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04/05/2010 Council Packet
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04/05/2010 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
04/05/2010
Council Meeting Type
Work Session Regular
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Anoka County <br />City of Lino Lakes <br />Sales Studies <br />According to State Law, it is the assessor's job to appraise all real property at market value <br />for property tax purposes. As a method of checks and balances, the Department of <br />Revenue uses statistics and ratios relating to assessed market value and current sale <br />prices to confirm that the law is upheld. Assessors use similar statistics and sales ratios to <br />identify market trends in developing market values. <br />A sales ratio is obtained by comparing the assessor's market value to the adjusted sales <br />price of each property sold in an arms - length transaction within a fixed period. An "arms - <br />length" transaction is one that is generated after a property has had sufficient time on the <br />open market, between both an informed buyer and seller with no undue pressure on either <br />party. The median or mid -point ratios are calculated and stratified by property <br />classification. <br />100% <br />The only perfect assessment would have a 100% ratio for every sale. This is of course, <br />impossible. Because we are not able to predict major events that may cause significant <br />shifts in the market, the state allows a 15% margin of error. <br />The Department of Revenue adjusts the median ratio by the percentage of growth from <br />the previous year's abstract value of the same class of property within the same <br />jurisdiction. This adjusted median ratio must fall between 90% and 105 %. Any deviation <br />will warrant a state mandated jurisdiction -wide adjustment of at least 5 %. <br />In Anoka County, we have the ability to stratify the ratios by style, age, quality of <br />construction, size, land zone and value. This assists us in appraising all of our properties <br />closer to our goal ratio. <br />Sales Statistics Defined <br />We have the ability by using statistical analysis to test the accuracy of the assessment. <br />We use these statistics to ensure equity between properties at the neighborhood, <br />municipal and county levels. The Minnesota Department of Revenue also uses these <br />same techniques to test for equity between counties. The primary statistics used are: <br />Median Ratio: This is a measure of central tendency that is the midpoint of a group of <br />sales ratios when arrayed from low to high. The median is a useful statistic as it is not <br />affected by extreme ratios. <br />Aggregate Ratio: This is the total market value of all sale properties divided by the total <br />sale prices. It, along with the mean ratio, gives an idea of our assessment level. <br />Within the city, we constantly try to achieve an aggregate and mean ratio of 94% to <br />17 <br />
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