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HomeMy WebLinkAbout2015 04-20 CCP Board of Appeal and EqualizationBOARD OF APPEAL AND EQUALIZATION City of Brooklyn Center April 20, 2015 AGENDA 1.Call to Order 7:00 p.m. —The City Council requests that attendees turn off cell phones and pagers during the meeting. A copy of the full City Council packet is available to the public. The packet ring binder is located at the front of the Council Chambers by the Secretary. 2.Roll Call 3.Local Board of Appeal and Equalization (LBAE) Certification Form 4.Questions Regarding the Local Board of Appeal and Equalization Duties S. Appearances by Taxpayers with Appointments • Stephanie Nyhus representing 4810 Lilac Drive North (Allied Products) PID # 10-118-21-42-0039 6.Appearances by Taxpayers without an Appointment 7.Consideration of Written Appeals • Bob Tivnan representing Earle Brown Terrace, Independent Living /Apartment Homes at 6100 Summit Drive PID 35-119-21-44-001 8.Reconvene Meeting Date (Monday, May 4, 2015, 6:00 p.m.) 9.Recess DATE: April 16, 2015 TO: Curt Boganey, City Manager FROM: Gary Eitel, Director of Business & Development SUBJECT: Agenda Items for the April 20, 2015 Board of Appeal & Equalization Meeting Agenda Item #3 Local Board of Appeal & Equalization (LBAE) Certification Form Attached for your reference is a copy of the Certification Form that is required by the State to be completed at the initial meeting of the Local Board of Appeal and Equalization and any subsequent reconvening of this meeting. Mayor Willson and Council Member Ryan have previously completed the training required under Minnesota Statute 274.014 and have the necessary certification for this year's meeting. The County Assessor's Office will have this form available at the meeting for the signatures of all Board Members present. Agenda Item # 4 Questions Regarding the Local Board of Appeal & Equalization Duties The Minnesota Department of Revenue states that the purpose of the Local Board is to provide a fair and objective forum for property owners to appeal their valuation or classification and that the goal of the Board of Appeal and Equalization should be to address property owner's issues efficiently, fairly and objectively. The Department of Revenue also requests that Local Boards keep in mind the following: • that any changes made by them must be substantiated by facts, • that any value reductions must be justified because they have the effect of shifting the tax burden to other property in the jurisdiction, and • that any changes made by the board must meet statutory guidelines. The following members of the Hennepin County Assessor's Office will be present to answer questions and assist in this year's Local Board Meetings: Rob Winge, Principal Residential Appraiser Jill Brenna, Residential Appraiser Josh Hoogland, Principal Commercial Appraiser Janene Hebert, Senior Appraiser Enclosed is a report prepared by Bob Winge, Principal Appraiser and Jill Brenna, Appraiser, which provides a summary of the 2015 Assessment, outlines the Local Board of Review Process, and the following resource information: - Information from the Minnesota Property Tax Administrator's Manual (Assessment Review, Appeals/Equalization and Correction); - Minnesota Revenue Dept. Property Tax Fact Sheets (My Home is Worth What? And How the Assessor Estimates Your Market Value); - 2014 Annual Report on the Twin Cities Housing Market (Median Prices - Around the Metro) 2010 thru 2014; and - Sales information on the different types of residential home styles (expansion, split level/split entry, two story, and townhomes) Agenda Item #5 Appearances by Taxpayers with Appointments Stephanie Nyhus representing 4810 Lilac Drive (Allied Products). PID # 10-118-21-42-0039 Enclosed for your reference is an aerial photograph identifying the location of the property. After hearing the facts presented by the representative for 4810 Lilac Drive, it is recommended that the appeal is referred to the Assessor's Office for further review and report for consideration at the Local Board Reconvene Meeting scheduled for May 4, 2014. Agenda Item #6 Appearances by Taxpayers without an Appointment The following format is recommended for each walk- in appeal: • Please State owner (s) name and address • Owner (s) statement of estimated market value or classification and presentation of factual information regarding the property • Questions addressed to the Owner (s) • Questions addressed to the Assessor • A recommendation to refer the appeal to the Assessor's Office for an interior review of the property and the preparation of an Assessor's report for consideration at the Local Board Reconvene Meeting scheduled for May 4, 2015 Additionally, the County Assessor's Office has indicated that they are working with approximately 8 residential property owners on property valuation adjustments that they expect to be resolved before the Local Board Meeting. Since these adjustments will occur after the April 13th deadline (10 days before the Local Board Meeting) the Assessor will be presenting them under this agenda item. Written recommendations and motions for each of the property valuation adjustments will be provided for the Board's consideration. Agenda Item # 7 Consideration of Written Appeals Bob Tivnan representing Earle Brown Terrace, Independent Living /Apartment Homes at 6100 Summit Drive. PID 35-119-21-44-0012 Attached is an email from Senior Appraiser Jane Hebert forwarding the petitioners request that his email notice be accepted as appearance before the Local Board to reserve their right to appear before the Hennepin County Board of Review and Equalization. A written recommendation for the Board's consideration will be provided by the County Assessor's Office at the meeting. Agenda Item # 8 Reconvene Meeting Date (May 4, 2015, 6:00 p.m.) The recommended action of the Local Board on this item is a motion to accept no more appeals and to confirm May 4, 2015, 6:00 p.m. as the date for the Local Board of Appeal and Equalization Reconvene Meeting. Agenda Item # 9 Recess The Local Board will recess until May 4, 2015, to complete the review process of the properties that had been identified at this meeting. Recommended motion to recess the Local Board of Appeal and Equalization at p.m. to May 4, 2015 6:00 p.m. Board IAISI1Equalization MINNESOTA' REVENUE Local Board of Appeal and Equalization Certification Form for 2015 The Local Board of Appeal and Equalization (LBAE) must complete and sign this form for each meeting of the local board. Since all local boards are required to comply with the training and quorum requirements, this form must be completed even if no appeals are heard. At the end of each LBAE meeting, the county assessor or authorized city assessor takes possession of the completed form. I Section 1 - Complete the following information at the beginning of the meeting. I County name Jurisdiction name (indicate city or town) Henneoin County Brooklyn Center.. Date Time 11a.m.Meeting (circle one): convened or reconvened April 20, 1015 . 1 7:00 op.m. Township/City Board Members List all voting members of the LBAE and check "Present' or "Absent" for each one to indicate which members were in attendance. For each voting member present, check "Yes" or "No" indicating if the member has completed the training required under Minnesota Statutes, Section 274.014 within the last four years. All voting members present at the meeting must sign this form. By signing this form, youcertify that you attended the LBAE meeting. You are also certifying that no board member participated in actions concerning the valuation or classification of a property owned by the board member, the board members spouse, parent, stepparent, child, stepchild, grandparent, grandchild, brother, sister, uncle aunt, nephew, or niece of a board member, or any property in which the board member has a financial interest (the relationships may be by blood or marriage). Print names of all voting members Title Attendance Training certified Signature (for those in attendance only) Tim Willson Chairman UPresent DAbsent EYes ENo X Dan Ryan Council Member ElPresent ElAbsent EYes ENo X Lin Myszkowski Council Member ElPresent ElAbsent DYes DNo X Kris Lawrence - Anderson Council Member OPresent DAbsent DYes DNo X April Graves Council Member OPresent DAbsent DYes DNo X DPresent DAbsent DYes DNo X DPresent DAbsent DYes DNo i x Assessment Personnel Must be completed by the county assessor (or an assistant delegated by the county assessor) or authorized city assessor present at the meeting. Local assessor information County assessor (or delegate) I authorized city assessor information Does this jurisdiction have a local assessor? DYes DNo Name Title License no. If yes, was the local assessor present? DYes DNo I___________________________________ Local assessor name License no. County assessor (or delegate) I authorized city assessor certification Bsigning below, I certify I was present at the meeting and (please check one): A quorum was present and a training certified member was present; or Other assessment personnel present I took over the meeting and changed it to an open book format because: Please list additional names on back of this form. A quorum was not present, and/or Li A trained member was not present. assessor (or delegate) / authorized city assessor signature Board member acknowledges loss of LBAE for this and following assessment year (due to reason checked above). Section 2— Complete the following information at the end of the meeting. Meeting (circle one): recessed or adjourned Time Dam, Lp.m. Scheduling for Reconvene Meeting (if needed) The LBAE must resolve all issues before the meeting is adjourned. If issues are unresolved, the board should recess until the next meeting. The LBAE must complete and sign a LBAE Certification Form for each reconvene meeting. The date and time for the reconvene meeting must be determined before the initial meeting is recessed. Once the LBAE has adjourned