass Appraisal (CAMA) system based on a reconstruction less depreciation method of appraisal. The cost variables and land schedules are developed through an analysis of stratified sales within the city. This method uses the "Principle of Substitution" and calculates what a buyer would have to pay to replace each home today less age dependent depreciation. .. -- _._ 3. A comparative market analysis is used to verify these estimates. The properties used for these studies are those that most recently have sold and by computer analysis, are most comparable to the subject property taking into consideration construction quality, location, size, style, etc. The main point in doing a market analysis is to make sure that you are comparing "apples with apples ". This will make the comparable properties "equivalent to" the subject property and establish a probable sale price of the subject. These three steps give us the information to verify assessed value or to adjust it if necessary. The following pages contain an example of the appraisal information for one property. They include data calculations, plan sketch, photo, comparative analysis, and photos and a map of comparable properties. 16