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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 />As part of this mass appraisal process, all properties are re-valued annually based on the information <br />on record. Properties are physically inspected and property records reviewed once every 5 years (as <br />statutorily required). This is an ongoing process whereby 20% of a city is inspected each year so that <br />in a cycle of 5 years all properties have been inspected at least once. In addition to this quintile <br />review, properties are also inspected when there is a building permit issued or at the request of the <br />property owner. The sale of a property does not initiate a reassessment. <br /> <br />As stated earlier, Minnesota state law governs the assessment date, which is January 2nd of each <br />year, as well as the sales periods associated with each assessment date. <br /> <br />The 2013 assessment which was used for tax calculations this year (2014) was based on transactions <br />that closed between October 1, 2011 and September 30, 2012. Property owners were notified of their <br />2013 value on their Notice of Valuation and Classification (also referred to as a valuation notice). <br />The notices were mailed out in March of 2013 in the same envelope as the 2013 tax statement. The <br />appeals process took place at the municipal level during the month of April of 2013 and at the county <br />level in June of 2013. At this point, if a property owner wishes to appeal their 2013 assessment (for <br />taxes payable 2014) their only option is to file a tax court petition. This must be done no later than <br />April 30, 2014. <br /> <br />The 2014 assessment has just been completed and the valuation notices were mailed the week of <br />March 14th. This is the assessment that will be used for tax calculations next year for taxes payable <br />in 2015. The sales period associated with this assessment is October 1, 2012 thru September 13, <br />2013. As with past assessments, the local appeals process will begin in April and finish up in June. <br />The options and requirements to appeal this assessment are listed on the back of the valuation notice. <br />If a property owner has an issue with their 2014 assessment, the first thing they should do is contact <br />their local assessor. The phone numbers are listed on their notice of valuation. <br /> <br />In conclusion, all arms-length sales that closed between October 1, 2012 and September 30, 2013 <br />have been used to determine valuations for the 2014 assessment, for taxes payable in 2015. And by <br />the time you are paying your 1st half real estate tax on May 15 of, 2015, the sales that were used to <br />determine the estimated market value on which your taxes are based occurred somewhere between <br />19 to 31 months earlier. <br /> <br />The following chart may be helpful in following the timeline of your assessment. <br /> <br /> <br />SALES PERIOD ASSESSMENT DATE TAX YEAR <br />October 1, 2010 <br />to January 2, 2012 2013 <br />September 30, 2011 <br />October 1, 2011 <br />to January 2, 2013 2014 <br />September 30, 2012 <br />October 1, 2012 <br />to January 2, 2014 2015 <br />September 30, 2013 <br />4 <br />
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