it cannot reconvene. Date for reconvene meeting May 4, 2015 Time106:00 Dam.l op.m. Name Name Name Rev. 2015 Board of Appeal & Equalizatio Hennepin County Assessor Department To: Brooklyn Center Mayor and Council From: Rob Winge, Principal Appraiser & Jill Brenna, Appraiser Date: April 20, 2015 Re: 2015 Local Board of Appeal and Equalization Meeting The 2015 Brooklyn Center Local Board of Appeal and Equalization has been scheduled for Monday, April 201h 2015. Enclosed is a revaluation area map, and sales photos with characteristics from a sample of sales throughout the city. Annual Revaluation Each year, one fifth of the properties in the city are reviewed and the records are updated. For the 2015 assessment, all residential properties west of Penn Ave to the city border, and south of 59th Ave to the city border were reviewed. Summary of the 2015 Assessment Each year the estimated market values are analyzed along with sales data from the market. Adjustments appropriate for each property are made. The results of those adjustments for the 2015 assessment areas are as follows: Residential 8.4% Commercial/Industrial .7% Apartment 5.6% Condos 28.6% Townhomes 11.9% Duplex/Triplex 9.7% There are 8,614 taxable parcels in the city with a total market value of approximately $1,768,676,000. This value includes $9,491,100 in new construction improvements. The overall value change on all residential properties in the City of Brooklyn Center is 8.7%. The Local Board of Review Process Value notices were mailed in the beginning of March. Taxpayers with value or classification concerns should contact the assessor's office. During the initial conversation the property owner may discuss their concerns and review sales information with an appraiser. The majority of callers, approximately 70 —75 percent, are satisfied after a conversation with an appraiser. If additional attention is necessary the appraiser will review the property. In order for a taxpayer to appeal to the county board they must first appeal to the local board either in person or in writing. The board has the authority to increase, decrease, or make no action on individual valuations. The total reduction must not reduce the aggregate assessment by more than one percent or none of the adjustments will be allowed. The board cannot increase or decrease by percentage all of the assessments in a district by class. If the board chooses to reconvene it must do so within 20 days. A majority of the board members are required to attend a reconvene. Enclosed are additional duties and information for local boards as provided by the Minnesota Property Tax Administrators Manual, which is prepared by the Minnesota Department of Revenue Property Tax Division. If you have any questions or concerns please contact me at 612-348-3046. I An Equal Opportunity Employer Recycled Paper II *Nil; nUV II .#u _I-- (0NTH• '-:- .UB ,- = Ez4 0.-- owwo_•_.UIT.=0 U)(ØN-CO 0)a-,N N ('4 C - ->1 U 0 8 2^E COV•.(I)=o c 0 0 0N Cd)Z0N('1 ('4 ,ti' U0.•V CY COO- ss o o LL Mb - i: 1111 fj Wj 111 (°a) HAN M, CL Ir MOM E LU Mal - ,-;- - ff ji Iit If; I uiT1IIiPdIfl —i & --- 1 UA ILJAM Tr1* [I1: - - I -- - - -,1 T W W-11 . 'i4c 1fl1 - - = C Module #8 Assessment Review, Appeals/ Equalization, and Correction.Minnesota Property Tax Administrator's Manual I Section: Assessment Review and Appeals Local Board of Appeal and Equalization The purpose of the Local Board of Appeal and Equalization (LBAE) is to provide a fair and objective forum for property owners to appeal their valuations and/or classifications. The local board often serves as the first formal step to the appeals process. Effective actions taken by the local board may potentially make a direct contribution to attaining assessment equality. The local board must address property owners' issues efficiently, fairly, and objectively and can only make changes that are substantiated by facts and that meet statutory guidelines. Any changes must be justified because they have the effect of shifting the tax burden to other properties in the jurisdiction. Assessors should not make changes to property within the 10-day "window" between notices of valuation and classification being sent and the date of Local Board of Appeal and Equalization. If an assessor feels that a change to valuation or classification needs to be made between the time that notices are sent out and the board convenes, the assessor must notify the property owner at least ten days before bringing the issue before the board, thereby to give the property owner a chance to appear before the board as well. Ordinarily, the LBAE is made up of the city council or township board; it can also be a specially appointed board if a city charter provides for one. Some jurisdictions choose to hold open book meetings in lieu of LBAE meetings and still others choose to transfer their local board duties to the County Board of Appeal and Equalization. The county assessor sets a day and time for each LBAE meeting providing each jurisdiction must be notified in writing on or before February 15 of each year. The clerk is responsible for giving published and posted notice of the meeting at least 10 days before the meeting. The publishing typically occurs in the local newspaper of the jurisdiction, and posting typically occurs in the city or town hail. An example of such notice is included at the end of this section. Meetings shall be held between April 1 and May 31 of each year. These meetings are public and must adhere to open meeting laws. The LBAE meets at the office of the clerk to review the valuations and classifications of properties within the jurisdiction. The assessor must be present to answer any questions and present evidence supporting their values and/or classifications. The county assessor, or delegate, must also attend. In order to appeal to the County Board of Appeal and Equalization, a property owner must first appeal to the Local Board of Appeal and Equalization, if one is held. At least one meeting shall be held until 7:00pm. If no meetings are held at that time, one meeting must be held on a Saturday. This is to ensure that taxpayers have ample opportunity to present an appeal before the board. The meeting may recess from day to day until they finish hearing the cases presented, but must adjourn within 20 days. A longer period may be approved by the Commissioner of Revenue. The board must apply in writing for an extension; and the commissioner's approval is necessary to legalize any proceedings subsequent to the expiration of the 20-day period. The commissioner will not extend the time for LBAEs to convene in June. No action may be taken by the board after May 31. All complaints heard after the initial 20-day period (unless extended by the commissioner) or Page Assessment Review, Appeals/Equalization, and Correction Assessment Review and Appeals 8 Last Revision: May 2012 • Module #8• Assessment Review, Appeals/ Equalization, and Correction • Minnesota Property Tax Administrator's Manual Section: Assessment Review and Appeals any complaints brought forth after May 31 must be appealed to the County Board of Appeal and Equalization. Board members may not participate in any actions of the board which result in market value adjustments or classification changes to property owned by the board member, the board member's spouse, parent, stepparent, child, stepchild, grandparent, grandchild, brother, sister, uncle, aunt, nephew, or niece, or to any property in which the board member has a financial interest. Any relation may be by blood or by marriage. If such conflict arises, the remaining board may elect to hear the appeal, if a quorum and trained member remain. Otherwise, no change shall be made to the property, and the property owner shall be eligible to appear before the County Board of Appeal and Equalization. Taxpayers may appeal in person, in writing, or by representative. If a taxpayer fails to appeal in person, in writing, or by representative to appeal the valuation and/or classification of property, that person may not appeal to the County Board of Appeal and Equalization. This does not apply if an assessment was made after the local board meeting or if the taxpayer can establish not having received the notice of market value at least five days before the meeting. Local Board Training Requirements Beginning with the 2006 LBAEs, Minnesota law required at least one member of each local board must have attended training provided by the Department of Revenue within the last four years. The legislation was enacted in response to complaints taxpayers made after attending local board meetings. For example, some taxpayers complained that local boards held meetings without having a quorum of members present, the felt that appealing to the local board was a confrontational experience, and in response to taxpayer appeals, and some local board members simply claimed that they "didn't know anything about property values." The training was required in an effort to reduce these complaints and improve this step of the appeal process for taxpayers. The training is offered numerous times statewide each year. Each region of the state is allowed to schedule up to five trailings as they see fit to meet the needs of their local boards. The statewide schedule is posted on the department's website so board members may attend a course that is most convenient. Attendees must pre-register for courses so that proper materials and facilities can be arranged. This also ensures the course is provided in the most effective manner. If attendees do not pre-register, they may be able to attend the course by registering on-site and paying an on-site registration fee, provided there is space available. There are also specially-scheduled "catch up" courses each year which follow local elections for board members who are newly-elected to office. The handbook and course, developed by the department, explain the role of the board in the assessment process, the legal and policy reasons for fair and impartial