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2 ➢ 2014 pay 2015 tax capacity (NTC) is up 6.5% ➢ 2014 Residential value up 9.4% ➢ 2014 Apartment Value up 6.5% ➢ 2014 Commercial value up 0.6% • After six years of declining or flat assessed value, this year we experienced substantial increases in market value. • Aggregate values increased for all property types in the suburban cities this past year. • After experiencing several years of declining residential value during the recession, we experienced market stabilization in 2012, and in 2013 the market evidenced significant appreciation, resulting in aggregate 2014 residential value appreciation of $2.35 billion. • Apartment markets continue to be very healthy, and substantial construction of new apartments is underway all across the Twin Cities metro area. • Commercial and industrial markets continue to benefit from improving occupancy, investor sentiment and greatly improved market liquidity. • Total Estimated Market Value increased $2.73 billion for 2014 payable 2015. • The total estimated market value of Ramsey County property for the 2014 assessment, taxes payable 2015, is now $42.32 billion, up from $39.59 billion the previous assessment. • Total 2014 Taxable Market Value is $39.95 billion, up from $37.01 billion. • 2014 assessment included $326.5 million of value from new construction. • Comparing the countywide 2013 assessment to the 2014 assessment, only 13.0% of properties had declining values, 9.6% had no change, and 120,496 parcels (77.4%) had value increases; this is out of a total of 155,690 taxable parcels analyzed. • This year we reduced values for only 13,670 single family residential properties, compared to 59,153 homes with declining values last year. • Single family homes with increasing values totaled 96,144; this is nearly 86% of the homes in the county. Overall residential value is up 9.44% or $2.5 billion. • The 2014 commercial property assessment had 2,172 parcels with declining values and 844 parcels with increasing values, and 2,569 parcels had values that were unchanged. Total commercial value increased by 0.64%, this is nearly flat. • The 2014 apartment assessment included 349 properties with declining assessed value, and 1,225 with increasing assessed value, and 1,119 parcels were unchanged. So nearly four times as many increasing values as decreasing values, and overall value is up 6.48%. • The total Homestead Market Value Exclusion declined this year due to rising values, so Taxable Market value increased more than Estimated Market Value, this will likely lead to confusion and concern on the part of many taxpayers • While the Homestead Market Value Exclusion program benefits homesteaded residential property, it excludes a total of $2.21 billion dollars in taxable value in Ramsey County, shifting the taxes which would have been levied against this value to other property. But as it declines it exacerbates the already occurring tax shift on to residential property Excellence • Respect • Diversity