Agenda Packets - 1999/09/20 - Laserfiche WebLink

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. ED Property Records and Revenue . PAY IBrian Ducklow,Valuation Division Manager 848 Government Center West 50 West Kellogg Boulevard Fax: 266-2001 waMSEY COUNTY St.Paul,MN 65102-1695 TDD#: 266-2170 MEMORANDUM IIDATE: June 11, 1999 II TO: Ramsey County Board of Commissioners Paul Kirkwold, Acting County Manager Dorothy McClung, Director, Department of Property Records & Revenue I FROM: Brian M. Ducklow Ramsey County Assessor IISUBJECT: 1999 MARKET VALUATION SUMMARY The Ramsey County Assessor's Office has completed its work for the 1999 assessment that will be the basis for the taxes to be paid in 2000. The accompanying material will provide the reader with an overview IIIof the scope and magnitude of the valuation increases from the 1998 to the 1999 assessment year. The real estate market has been extremely active and vibrant this past year.The valuation staff has analyzed more than 8000 real estate transactions.These sales transactions provide the basis for the changes in the assessed market values. The increases in the market value of properties are being fueled by low interest rates and an overall robust economy.Also, demand for housing is increasing faster than the supply causing market values to rise rapidly. III Commercial and apartment properties have also shown a significant increase this past year. Again, this is • a result of the factors listed above. The increases in both the residential and commercial sectors are pi 'broad-based" in that all classes and most types of properties were increasing in value, and that a large majority of the properties in Ramsey County will see an increase in their estimated market value for the 1999 assessment. This broad-based increase in market values will help cushion the potential tax increases that taxpayers would pay in 2000. In addition, the legislature imposed new limits on the increases on the taxable market value for residential properties. The new taxable limits passed in the recently concluded legislative session IIlimit taxable increases in market value to 8.5 percent on most properties. This change should serve to hold down the potential tax increase in 2000 for residential property. Overall Residential Commercial/Industrial Apartments IIRamsey County 9.11% 9.43% 8.66% 7.31% City of Saint Paul 9.95% 11.14% 7.88% 6.62% IIIF pi Suburban Ramsey County 8.45% 8.18% 9.40% 8.47% Please read the accompanying material. If you would like further information about these changes,we 0 would be happy to provide you that information. We can be reached at 651-266-2131, Monday through Friday, 8:00 a.m. to 4:30 p.m. I . I 1 Minnesota's First Home Rule County printed on recycled paper with a minimum of 10%post.conaumer content ta.°