appeal and equalization hearings, board meeting procedures that foster fair and impartial assessment reviews and other best practices recommendations, quorum requirements for boards, and explanations of alternate methods of appeal. Assessment Review, Appeals/Equalization, and Correction . Assessment Review and Appeals Page Last Revision: May 2012 9 Module #8 Assessment Review, Appeals/ Equalization, and Correction u Minnesota Property Tax Administrator's Manual U Section: Assessment Review and Appeals The course is instructed by property tax compliance officers from the department, and is usually about three hours in length. It includes a presentation and a review of the handbook that details the procedures and responsibilities of the board. This material is also available on the department's website. In 2012, this training was combined with the required training for County Board of Appeal and Equalization members. If a local board intends to hold an LBAE meeting but fails to meet the training or quorum requirement, the assessor should take over the meeting as an open book meeting. Any taxpayer may appeal to the County Board of Appeal and Equalization if not satisfied with the outcome of the open book meeting. If a local board does not meet this training requirement or did not have a quorum for the year, their powers are also transferred to the county board for the following assessment year. This transfer of authority for failure to meet these requirements must be identified on the following year's Notice of Valuation and Classification and some procedure for the initial review of assessments (such as an open book meeting) must be made available. In order of the local board to be reinstated, it must prove compliance with the requirements and present the county assessor with a resolution by December 1 of the year following the violation to be effective for the next assessment year. For example, if a local board does not have a trained member present for the 2011 LBAE meetings, the assessor will take over the 2011 meeting as an open book meeting. The jurisdiction will lose their LBAE for the 2011 and 2012 assessments. In order to get it back for the 2013 assessment, the jurisdiction must have someone trained and provide the assessor with a resolution by December 1, 2012. Primary Statutory Reference: 274.014 Recommendations for Board Members It is recommended that assessors prepare board members ahead of the LBAE meeting to allow them to become familiar with local market activity for the year. The assessor should also provide sales information in advance of the meeting. Other helpful information may includes sales ratio studies by type of property, valuation schedules for land types, valuation information for the district, statutory classification information and corresponding class rates, review of value changes by property type in the district. Local Board Powers and Duties Generally, a local board determines whether all taxable property in the city or town has been properly placed on the current assessment rolls and property valued and classified by the assessor. Specifically, LBAEs have the following duties: • Establish a quorum -a majority of the voting members must be in attendance at both the initial meeting and any reconvene meetings for any valid actions to be taken; Page Assessment Review, Appeals/Equalization, and Correction "Assessment Review and Appeals 10 Last Revision: May 2012 Module #8 in Assessment Review, Appeals/ Equalization, and Correction I Minnesota Property Tax Administrator's Manual Section: Assessment Review and Appeals • Reduce the value of a property if market evidence warrants a reduction. The board may not make an individual market value adjustment that would benefit the property owner if the property owner has refused access to the assessor to inspect the property (both interior and exterior); • Increase the value of a property if market evidence warrants an increase or if improvements are missing from the property record, provided that the taxpayer is notified of the board's intent to increase to the value so that they may be allowed an opportunity to appeal; • Correct the classification of a property. The board may not make a classification adjustment that would the property owner if the property owner has refused access to the assessor to inspect the property; • Add omitted properties to the assessment rolls; • Personal property assessments are also within the board's jurisdiction. Personal property includes manufactured homes, storage sheds, or similar improvements located in a manufactured home park, and structures on leased public land and railroad operating right- of-way; • Consider and act upon any complaints or objections by taxpayers. Complaints may be made via letter, in person, or by representative. No changes in valuation or classification which are intended to correct errors in judgment by the county assessor may be made by the county assessor after the board has adjourned. Any changes which are corrections that are merely clerical in nature or to extend homestead treatment may be made after the board adjourns but must be made via abatement. All changes must be made available for public review and must also be reported to the county board by no later than December 31 of that same assessment year. Abatements will be discussed in greater detail later in this module. There are also several restrictions and limitations placed on LBAEs. A local board: • Cannot consider any prior year assessments; • Cannot act on individual tax amounts; • Cannot order changes to entire classes of property (by a blanket percentage); • Cannot make individual reductions that would reduce the aggregate assessment of a jurisdiction to decrease by more than one percent. If the total reductions would lower the aggregate assessments made by the assessor by more than one percent, none of the adjustments made by the board are valid. (The assessor shall correct any clerical errors or double assessments discovered by the board without regard to the one percent limitation.); • Cannot increase a person's market value without duly notifying the person of the intent and allowing the taxpayer an opportunity to appeal; • Cannot exempt property; • Cannot make changes benefitting a property owner who refuses entry by the assessor; • Cannot continue a meeting beyond 20 days from the time it convenes without specific approval from the Commissioner of Revenue; Assessment Review, Appeals/Equalization, and correction • Assessment Review and Appeals Page Last Revision: May 2012 11 Module #8 CAssessment Review, Appeals! Equalization, and CorrectionMinnesota Property Tax Administrator's Manual C Section: Assessment Review and Appeals • Individual board members cannot participate in changes to property owned by relatives or property in which the member has a financial interest; • Cannot grant inclusion into special programs such as Green Acres, Open Space, Disabled Veterans Homestead Market Value Exclusion, etc. Primary Statutory References: 274.01; 274.014; 274.03 Special Board of Appeal and Equalization The council or governing body of any city may appoint a special board of appeal and equalization to which it may delegate all of the powers and duties of a local board of appeal and equalization. The special board shall serve at the direction and discretion of the appointing body, subject to the rules and restrictions as any other LBAE. The appointing body shall determine the number of members, the compensation and expenses to be paid, and the term of office of each member. At least one member of the special board must be an appraiser, Realtor, or other person familiar with property valuation in the assessment district. At least one member must also have met the training requirements for LBAE members. Primary Statutory References: 274.01 Duties of the clerk The town or city clerk has the following duties relating to LBAEs: • work with the county assessor to establish meeting dates for the board • coordinate with the board to ensure a quorum and trained member will be present • publish and post notice of meetings at least ten days prior to the date of the meeting • have a sign-in sheet for all appellants • take minutes as part of town or city record • return all necessary records to the county assessor in a timely manner • An example ofpublished/posted notice for local boards of appeal and equalization is such. Important Notice Regarding Assessment and Classification of Property This may affect your [#YEAR#] property tax payments. Notice is hereby given that the Board of Appeal and Equalization of the [City! Township] shall meet on [date], [time], at [location]. The purpose of this meeting is to determine whether taxable property in the city has been properly valued and classified by the assessor, and also to determine whether corrections need to be made. If you believe the value or classification of your property is incorrect, please contact your assessor's office to discuss your concerns. If you are still not satisfied with the valuation or classification after conferring with your assessor, you may appear before the local board of appeal and equalization. The board shall review the valuation, classification, or both if necessary, and shall correct it as needed. Generally, an appearance before your local board of appeal and equalization is required by law before an appeal can be taken to your county board of appeal and equalization. MINNESOTA- RFVF.NTJF www.taxes.state.mn.us My House is Worth What? Property Tax Fact Sheet 14 Why doesn't the assessor's value reflect thesale price of my property? 