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04-07-14 Council Packet
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04-07-14 Council Packet
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8/29/2014 8:58:35 AM
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City Council
Council Document Type
Council Packet
Meeting Date
04/07/2014
Council Meeting Type
Work Session Regular
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Anoka County City of Lino Lakes <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 />95% to give us a margin to account for a fluctuating market and still maintain ratios <br />within state mandated guidelines. Also referred to as the Weighted Mean. <br />Mean Ratio: The mean is the average ratio. We use this ratio not only to watch our <br />assessment level, but also to analyze property values by development, type of <br />dwelling and value range. These studies enable us to track market trends in <br />neighborhoods, popular housing types and classes of property. <br />Coefficient of Dispersion (COD): The COD measures the accuracy of the assessment. <br />It is possible to have a median ratio of 93% with 300 sales, two ratios at 93%, 149 at <br />80% and 149 at 103%. Although this is an excellent median ratio, there is obviously a <br />great inequality in the assessment. The COD indicates the spread of the ratios from <br />the mean or median ratio. <br />The goal of a good assessment is a COD of 10 to 20. A COD under 10 is considered <br />excellent and anything over 20 will mean an assessment review by the Department of <br />Revenue. <br /> <br />Price Related Differential (PRD): This statistic measures the equality between the <br />assessments of high and low valued property. A PRD over 100 indicates a regressive <br />assessment, or the lower valued properties are assessed at a greater degree than the <br />higher. A PRD of less than 100 indicates a progressive assessment or the opposite. <br />A perfect PRD of 100 means that both higher and lower valued properties are <br />assessed exactly equal. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />17 <br />
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