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Anoka County City of Lino Lakes <br />We are aware that due to the time frames we are required to work within it sometimes seems <br />as though the assessor's estimated market value does not represent the market. It is lower <br />than is should be during times of inflation and higher than it should be in times of deflation. <br />The following chart illustrates the relationship between assessed values and actual sale <br />prices and how the assessor's market values have been following the changes in the open <br />market. <br />Sale Price / Assessed Value <br />Median Assessed Value as it Relates to Median Sale Price <br />(assessment year based on closed sales from the prior Oct -Sep and for tax payable the following year) <br />$240,000 <br />$230,000 <br />$220,000 <br />$21.0,000 <br />5200,000 <br />5190,000 <br />$180,000 <br />• $199,900 <br />2004 <br />• $228908 _ • $230,000 <br />• $225,000 <br />2005 <br />2006 2007 <br />Assessment Year <br />2008 <br />2009 <br />• Median Sale Price --;— Median Assessor's Estimated Market Value <br />2010 <br />As you can see, there is a point in time where the relationship between the assessor's values <br />and the sales prices intersect. It is at that point in time that the market took a large downward <br />turn and the following year, in response to that market condition, the assessor's values were <br />reduced to reflect that trend. <br />5 <br />