1.There is a lag between the time of the assessment and when the sale takes place. An appraisal is an estimate of property value based on historical data at a set point in time - January 2 of each year and the market can change dramatically by the time the property is sold. For example, consider a property valued at $180,000 as of January 2, 2007. This assessment is based on home sales that occurred between October 2005 and September 2006. However, the property may sell for $230,000 in August 2007. Does this mean the estimated value is incorrect? Not necessarily. It could signal an upturn in the housing market between September 2006 and August 2007, raising the sale price of the home. Just as buyers in rapidly accelerating markets may pay significantly more than the assessor's last valuation, they may also pay less in declining markets. A property valued by the assessor at $200,000 for the 2007 assessment may sell for $175,000 in August 2007. This lag time often results in a dramatic difference between actual sale prices and the estimated market values for the current year. 2.Properties can change over time. While values can fluctuate on an annual basis due to sales of similar properties, Minnesota law requires that properties only be inspected once every five years, unless new construction or demolition takes place. Between those inspections, properties may be improved without the owner obtaining a building permit - or they may deteriorate if neglected. These changes can be difficult for assessors, who may only see the exterior of the home, to consider in their annual evaluations. 3. There is no "correct" price for real estate - but rather a range of prices. The ultimate sale price of a particular property depends on its unique characteristics as well as the complex Property Tax Division - Mail Station 3340— St. Paul, MN 55146-3340 motivations and preferences of the seller and potential buyers. If that weren't the case, Realtors and sellers would never have to reduce listing prices, offers from multiple buyers would all be identical, and professional appraisals would all arrive at the same value. In reality, list prices often misjudge the market, offers are negotiable and can vary widely, and appraised values may be disputed. 4.No two parcels of property are identical. Estimating the precise value of a property that is based on dozens, if not hundreds, of characteristics is very difficult. Even nearly identical properties (e.g. adjacent townhomes or condominiums) often sell for different amounts. 5.Real estate markets are highly localized and always changing. Sale prices of different types of properties can vary widely. Currently, farmland and recreational properties are rising in value and sales are strong, but residential sales are stable or slightly declining in several areas. Some neighborhoods are declining at a much faster rate than other areas, which may be stable or slightly increasing in value. 6.Fewer sales mean more challenges for assessors. In many markets and for many types of property, there are few sales of comparable properties. This can make accurate market assessments more difficult, but the assessor must still use his/her professional judgment and knowledge to estimate market values on an annual basis. This may mean looking at sales that take place outside the study time frame or in a neighboring city or township. 7.Not all sales are representative of the market. Some sales, such as foreclosures, sales between relatives, or sales where the seller or buyer are acting under undue duress are not considered open-market, atm's-length transactions and are not used in sales ratio studies, nor are they used as comparables in estimating the market values of similar properties. If you have additional questions or concerns, please contact your county assessor. This fact sheet is intended to help you become more familiar with Minnesota tax laws and your rights and responsibilities under the laws. Nothing in this fact sheet supersedes, alters, or otherwise changes any provisions of the tax law, administrative rules, court decisions, or revenue notices. Alternative formats available upon request. Revised 4108 Minnesota Revenue 1 MINNESOTA' REVENUE www.taxes.state.mn.us How the Assessor Estimates Your Market Value Property Tax Fact Sheet 12b Property Tax Assessment Process Minnesota has what is known as an ad valorem property tax. This means property tax is divided among taxable properties according to their value. The final amount of property tax the owner of a property pays in any given year is the end result of a process that begins over two years before property tax statements are actually mailed to property owners. The process begins with the assessor collecting data on sales of properties within the market during a specific time period between October of one year and September of the following year (this period is known as a sales study period). Over the next several months and by using mass appraisal techniques, assessors analyze the data in order to estimate each property's market value for the next assessment (January 2). Pursuant to Minnesota Statutes, section 273.11 assessors must estimate the value of property at a value that would represent what the property would sell for in an open-market arm's length transaction on January 2 of each year. The assessor cannot adopt a higher or lower standard of value because the value will be used for the purposes of taxation. Assessors also classify property according to its use on January 2. Between April and June, taxpayers have an opportunity to appeal both the estimated market value and the classification of their property. Values and classifications are generally finalized July 1 of each year. Local units of government then finalize their estimated budgets for the upcoming year. Once the budgets are finalized in December, the market values and classifications are used to divide the overall tax levy among all taxable properties. Tax statements are mailed by the following March 31. For example, sales of properties that occur between October 1, 2008 and September 30, 2009 are used by assessors to estimate a property's market value for the January 2, 20 10 assessment. Following an appeal process that occurs between April 1, 2010 and June 30, 2010, the valuations and classifications generally become final on July 1, 2010. Property Tax Division - Mail Station 3340 St. Paul, MN 55146-3340 This lengthy time frame may result in a significant difference between actual sales prices occurring in the current market and assessors' estimated market values for the current year's assessment. Using the final values and the local jurisdictions' proposed budgets, the auditor then estimates each property's proposed taxes payable for 2011. After public budget meetings are held and final budget numbers are adopted, property tax statements are mailed to taxpayers by March 31, 2011. In summary, sales taking place from October 2008 to September 2009 are used to estimate a property's market value as of January 2,2010 which will in turn be used to calculate property taxes payable in 2011. What is the role of the assessor? Assessors use historical sales in order to estimate each property's market value as of the assessment date (January 2) of each year. The assessor also classifies the property according to its use on January 2 of each year. Assessors also review other quantifiable data such as supply/demand, marketing times, sales concessions, vacancy rates, etc. to help in analyzing whether a market is increasing, stable, or decreasing. During increasing markets, this may benefit some property owners because a buyer may pay a price that is significantly higher than the assessor placed on the property for the last assessment. For example, if a property is valued by the assessor at $180,000 for the 2009 assessment (based on sales that occurred between October 2007 and September 2008), and it sells for $230,000 in August 2009, the new property owner is benefiting from the lower market value for the 2009 assessment which will be used to calculate taxes payable in 2010. The August 2009 sale of the property will be included in the study period of October 2008 to September 2009 which the This fact sheet is intended to help you become more familiar with Minnesota tax laws and your rights and responsibilities under the laws. Nothing in this fact sheet supersedes, alters, or otherwise changes any provisions of the tax law, administrative rules, court decisions, or other revenue notices. Alternative formats available upon request. Revised 07/09 Minnesota Revenue, How the Assessor Estimates Your Market Value 1 assessor will use to value property for the 2010 assessment for taxes payable in 2011. This same lag time is also present in declining markets. For example, if the assessor places a market value of $200,000 on a property for the 2009 assessment (again using sales that occurred between October 2007 and September 2008), but the property sells for $175,000 in August 2009, does it mean the January 2, 2009 assessed value is incorrect? Not necessarily. It could signal a downturn in the housing market just began to occur between September 2008 and August 2009. The assessor will use the August 2009 sale as well as others occurring in the market to estimate 2010 market values. The assessor does not raise property tax revenues by increasing values. Total property tax revenues are a function of county, school district, and city/town spending as well as state-paid local government aid and other factors. The value and classification of the property are merely a way to divide the total property tax levy among all taxpayers. The total amount of the levy will be collected whether values increase or decrease from one year to the next. An individual's share of the overall tax burden may change from year to year, however. What are sates ratio studies? Sales ratios show the relationship between the assessor's estimated market value on a property and the actual sale price of a property. Each year the assessor performs sales ratio studies on properties that have sold in their jurisdiction. These sales are stratified many different ways including by location and property type (residential, agricultural, commercial, etc.). The sales can also be stratified further such as by home style, subdivision, age of structure, location on or off water frontage, price range, etc. A single sale may not represent the true market activity. Rather, sales of all properties are reviewed to determine market trends. However, even if there are no sales occurring within the sales ratio study period, assessors are still expected to use their professional judgment and knowledge of the local market to annually value properties in their jurisdiction. Whenever any real estate is sold for a consideration in excess of$ 1,000, a Certificate of Real Estate Value (CRV) is filed. These CRVs are the foundation of all sales ratio studies because they contain important information about each transaction. Assessors then verify the information contained on the CRV in order to determine whether or not the sale represents an open-market arm's length transaction. If the sale does not represent an open-market, arm's length transaction, it may not be used in the sales ratio study. Simply having an extremely high or low sales ratio is not a valid reason to remove a sale from the sales ratio study. Rather, the extreme ratio indicates a need for additional investigation by the assessor. Again, sales ratio study periods are generally October 1 of a given year to September 30 of the following year. For example, for the 2010 assessment, assessors use sales that took place between October 1, 2008 and September 30, 2009. This is the reason that assessors' market values may lag a bit behind current market activity. Assessors will use the median sales ratio as the statistical measure of the overall level of assessment. The median ratio is the middle ratio of all the ratios when they are arranged in order from highest to lowest (or vice versa). The median is used because it is not affected by extreme ratios. Department of Revenue guidelines indicate that the median ratio of a sales ratio study should be between 90 and 105 percent. Is it possible for the values of someproperties to decrease while othersincrease? Yes. Each segment of the market is different. Sales prices of certain types of properties can vary widely. Currently, sales of both farmland and recreational properties are strong and show appreciation. However, the sales of residential properties are stable or declining in some areas. Sometimes it can be difficult to estimate the rate at which a market is increasing or declining. Ideally, a property would sell twice within a certain period of time, such as one year, but all other characteristics of the property would remain the same. That way an appraiser or assessor would be able to isolate a time adjustment to indicate whether the market is increasing or decreasing or simply remaining stable. Do all areas increase or decline at the samerate? No. Some areas or neighborhoods are declining at a much faster rate than others that are showing stable values or values that are slightly increasing. Conclusion In conclusion, it is essential that taxpayers understand that there may be a legitimate reason for the assessor's annual market value to be different from current market conditions due to the lag time between sales study periods and sales taking place today. For additional information, please refer to Fact Sheet 12a Understanding Property Taxes and Fact Sheet 12c Understanding Your Assessment and the Appeals Process. Minnesota Revenue, How the Assessor Estimates Your Market Value 2 Market Conditions Adjustment for Sales Ratio Studies The purpose of this document is to review the reasons that the market conditions adjustments in sales ratio studies are considered, discuss calculating time trends [TCALC], apply the time trend to the sales in the study period [MCAPI, and list additional resources. Market Cgriclitio nsWhile the market conditions adjustment is sometimes referred to as a "time" adjustment, time is not the cause for the adjustment. Overtime, changes in interest rates, supply and demand, employment rates, availability of financing, and other factors can create conditions in the market that must be adjusted. PurposeAs stated in MS 272.03, subdivision 8, "Market value' means the usual selling price at the place where the property to which the term is applied shall be at the time of assessment ... and, As stated in MS 273.01, All real property subject to taxation shall be listed ... with reference to their value on January 2 Simply put, the assessor is to value all property on January 2nd at the value it would sell considering all market conditions. Assessors value all properties using mass appraisal techniques and one of the measurements of mass appraisal are the numerous statistics derived from sales ratio studies. Sales ratio studies can be of any duration of time but the 12 month State Board ratio is considered the most important in setting and analyzing the annual assessment. In Hennepin County, all of our assessment measurements are set to reflect the State Board 12 month sales ratio. With sales occurring throughout the 12 month study period and the estimated market value being set according to the current market conditions as of January 2I , by using a market conditions or "time" factor to adjust the sale price to the date of the assessment will reflect any changes in the market. Market conditions adjusted sales prices are also necessary to reduce the distortion that the market can have on ratios and other statistics. Using market conditions adjustments is not only using generally accepted appraisal principals, but the IAAO identifies a "time" adjustment as a necessary component of any sales ratio study and MS 270.12 subd 2 requires the DOR to follow the standards set by the IAAO. For the 2012 assessment the DOR instituted the market conditions adjusted sales ratio methodology for calculating State Board sales ratios for a number of reasons: • MS 278.05 (4) states that sales must be adjusted to reflect the difference in date of sale compared to the assessment date • Tax Court ratios already are adjusted for market conditions • 21 month state aid ratios already are adjusted for market conditions • Generally accepted appraisal principals indicate that in the sales comparison approach one of the first adjustments considered is for market conditions • IAAO standards indentify that time adjustments are necessary for accurate ratio studies • The DOR by statute, must follow IAAO guidelines whenever practical 11/2014 Page 1Market Conditions Adjustment for Sales Ratio Studies - Hennepin County - 3/ TCALCThe market conditions adjustment is determined through a time trend calculator or TCALC. The TCALC is determined by the sales from a 21 month time period that starts 24 months prior to the assessment year under study. For the 2014 assessment, sales from January 2012 through September 2013 are used in the analysis of market conditions. If the jurisdiction has an adequate sample of 30 or more sales and the confidence level of the data is greater than 90% then a time adjustment is applied to the sales in the 12 month State Board study period. These sales are adjusted to the assessment date under study, in this case January 2, 2014. MCAP After the sales are adjusted for market conditions with the appropriate TCALC to determine the market condition adjusted price or MCAP. The MCAP is the adjusted sales price that is used in all sales ratios. What happens if the TCALCis Zero? Several situations can occur to result in a TCALC of zero. The market could be flat with no market condition changes, the confidence level is less than 90.0%, not an adequate sample, and others. Hennepin County will continue to review assessments based on the preferred MCAP sales ratio analysis and the former method of measuring the direct ratio with growth. The Ideal AssessmentThe ideal assessment would be when the median and mean sales ratio by property type and residential umbrella for both the direct sales ratio analysis and the MCAP sales ratio analysis are at 95.0% All median sales ratios must be within the DOR specifications of 90.0% and 105.0%. An assessment with a MCAP median ratio less than 90.0% or greater than 105.0% would NOT meet standards and would be subject to State Board changes. In addition to median ratios, additional review of other statistical measures including COD and PRD must also be considered. In Conclus io n Our assessment model has always been to consider the sales in the study period, these may now be adjusted for market conditions. We also consider sales that have closed after the study period, current pending sales, and active listings to arrive at our current assessed values. The larger the range between the TCALC and the property type growth, the larger the range between the median MCAP sales ratio and the median direct sales ratio. This will result in some properties having direct ratios higher than their recent sales price. This is nothing new! At the parcel level when you are question on a value it is still all about sales, sales, and sales. What data do you have to support the value of the property for 2014, it is not about the change in value from the year before, it is not about what value the CAMA system reported, it is only about what that property would sell for on January 2, 2104 and what is your support! Good customer service would include verifying that our physical attributes on file are correct, perform a sales comparison grid with appropriate time adjustment, follow generally accepted appraisal principals, and continue to educate that with constantly changing markets, assessed values can be higher or lower than past sales. epin County - 3/11/2014 Page 2Market Conditions Adjustment for Sales Ratio Studies - Henn With the MCAP Sales Ratios -What has changed? • State Board ratios will be based on current assessment • Assessments will be current with no lag in market trends • All sales have equal weight in median ratio calculations • Sales are no longer lost in unique submarkèts • All sales ratios will be in alignment - State Board and Tax Court and 21 month Schools Aids • Consistent with IAAO standards • Consistent with appraisal principals • Higher quality assessments • More equalized assessments. Resources DOR Fact Sheets Property Tax Administrators Manual PACE Course Module 6—Time Adjustments for Sales Ratios IAAO - Standard on Ratio Studies - April 2013 Minnesota Statutes ( I Market Conditions Adjustment for Sales Ratio Studies - Hennepin County - 3/11/2014 Page 3 2014 Annual Report on the Twin Cities Housing Market C% Median Prices -Around the Metro MINNEAPOLIS AREA AssociationREALTORS Change Change 2010 2011 2012 2013 2014 From 2013 From 2010 Twin Cities Region $169,900 $150,000 $167,900 $192,000 $205,739 +7.2%+21.1% Afton $330,000 $430,000 $275,000 $409,500 $412,375 p +0.7%+25.0% Albertville $150,200 $142,500 $149,950 $178,900 $179,900 +0.6%+19.8% Andover $205,000 $182,000 $205,000 $227,491 $236,700 +4.0%+15.5% Annandale $154,110 $153,889 $170,000 $159,000 $172,221 +8.3%+11.8% Anoka $136,312 $113,500 $122,900 $146,950 $166,000 : +13.0%+21.8% Apple Valley $177,150 $149,950 $175,000 $195,000 $213,000 +9.2%+20.2% Arden Hills $241,025 $157,500 $325,000 $300,300 $252,000 - 16.1%+4.6% Bayport $157,500 $147,000 $184,500 $200,000 $237,450 +18.7%+50.8% Becker $131,950 $131,700 $149,375 $155,900 $169,900 +9.0%+28.8% Belle Plaine $142,250 $137,300 $145,000 $159,000 $187,400 +17.9%+31.7% Bethel $147,600 $100,000 $115,950 $135,000 $115,000 -14.8%-22.1% Big Lake $140,000 $117,500 $134,900 $154,500 $169,900 +10.0%+21.4% Birchwood Village $0 $240,500 $227,900 $287,375 $340,000 +18.3%-- Blame $170,500 $154,900 $175,000 $199,200 $218,957 +9.9%+28.4% Bloomington $178,322 $157,000 $171,000 $193,100 $201,000 +4.1%+12.7% Bloomington - East $157,000 $140,000 $145,300 $169,350 $182,000 +7.5%+15.9% Bloomington - West $206,950 $181,725 $191,000 $215,000 $225,000 : 4,7%+8.7% Brainerd MSA $152,000 $145,000 $154,700 $160,000 $165,000 +3.1%+8.6% Brooklyn Center $110,000 $82,300 $95,000 $122,250 $139,950 +14.6%+27.2% Brooklyn Park $140,000 $127,000 $146,000 $167,000 $174,900 +4.7%+24.9% Buffalo $150,000 $131,500 $141,000 $171,810 $175,000 +1.9%+16.7% Burnsville $167,000 $147,750 $165,300 $185,000 $209,000 +13.0%+25.1% Cambridge $105,000 $94,000 $101,300 $127,000 $148,250 +16.7%+41.2% Cannon Falls $139,450 $121,450 $145,000 $177,500 $168,800 -4.9%+21.0% Carver $225,900 $225,000 $245,000 $282,500 $270,000 4.4%+19.5% Centerville $180,000 $154,600 $180,000 $189,950 $197,500 +4.0%+9.7% Champlin $172,078 $148,000 $159,400 $182,700 $194,000 +6.2%+12.7% Chanhassen $313,500 $297,500 $280,500 $303,500 $318,000 +4.8%+1.4% Chaska $210,750 $170,000 $207,500 $251,000 $235,000 -6.4%+11.5% Chisago $159,500 $155,700 $168,500 $199,850 $201,000 +0.6%+26.0% Circle Pines $139,900 $124,150 $139,450 $144,150 $154,000 j +6.8%+10.1% Clear Lake $168,950 $146,800 $152,450 $160,500 $154,500 -3.7%-8.6% Clearwater $159,900 $127,750 $150,000 $160,000 $159,500 -0.3%-0.3% Coates $0 $0 $0 $0 $0 ---- Cokato $99,000 $107,500 $105,000 $129,900 $119,900 -7.7%+21.1% Cologne $193,000 $189,900 $182,550 $181,500 $262,950 +44.9%+36.2% Columbia Heights $120,000 $101,500 $99,950 $132,000 $140,000 +6.1%+16.7% Columbus $232,000 $177,277 $208,500 $202,800 $227,500 +12.2%-1.9% Coon Rapids $133,000 $114,900 $125,105 $150,000 $160,600 +7.1%+20.8% Corcoran $291,500 $246,000 $230,000 $300,000 $312,500 +4.2%+7.2% Cottage Grove $174,450 $160,000 $174,650 $194,000 $210,000 +8.2%+20.4% Crystal $139,900 $105,000 $127,550 $149,250 $158,000 +5.9%+12.9% Dayton $205,000 $142,000 $191,500 $274,000 $218,250 -20.3%+6.5% urreI a. . 2(15A 6WaOfl )rt . ')( rek rij 17 2014 Annual Report on the Twin Cities Housing Market MrIiin Prip. - Arniind thp. MtrnUUUU%4UU • • s -- -- -MINNEAPOLIS AREA Ass ociat ion"i REALTORS Deephaven Delano Dellwood Eagan East Bethel Eden Prairie Edina Elk River Elko New Market Excelsior Falcon Heights Faribault Farmington Forest Lake Fridley Gem Lake Golden Valley Grant Greenfield Greenwood Ham Lake Hamburg Hammond Hampton Hanover Hastings Hilltop Hopkins Hudson Hugo Hutchinson Independence Inver Grove Heights Isanti Jordan Lake Elmo Lake Minnetonka Area Lake St. Croix Beach Lakeland Lakeland Shores Lakeville Lauderdale Lexington Lilydale 2010 2011 2012 $509,000 $322,000 $493,250 $195,000 $173,150 $205,500 $617,575 $499,000 $360,000 $189,000 $170,950 $193,990 $150,400 $162,500 $165,000 $264,800 $257,110 $257,000 $339,000 $339,000 $343,875 $160,000 $132,000 $157,000 $209,900 $193,000 $215,000 $277,000 $350,000 $291,500 $239,500 $207,500 $228,706 $118,500 $100,000 $115,000 $172,000 $140,500 $163,000 $135,450 $153,750 $185,000 $136,545 $120,000 $127,000 $225,450 $240,000 $352,261 $235,500 $199,000 $218,500 • $395,000 $422,500 $367,500 $237,750 $373,000 $350,000 $659,900 $755,000 $675,000 $227,500 $211,500 $231,000 $102,450 $75,200 $111,500 $116,500 $115,750 $121,450 $189,950 $172,000 $138,500 $208,875 $214,950 $211,000 $148,500 $128,500 $142,000 $35,000 $0 $24,500 $148,000 $125,000 $159,950 $194,848 $184,500 $195,000 $158,338 $137,000 $164,199 $127,950 $115,000 $111,500 $433,500 $247,950 $387,250 $165,500 $155,000 $160,000 $114,114 $91,500 $117,000 $174,150 $178,000 $177,000 $369,500 $374,800 $367,500 $345,000 $328,500 $340,000 $154,850 $85,250 $180,000 $211,000 $221,000 $195,500 $738,100 $178,139 $270,000 $225,000 $205,000 $226,000 $173,900 $128,150 $168,000 $130,000 $108,563 $136,950 $201,500 $177,500 $190,000 Change Change 2013 2014 From 2013 From 2010 $518,500 $585,000 +12.8%+14.9% $232,870 $241,250 +3.6%+23.7% $507,500 $765,000 +50.7%+23.9% $220,000 $234,375 +6.5%+24.0% $179,900 $198,500 +10.3%+32.0% $279,647 $300,000 +7.3%+13.3% $350,000 $380,000 +8.6%+12.1% $172,000 $195,000 +13.4%+21.9% $247,627 $257,260 +3.9%+22.6% $409,750 $452,500 +10.4%+63.4% $244,000 $257,450 +5.5%+7.5% $128,450 $137,500 +7.0%+16.0% $192,500 $210,000 : +9.1%+22.1% $191,000 $219,900 • +15.1%+62.3% $153,500 $160,000 +4.2%+17.2% $169,450 $563,864 +232.8%+ 1501% $246,000 $247,500 +0.6%+5.1% $415,500 $445,000 +7.1%+12.7% $354,000 $500,750 +41.5%+ 110.6% $921,500 $747,500 -18.9%+13.3% $271,600 $289,900 +67%+27.4% $95,500 $138,000 +44.5%+34.7% $144,000 $152,900 +6.2%+31.2% $217,250 $200,000 • -7.9%+5.3% $239,950 $254,313 +6.0%+21.8% $169,900 $182,500 +7.4%+22.9% $34,500 $47,500 +37.7%+35.7% $180,500 $182,000 +0.8%+23.0% $228,500 $233,125 +2.0%+19.6% $195,000 $180,000 -7.7%+13.7% $125,000 $142,000 +13.6%+11.0% $405,000 $424,950 +4.9%-2.0% $194,950 $182,500 - 6.4%+10.3% $125,000 $149,900 +19.9%+31.4% $215,000 $208,750 -2.9%+19.9% $374,900 $428,500 g +14.3%+16.0% $369,900 $380,000 +2.7%+10.1% $139,000 $176,250 +26.8%+13.8% $204,990 $223,000 +8.8%+5.7% $265,000 $1,500,000 +466.0%+103.2% $258,000 $272,000 +5.4%+20.9% $175,000 $117,750 -32.7%-32.3% $149,900 $181,920 +21.4%+39.9% $200,250 $280,000 +39.8%+39.0% 2014 Annual Report on the Twin Cities Housing Market Median Prices - Around the Metro MINNEAP0LS AREA Association of REALTORS 5 Change Change 2010 2011 2012 2013 2014 From 2013 From 2010 $143,900 $140000 $160,025 $179,999 +12.5% +20.0% Lindstrom $211,250 $174,200 $208,375 $229,900 $243,300 +5.8% +15.2% Lino Lakes $106,500 $140,000 $175,000 $185,500 $192,593 +3.8% +80.8% Little Canada $198,500 $186,500 $227,500 $231,500 $212,250 - 8.3%+6.9% Long Lake $150,000 $135,000 $144,900 $171,000 $182,300 +6.6% +21.5% Lonsdale $215,572 $217,875 $130,000 $199,900 $156,900 -21.5%27.2% Loretto $249,995 $257,500 $249,900 $245,000 $299,900 + 22.4%+ 20.0% Mahtomedi $258,000 $21 4,000 $219,453 $233,000 $246,000 +5.6%-4.7% Maple Grove $100,000 $112,840 $134,950 $145,000 $167,000 +15.2%+67.0% Maple Lake $166,700 $153,500 $187,450 $178,750 $212,500 +18.9%+27.5% Maple Plain $156,000 $139,400 $145,000 $165,000 $182,500 +10.6%+17.0% Maplewood $272,500 $242,000 $274,450 $320,000 $322,450 +0.8%+18.3% Marine on St. Croix $174,950 $169,900 $164,405 $189,900 $190,000 +0.1%+8.6% Mayer $600,000 $315,000 $650,000 $542,000 $465,000 - 14.2%- 22.5% Medicine Lake $615,000 $525,000 $460,000 $527,500 $525,000 - 0.5%- 14.6% Medina $493,500 $80,000 $154,500 $287,000 $78,000 - 72.8%- 84.2% Mendota $305,000 $286,500 $272,000 $282,500 $330,000 +16.8%+8.2% Mendota Heights $165,350 $0 $140,000 $231,671 $205,000 - 11.5%+ 24.0% Miesville $160,000 $140,000 $165,000 $189,000 $205,000 +8.5%+28.1% Minneapolis - (Citywide) $315,000 $267,021 $300,000 $325,560 $318,500 -2.2%+ 1.1% Minneapolis - Calhoun-Isle $45,000 $59,500 $76,500 $101,000 +32.0%+53.0% Minneapolis - Camden $ 66,002 $214,250 $220,000 $247,250 $321,000 +29.89/o +42.7% Minneapolis -Central $225,000 $147,500 $169,000 $185,200 $196,500 +6.1%+15.2% Minneapolis - Longfellow $170,500 $43,000 $60,000 $80,999 $100,150 + 23.6%+ 82.1% Minneapolis - Near North $55,000 $162,700 $176,500 $199,900 $222,125 + 11.1%+ 13.6% Minneapolis - Nokomis $195,200 $125,000 $140,000 $169,328 $179,250 +6.9%+18.3% Minneapolis - Northeast $151,500 $72,500 $88,000 $90,225 $115,000 +27.5%+4.5% Minneapolis - Phillips $110,000 $110,000 $116,400 $157,250 $168,000 +6.8%+24.4% Minneapolis - Powderhorn $ 135,000 $264,450 $277,000 $306,000 $323,500 +5.7%+17.2% Minneapolis - Southwest $276,000 $205,250 $209,950 $221,500 $225,000 +1.6%+8.2% Minneapolis - University $207,950 $265,713 $233,000 $255,000 $279,000 $270,000 -3.2%+1.6% Minnetonka $825,000 $1,130,000 $675,000 $670,000 $1,096,450 +63.6%+32.9% Minnetonka Beach $325,086 $349,950 $385,000 $435,000 $434,000 -0.2%+33.5% Minnetrista $135,000 $124,000 $137,095 $156,045 $172,000 + 10.2%+ 27.4% Monticello $131,371 $114,950 $130,357 $149,000 $164,550 + 10.4%+ 25.3% Montrose $79,900 $84,400 $86,500 $98,000 $100,000 +2.0%+25.2% Mora $188,000 $150,000 $169,000 $191,000 $202,000 +5.8%+7.4% Mound $166,700 $134,950 $139,500 $163,000 $176,000 +8.0%+5.6% Mounds View $178,000 $157,500 $165,000 $171,000 $197,000 +15.2%+10.7% New Brighton $105,000 $110,000 $100,000 $142,450 $154,354 +8.4%+47.0% New Germany $148,000 $126,125 $155,000 $173,000 $185,000 +6.9%+25.0% New Hope $161,250 $143,000 $174,000 $195,000 $188,950 - 3.1%+ 17.2% New Prague $135,400 $110,000 $124,900 $137,850 $155,850 +13.1% +15.1% New Richmond $0 $75,000 $63,700 $0 -100.0% - 100,0% New Trier $149,900 ent s f Jry , 2(ft All llos N hiA,MLA P'>,v'.d 'v IC' c') A(i M','k.LsC Change Change 2010 2011 2012 2013 2014 From2013 From2010 $123,500 $72,175 $98,500 $141,000 $167,000 +18.4%+35.2% Newport $136,000 $115,000 $123,650 $150,000 $164,900 +9.9%+ 21.3 9/6 North Branch $584,000 $480,000 $510,000 $625,000 $632,997 +1.3%+8.4% North Oaks $145,000 $120,000 $139,950 $150,500 $168,000 +11.6%+15.9% North Saint Paul $159,900 $144,550 $157,250 $182,500 $181,963 -0.30/.+13,8% Northfield $155,450 $119,900 $128,912 $146,000 $158,500 +8.6%+2.0% Norwood Young America $216,000 $180,000 $209,500 $234,500 $241,000 +2.8%+11.6% Nowthen $200,450 $175,000 $200,825 $228,960 $244,000 +6.6%+21.7% Oak Grove $136,100 $130,000 $134,799 $176,200 $177,000 +0.5%+30.1% Oak Park Heights $164,600 $133,000 $134,950 $164,000 $168,000 +2.4%+2.1% Oakdale $565,000 $532,500 $377,223 $501,000 $572,000 +14.2% +23.3% +1.2% Orono $136,000 $115,000 $153,950 $141,950 $175,000 +23.3%+28.7% Osseo $160,610 $159,900 $163,450 $194,525 $214,900 +10.5%+33.8% Otsego $100,000 $81,500 $105,260 $111,275 $120,000 +7.8%+20.0% Pine City $390,000 $300,000 $271,500 $320,000 $377,500 +18.0%-3.2% Pine Springs $249,000 $245,000 $275,500 $304,450 $305,000 +0.2%+22.5% Plymouth $113,900 $111,000 $105,000 $138,900 $149,000 +7.3%+30.8% Princeton $223,900 $211,000 $227,500 $270,000 $281,000 +4.1%+25.5% Prior Lake $156,830 $137,000 $153,000 $182,450 $199,900 +9.6%+27.5% Ramsey $198,900 $168,937 $139,950 $195,900 $262,500 +34.0%+32.0% Randolph $125,000 $119,850 $127,500 $126,900 $139,375 +9.8%+11.5% Red Wing $160,000 $140,250 $155,000 $174,950 $183,750 E +5.0%+14.8% Richfield $172,500 $143,600 $151,000 $168,500 $179,200 +6.4%+3.9% River Falls $131,500 $104,750 $123,500 $140,000 $159,000 +13.6%+20.9% Robbinsdale $169,800 $130,000 $154,000 $197,400 $184,768 -6.4%+8.8% Rockford $212,000 $210,000 $236,000 $265,000 $278,950 +5.3%+31.6% Rogers $201,500 $170,000 $180,500 $215,000 $228,500 +6.30/.+13.4% Rosemount $190,000 $158,500 $187,450 $197,535 $205,000 +3.8%+7.9% Roseville $95,000 $113,000 $92,000 $122,750 $149,000 +21.4%+56.8% Rush City $181,000 $178,200 $154,950 $179,950 $213,400 +18.6%+17.9% Saint Anthony $178,850 $145,000 $189,500 $185,500 $179,000 -3.5%+0.1% Saint Bonifacius Saint Cloud MSA $0 $0 $0 $0 $0 ---- $135,000 $122,550 $130,000 $149,900 $159,950 +6.7%+18.5% Saint Francis $213,250 $185,000 $198,450 $219,000 $230,000 +5.0%+7.99/o Saint Louis Park $134,500 $1,100,000 $170,500 $258,800 $347,400 +34.2%+158.3% Saint Mary's Point $165,000 $165,000 $183,000 $198,900 $220,000 +10.6%+33.3% Saint Michael $121,500 $100,000 $120,000 $143,950 $157,000 +9.1%+29.2% Saint Paul Saint Paul - Battle Creek / Highwood $121,500 $89,700 $111,950 $135,100 $146,251 +8,3%+20.4% Saint Paul - Como Park $190,400 $145,000 $170,000 $190,000 $197,500 +3.9%+3.7% Saint Paul - Dayton's Bluff $74,950 $50,000 $59,450 $93,950 $110,463 +17.6%+47.4% $152,500 $128,250 $136,500 $157,975 $178,000 +12.7%+16.7% Saint Paul - Downtown $102,000 $85,000 $88,900 $115,250 $129,900 +12.7%+27.4% Saint Paul - Greater East Side $142,000 $104,500 $126,350 $149,125 $155,950 +4.6%+9.8% Saint Paul - Hamline-Midway $232,250 $235,000 $229,900 $249,500 $261,000 +4.6%+12.4% Saint Paul - Highland Park 2014 Annual Report on the Twin Cities Housing Market IV--, Median Prices - Around the Metro MINNEAPOLIS AREA Association of REALTORS Change Change 2010 2011 2012 2013 2014 From 2013 From 2OlO Saint Paul - Lexington-Hamline $217,000 $210,000 $240,000 $228,950 $250,000 +9.2%+15.2% Saint Paul - Macalester-Groveland $250,000 $228,750 $235,000 $264,250 $277,500 +5.0%+11.0% Saint Paul - North End / South Como $76,250 $57,313 $74,050 $99,900 $118,000 +18.1%+54.8% Saint Paul - Payne-Phalen $82,000 $65,000 $80,500 $100,000 $124,900 +24.9%+ 52.3% Saint Paul - St. Anthony Park $216,750 $180,000 $190,000 $259,500 $234,750 -9.5%+8.3% Saint Paul - Summit Hill $377,500 $325,000 $288,000 $341,450 $350,000 +2.5%-7.3% Saint Paul - Summit-University $157,325 $130,000 $148,750 $170,000 $185,000 +8.8%+17.6% Saint Paul - Thomas-Dale $65,450 $45,000 $55,000 $80,900 $106,500 +31.6%+62.7% Saint Paul - West Seventh $142,900 $103,626 $121,000 $145,000 $148,250 +2.2%+3.7% Saint Paul - West Side $113,000 $82,000 $90,000 $122,000 $137,000 +12.3%+ 21.2% Saint Paul Park $134,600 $117,000 $127,750 $145,200 $160,000 + 10.2%+18.9% Savage $200,000 $186,500 $208,000 $235,000 $255,000 +8.5%+27.5% Scandia $235,000 $240,000 $247,870 $283,367 $285,000 +0.60/o +21.3% Shakopee $180,000 $154,900 $166,750 $194,700 $205,000 +5.3%+13.9% Shoreview $205,000 $180,000 $191,000 $222,500 $222,750 +0.1%+8.7% Shorewood $359,288 $349,950 $414,900 $425,000 $382,500 -10.0%+6.5% Somerset $130,950 $127,000 $119,900 $144,500 $177,500 +22.8%+35.5% South Haven $215,500 $187,500 $153,500 $184,950 $190,750 +3.1%-11.5% South Saint Paul $131,500 $114,995 $112,000 $139,450 $148,000 +6.1%+12.5% Spring Lake Park $131,000 $92,250 $118,000 $141,000 $164,900 +17.0%+25.9% Spring Park $266,500 $199,900 $352,500 $272,500 $446,050 +63.7%+67.4% Stacy $138,500 $139,000 $108,750 $181,750 $199,000 +9.5%+43.7% Stillwater $230,000 $208,000 $216,000 $233,500 $265,000 : +13.5%+15.2% Sunfish Lake $300,000 $550,320 $685,000 $819,000 $1,110,000 +35.5%+270.0% Tonka Bay $495,000 $550,000 $797,500 $477,500 $570,000 +19.49/6 +15.2% Vadnais Heights $165,000 $165,000 $149,900 $167,250 $194,650 + 16.4%+18.0% Vermillion $145,013 $153,500 $187,500 $157,500 $220,000 +39.7%+51.7% Victoria $374,695 $351,250 $344,123 $371,500 $369,990 - 0.4%-1.3% Waconia $213,500 $187,500 $204,250 $229,000 $237,000 +3.5%+11.0% Watertown $159,500 $118,000 $153,000 $175,000 $170,450 -2.6%+6.9% Wayzata $439,000 $426,000 $427,500 $348,000 $627,500 +80.3%+42.9% West Saint Paul $136,500 $120,000 $125,700 $143,000 $156,200 +9.2%+14.4% White Bear Lake $175,000 $148,500 $161,950 $178,500 $192,900 +8.1%+10.2% Willernie $117,699 $77,000 $141,500 $128,900 $160,000 +24.1%+35.9% Woodbury $243,750 $219,700 $240,000 $267,250 $283,500 +6.1%+16.3% Woodland $561,000 $1,065,000 $700,000 $370,000 $3,275,000 +785.1%+483.8% Wyoming $156,700 $150,000 $163,750 $190,000 $209,000 +10.0%+33.4% Zimmerman $143,700 $118,000 $130,000 $150,500 $161,900 +7.69/o +12.7% Zumbrota $129,700 $132,950 $149,900 $155,000 $156,000 +0.6%+20.3% P ye . 21 Ife I M IMI ADDRESS: 3807 - 56TH AVE PID# (22) 03-118-21-31-005 Sale Date: [D i r ect Sale Price: IVIC AP(ann ua l MCAP Sale Price: 20I5EMV: 02i20]L $169,900 L 8.8% $167,069 $164,500 Previous Sale Info: Sale Date: Sale Price: Style and Story Height: Rambler Age: 1956 Ground Floor Area: 1,232 Sq.Ft. Above Grade Area: 1,232 Sq.Ft. Bsmt. Area:100% Finished Bsmt. Area: 80% Fireplaces: I Central Air Conditioning:Yes Baths - Deluxe: 0 Full: 1 314: 1 1/2: 0 Porches - Glazed: 0 Screened:192 Open: 0 Deck:120 Garage #1:462 Type:Detached Garage #2:0 Type: Lot Size: 10,076 Sq.Ft. 0.23 Acres Lake/Bay/Rating: 00 - 00 - 00 Effective Frontage: 80 ADDRESS 3518 - 72ND AVE N PIN (22) 27-119-21-42-0074 Sale Date Direct Sale Price MCA P Sale Price 2015 E 0912014 L$147,506 I 8.8 % $151,853 j [ $141,800 Previous Sale Info Sale Date Sale Price Style and Story Height Rambler Age 1958 Ground Floor Area: 960 Sq.Ft. Above Grade Area: 960 Sq.Ft. Bsmt. Area: 100% Finished Bsmt. Area: 80% Fireplaces 0 Central Air Conditioning Yes Baths - Deluxe: 0 Full: 1 314: 1 1/2: 0 Porches - Glazed: 0 Screened: 0 Open: 0 Deck: 0 Garage #1: 352 Type: Detached Garage #2: 0 Type: Lot Size: 9,250 Sq Ft. 0.21 Acres Lake/Bay/Rating: 00 -00 - 00 Effective Frontage: 0 r:Co:mm:e^nt:i1 ADDRESS 5312 - NEWTON AVE N PID# (22) 02-118-21-43-0013 Sale Dai 1[D ire ct Sale Price MCAP(anni) MGAP Sale Price 20I5EMV [201j[ $156,500 J[ 8.8%j $173,793 $149,700 Previous Sale Info: Sale Date: Sale Price: Style and Story Height: Rambler Age: 1957 Ground Floor Area 1,040 Sq Ft Above Grade Area 1,040 Sq Ft Bsmt. Area: 100% Finished Bsmt. Area: 80% Fireplaces: 0 Central Air Conditioning: Yes Baths - Deluxe: 0 Full: 2 3/4: 0 1/2: 0 Porches - Glazed: 0 Screened: 0 Open: 0 Deck: 180 Garage #1: 264 Type: Attached Garage #2: 0 Type: Lot Size: 8,895 Sq.Ft. 020 Acres Lake/Bay/Rating: 00 - 00 - 00 Effective Frontage: 66 ADDRESS: 6436 - NOBLE AVEN PID# (22) 34-119-21-32-0032 Sale DT1 Direct Sale Price: MCAP(annuaAP Sale Price: 20I5EMV: L09120141 $134,830 [ 8.8% $138,803 j $127,800 Previous Sale Info: Sale Date: Sale Price: Style and Story Height: Rambler Age: 1961 Ground Floor Area: 1,057 Sq.Ft. Above Grade Area: 1,057 Sq-Ft- Bsmt. Area: 100% Finished Bsmt. Area: 30% Fireplaces: 0 Central Air Conditioning: Yes Porches - Glazed: 0 Screened: 0 Open: 0 Deck: 0 Garage #1: 528 Type: Detached Garage #2: 0 Type: Lot Size: 10,200 Sq.Ft. 0.23 Acres Lake/Bay/Rating: 00 - 00 - 00 Effective Frontage: 75 [ Comments: ADDRESS 7001 - FREMONT AVE N PID# (22) 25-119-21-33-0065 Sale Da1[ect Sale Price AP(anni MCAP Sale Price 2O15EML o1!2o1JL $187,500 8.8'J $204,075 $175,800 Previous Sale Info: Sale Date: Sale Price: Style and Story Height: Rambler Age: 1964 Ground Floor Area: 1,400 Sq.Ft. Above Grade Area: 1,400 Sq.Ft. Bsmt. Area: 100% Finished Bsmt. Area: 90% Fireplaces: I Central Air Conditioning: Yes Baths - Deluxe I Full 0 3/4 1 1/2 0 Porches - Glazed 0 Screened 0 Open: 0 Deck: 0 Garage #1: 528 Type: Detached Garage #2: 0 Type: Lot Size: 12,018 Sq.Ft. 0.28 Acres Lake/Bay/Rating 00 00 00 Effective Frontage 90 FcCornm ents:, Exp nsions ArnDCQ fl*- viirw A'iIF til PIN (22) 02-118-21-41-0109L./L/IL.'.J%.J.UU I%J'F' I • [iie Date:[Direct Sale Price:MCAP(annuall [AP Sale Price:[15EMV: [ $126,50008/2014JL$130,100 8.8%[$134,892J Previous Sale Info: Sale Date: Sale Price: Style and Story Height: 1.25 Story Age: 1950 Ground Floor Area: 796 Sq.Ft. Above Grade Area: 1,116 Sq.Ft. Bsmt. Area: 100% Finished Bsmt. Area: 50% Fireplaces: 0 Central Air Conditioning: Yes Baths - Deluxe: 0 Full: 2 3/4: 0 1/2: 0 P orches - Glazed: 132 Screened: 0 Open: 0 Deck: 0 Garage #1: 308 Type: Attached Garage #2: 0 Type: Lot Size: 10,124 Sq. Ft. 0.23 Acres Lake/Bay/Rating: 00 - 00 - 00 Effective Frontage: 75 ECom7me^nt ADDRESS 6812 - FRANCE AVE N PIN (22 34-119-21-12-0070 Sale Date:Direct Sale Price: l[P(ann [AP Sale Price: 20I5EMV: 03!201jj $147,440J[_ 8.8%j $158,301_] $148,000 [PrevVious SaleInfo: Sale Date Sale Price Style and Story Height: 1.50 Story Age: 1960 Ground Floor Area: 960 Sq.Ft. Above Grade Area: 1,552 Sq.Ft. Bsmt. Area: 100% Finished Bsmt. Area: 80% Fireplaces I Central Air Conditioning Yes Baths Deluxe 0 Full 2 3/4 0 1/2 0 Deck: 320Open: 0 Garage #1: 432 Type: Detached Garage #2: o Type: Lot Size: 10,988 SqFt. 0.25 Acres Lake/Bay/Rating: 00 - 00 - 00 Effective Frontage: 0 ECo7mme7nt. ADDRESS 6926 - DALLAS RD PIN (22) 25-119-21-43-0028 Sale Date:[Direct Sale Price:RCAP(annual)MCAP Sale Price:[5EMV: $147,40008/2014 $151,000 8.8%$156,562 Previous Sale Info: Sale Date: Sale Price: Style and Story Height: 1.25 Story Age: 1942 Ground Floor Area: 893 Sq.Ft. Above Grade Area: 1,165 Sq.Ft. Bsmt. Area: 100% Finished Bsmt. Area: 90°Io Fireplaces: I Central Air Conditioning: Yes Baths - Deluxe: 0 Full: 1 3/4: 1 1/2: 0 Porches - Glazed: 80 Screened: 0 Open: o Deck: 144 Garage #1: 480 Type: Detached Garage #2: 0 Type: Lot Size: 11,255 Sq.Ft. 0.26 Acres Lake/Bay/Rating: 00 -00 - 00 Effective Frontage: 0 Comments: Split Entry ADDRESS:2906 - OHENRY RD PID# (22) 35-119-21-32-0072 Sale Date Direct Sale Price MCAP(annual MCAP Sale Price 20I5EMV 06/2014 $151,320 8.8% $159,123 $145,000rPrev7iousSale Info: Sale Date: Sale Price: Style and Story Height: Split Level Age: 1958 Ground Floor Area: 1,056 Sq.Ft. Above Grade Area: 1,056 Sq.Ft. Bsmt. Area: 100% Finished Bsmt. Area: 50% Fireplaces: I Central Air Conditioning: Yes Baths - Deluxe: 0 Full: 1 3/4: 0 1/2: 1 Porches - Glazed: 0 Screened: 0 Open: 0 Deck: 312 Garage #1: 276 Type: Tuckunder Garage #2: 0 Type: Lot Size: 9,555 Sq.Ft. 0.22 Acres Lake/Bay/Rating: 00 - 00 - 00 Effective Frontage: 75 ADDRESS: 5315 - MORGAN AVE N PIN (22) 02-118-21-43013I [e Qati Direct Sale Price: [CAP(anni1 MCAP Sale Price: 20I5EMV: 99I2014J $169,000 8.8%j $173,980 $171,300 Previous Sale Info: Sale Date: Sale Price: Style and Story Height: Split Entry Age: 1991 Ground Floor Area: 1,158 Sq.Ft. Above Grade Area: 1,158 Sq.Ft, Bsmt. Area 90% Finished Bsmt. Area: 90% Fireplaces: I Central Air Conditioning: Yes Baths - Deluxe 0 Full 1 3/4 1 1/2 0 Porches - Glazed: 0 Screened: 0 Open: 21 Deck: 140 Garage #1: 534 Type: Attached Garage #2: 0 Type: Lot Size: 7,755 Sq.Ft. 0.18 Acres Lake/Bay/Rating: 00 - 00 - 00 Effective Frontage: 58 r Comments: ADDRESS 6724 - EMERSON AVE N PIN (22) 36119-21-22-0048 Sale Date Direct Sale Price MCAP(annual) MCAP Sale Price 20I5EMV 02I2O1j $157,663 8.8% $170,439 $148,200 Previous Sale Info: Sale Date: Sale Price: Style and Story Height: Split Entry Age: 1977 Ground Floor Area: 1,043 Sq.Ft. Above Grade Area: 1,043 Sq.Ft. Bsmt. Area: 100% Finished Bsmt. Area: 80% Fireplaces 2 Central Air Conditioning Yes Baths - Deluxe: 0 Full: 1 3/4: 1 1/2: 0 Porches - Glazed: 0 Screened: 0 Open: 0 Deck: 156 Garage #1: 537 Type: Attached Garage #2: 0 Type: Lot Size: 10,030 Sq.Ft. 0.23 Acres Lake/Bay/Rating: 00 -00 - 00 Effective Frontage: 0 ADDRESS 6801 -DUPONT AVE N - PID# (22) 36-119-21-22-0009 Sale Date: ft Direct Sale Price: AP(annual)I[AP Sale Price 20I5EMV: 06/20]L$171,011 8.8°Jj $179,829J $172,600 Previous Sale Info: Sale Date: Sale Price: Style and Story Height: Split Entry Age: 1971 Ground Floor Area: 1,356 Sq.Ft. Above Grade Area: 1,356 Sq-Ft- Bsmt. Area: 90% Finished Bsmt. Area: 90% Fireplaces: 2 Central Air Conditioning: Yes Baths - Deluxe: 0 Full: 1 3/4: 2 1/2: 0 Porches - Glazed: 0 Screened: 0 Open: 0 Deck: 256 Garage #1: 440 Type: Attached Garage #2: 0 Type: Lot Size: 10,018 Sq.Ft. 0.23 Acres Lake/Bay/Rating: 00 - 00 - 00 Effective Frontage: 75 n I ADDRESS: 3930 - 51ST AVE N PIN (22) 10-118-21-24-0017 Sale Date:Direct Sale Price:MCAP(annual)MCAP Sale Price:20I5EMV: $173,60005/2014 $201,000 8.8%$212,846 Previous Sale Info: Sale Date: Sale Price: Style and Story Height: Split Level Age: 1991 Ground Floor Area: 1,118 Sq.Ft. Above Grade Area: 1,118 Sq.Ft. Bsmt. Area: 80% Finished Bsrnt. Area: 90% Fireplaces: 0 Central Air Conditioning: Yes Baths - Deluxe: 0 Full: 1 3/4: 1 1/2: 0 Porches - Glazed: 0 Screened: 0 Open: o Deck: 100 Garage #1: 570 Type: Attached Garage #2: 0 Type: Lot Size: 12,538 Sq. Ft. 029 Acres Lake/Bay/Rating: 00-00 - 00 Effective Frontage: 0 Comments: ADDRESS: 7023 - WILLOW LA N PIN (22) 25-119-21-44-0017 Sale Date:rDirect Sale Price:r annuaJ MCAP Sale Price:r20 I 5 EMV: 01/2014 $189,000j 8.8%$205,708 $176,400 Previous Sale Info: Sale Date: Sale Price: Style and Story Height: Two Story Age: 1975 Ground Floor Area: 1,184 Sq.Ft. Above Grade Area: 2,192 Sq.Ft. Bsmt. Area: 10% Finished Bsmt. Area: 00% Fireplaces: I Central Air Conditioning: Yes Baths - Deluxe: 0 Full: 1 3/4: 1 1/2: 1 Porches - Glazed: o Screened: 0 Open: 0 Deck: 0 Garage #1: 616 Type: Attached L Garage #2: 0 Type: Lot Size: 9,998 Sq.Ft. 0.23 Acres Lake/Bay/Rating: 00 -00 - 00 Effective Frontage: 0 Comments: ADDRESS: 6033 - GIRARD AVE N PID# (22) 01-118-21-22-0079 Sale Date:Direct Sale Price:MCAP(annual)MCAP Sale Price:20I5EMV: $148,30006/2014 $156,073 8.8%$164,121 Previous Sale Info: Sale Date: Sale Price: Style and Story Height: Two Story Age: 1954 Ground Floor Area: 1,152 Sq.Ft. Above Grade Area: 1,592 Sq.Ft. Bsmt. Area: 80% Finished Bsmt. Area: 80% Fireplaces: 0 Central Air Conditioning: Yes Baths - Deluxe: 0 Full: 1 314: 1 1/2: 0 Porches - Glazed: 256 Screened: 0 Open: 0 Deck: 428 Garage #1: 440 Type: Detached Garage #2: 0 Type: Lot Size: 11,235 Sq.Ft. 0.26 Acres Lake/Bay/Rating: 00 -00 - 00 Effective Frontage: 85 Comments: Townho se ADDRESS:6525 - RIVERWOOD LA - PIN (22)36-119-21-13-0125 Sale Date:Direct Sale Price:AP(annual)Sale Price:20 I5EMV: $151,4000112014$153,500 88%$167,069 [Previous Sale Info: Sale Date: Sale Price: Style and Story Height: Rambler Age: 2004 Ground Floor Area: 1,432 Sq. Ft. Above Grade Area:1,432 Sq.Ft. Bsmt. Area: 0% Finished Bsmt. Area:00% Fireplaces: I Central Air Conditioning: Yes Baths - Deluxe: I Full: 1 314: 0 1/2: 0 Porches - Glazed: 0 Screened: 0 Open: 156 Deck: 0 Garage #1: 470 Type: Attached Garage #2: 0 Type: Lot Size: 8,062 Sq.Ft. 0.19 Acres Lake/Bay/Rating: 22 -80 - 22 Effective Frontage: 52 Comments: ADDRESS 6613 -XERXES PL N PID# (22)35-119-21-23-0070 [Previous Sale Info: Sale Date: Sale Price: Style and Story Height: Two Story Age: 1984 Ground Floor Area: 600 SqFt. Above Grade Area: 1,080 Sq.Ft. Bsmt. Area: 0% Finished Bsmt. Area: 00% Fireplaces: 0 Central Air Conditioning: Yes Baths - Deluxe: 0 Full: 1 3/4: 0 1/2: 1 Porches - Glazed: 0 Screened: 0 Open: 0 Deck: 0 Garage #1: 264 Type: Attached Garage #2: 0 Type: Lot Size: 1,219 Sq.Ft. 0.03 Acres Lake/Bay/Rating: 22-80- 12 Effective Frontage: 0 Comments: Sale Date:Direct Sale Price:MCAP(annual)1 04/2014 $81,480 88% $86,882 $76,700 - MCAP Sale Price:20 I5EMV: Board of Appeal & Equalization #5 / 111A / t _I4_, - ir 1;Si IP?!t if - '!IIuIPtIIl!uII;lIt ;. 48-4 3 :1 / r. i •1'- L el- _t __•rl THENtJEicpTh LF ----k , - LU UE I AT Parcel 10-118-21-42-0039 A-I-B: Torrens Map Scale: 1" 200 ft. Print Date: 4/16/2015 Owner Bos Partners Lic $2,290,000 Name: Total: ii Parcel 4810 Lilac Dr N Address: Brooklyn Center, MN 55429 Property Industrial-PreferredType: Home- Non-Homesteadstead: Tax $102,024.38 Total: (Payable: 2015) Sale $2,350,000Price: Sale 03/2004Date: This map is a compilation of data from various sources and is furnished "AS IS" with no representation or warranty expressed or implied, including fitness of any particular purpose, merchantability, or the accuracy and completeness of the information shown. Parcel 6.47 acres Sale Warranty Deed COPYRIGHT© HENNEPIN COUNTY 2015 Area: 281,936 sq ft Code: Thin: Green! Board of S S Id; Equalization Gary Eitel From: Janene L Hebert <Janene.Hebert@hennepin.us > Sent: Wednesday, April 15, 2015 12:48 PM To: Gary Eltel Subject: FW: Property ID Number: 35-119-21-44-0012 Attachments: Signed LOA_ Earle Brown Terrace.pdf Gary, Petitioners request on Earl Brown Terrace, 6100 Summit Drive. Thank you, Janene From: Bob Tivnan [mailto: BobTivna nmfpoer.com ] Sent: Tuesday, April 07, 2015 3:16 PM To: Janene L Hebert Subject: RE: Property ID Number: 35-119-21-44-0012 April 7, 2015 Dear Ms. Hebert, As authorized agent for the foreclosed Earle Brown Terrace Senior Living facility at 6100 Summit Drive, Brooklyn Center, MN, through the court appointed Receiver, Meridian Senior Living, LLC, please accept this email as our appearance before the 2015 City of Brooklyn Center Board of Review and Equalization scheduled for April 20, 2015. We wish to reserve the right to appear before the 2015 Hennepin County Board of Review and Equalization on the subject property. Please acknowledge your receipt of this email and confirm this 2015 city level appeal request. We look forward to your prompt response and appreciate your assistance. Sincerely, Bob Tivnan, CMI 630-413-9381 Bob Tivnan Principal Consultant Marvin F. Poer and Company 2211 York Road, Suite 222 Oak Brook, IL 60523 Office 630-413-9381 Cell 847-519-4060 Fax 630-573-1178 Celebrating 50 years ....."A Vision for the Future Since 1964" 1 LETTER OF AUTHORITY ACT IN MATTERS OF AD VALOREM TAXATION We, Meridian Senior Living, LLC,, do hereby appoint and authorize Marvin F. Poer & Company to represent our firm as ad valorem tax agent. They have the right to file returns and applications, examine any records, and discuss or appeal any tax assessments to the appropriate authorities for the purpose of obtaining the proper tax values relative to property owned or controlled by this company. They are authorized to change the mailing address so that their office will receive any material ing to tax matters, including assessment notices and tax stateme MERIDIAN Sf IVER) BY: E, Trefzer, Jr, Manager PHONE #: 828-322-5535 OWNER I PROPERTY NAME & ADDRESS: Earle Brown LaNel Limited Partnership OWNER NAME Earl Brown Terrace / 35-119-21-44-0012 PROPERTY NAME / Parcel No. 6100 Summit Drive N ADDRESS Broo Center, MN cI -r STATE, ZIP CODE Subscribed and sworn before me this .'cf MtMYOZCOM / ?/L day of (2/4 - 20J'r commission expiresMy