HomeMy WebLinkAboutBOR April 19, 2004
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1685 CROSSTOWN BOULEVARD N.W. . ANDOVER. MINNESOTA 55304 . (763) 755-5100
FAX (763) 755-8923 . WWW.CI.ANDOVER.MN.US
Board of Review
7:00 PM
Monday
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April 19, 2004
at Andover City Hall
Council Chambers
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CITY OF ANDOVER
COUNTY OF ANOKA
STATE OF MINNESOTA
ASSESSMENT NOTICE
. NOTICE IS HEREBY GWEN, That the Local Board of Review of the City of
Andover in Anoka County, Minnesota, will meet at the City Council Chambers in said
City at 7:00 o'clock P.M., on the 19th of April 2004 for the purpose of reviewing and
correcting the assessment of said City for the year 2004. All persons considering
themselves aggrieved by said assessment, or who .wish to complain that the property of
another is assessed too low, are hereby notified to appear at said meeting, and show cause
of having such assessment corrected.
No complaint that another person is assessed too low will be acted upon until the
person so assessed, or his agent, shall have been notified of such complaint.
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Given under my hand this % I day of ct~ , 2004.
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Victoria Volk - City Clerk
MhartnerNickilnotice of assessments
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Board of Appeal and
Equalization Meeting
Andover, Minnesda
April 19, 2004
Jason Dagostino, Residential Apptaiser
John ~ Commetr:iaIAppraiser
Mike Suthetfand, County Assessor
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City of Andover
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Table of Contents
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Agenda......... ........... ................ ... ..... .... ..... ......... ... ................. ..... ..... ........ ............... ......... ...:........... ...... 2
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Assessment Calendar ........... .......... .... ...... ...... .....:.... .... ........ .......... ... ... ............... ............... ......... .... ... 3
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The 2004 Assessment ............. .... ... ... ............. ..:. ........... .................. .................. ..... ... .... ........... .......... 4
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Quintile Map.... .... ... ...... ... ....... .... ..... ................................ .... ....... ..... .......... ........................... .......... ........5
Reassessment......... ..... ......... ..... ....... ...:.... ... ......... ...... ........... ..:... ............ ................................. ...... .... 6-
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Market Value.. ...... ....... .......... ..... ..... ................ ..... ......... ......... ......... ........... ..... ............ .........................6
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Authorityof the Local Board of Appeal and Equalization .................................................................. 7
Market Values..... ........ .............. .......................:..... ......... ......... ............... ....... .......... ........... ...... .........11
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2004 Market Value by Property Class..............................................................................................11
Residential Appraisal System .................................................................................~.........................13
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Sales Studies....... ...... ....... ....... ..................;................... ................ ............ ...... ....:.. ............ ................ 14
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Sales Statistics Defined. ........ ............ ........... ........ ............ .............. ......................... ...... ......... ...........15
Current Sales Study Statistics ...................................................................:..........."..........................15
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2004 Anoka County Ratio Study ......................................................................................................16
Residential Ratio by Zones ...............................................................................................................17
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Residential Tax Changes Examined ....................................................................................,...........18
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ADDENDA .........................................................................................................................................1 9
Statutes ....... ... ........... ... ........... ..c............ .... ........ ....... .... ... ............ .......... .... ............. ........ .......... ........ .20
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Appraisal Terminology..... ..... ....... ........................ ........ ...... ...... ..... ..... ...... ......... ...... ........ ..... .......... .:. .43
Appeals Procedure ....... ........ ........... ... ..... ................ ..... ........ ...... .... .......... ............................... ... ..... .~49
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Sample Market Value Notice .............................................................................................................51
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Minneapolis Area Association of Realtors@ 2003 Residential Real Estate Activity Report. .........53
Articles reprinted from the Mineapolis StarTribune with their permission ......................................64
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City of Andover
2004 Board of Review
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Agenda
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,Api 19, a:04
1) Call the Board of Review to On:ler
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2) Roll Call
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3) Read Official Notice of the Board of Review
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4) Board Chairman (Mayor) explains purpose of t he Board of Review ~ "The
purpose is to review market valuations as of January 2, 2004 that will be used
to compute the property taxes payable in 2005. This meeting is not for a
review of taxes that are being paid in 2004, which are based on the 2003
valuations. T he Board may correct any erroneous valuation and add any
. omission of properties or increase of value after due process. The total
decrease of valuations may not exceed one percent of the total valuation of
the taxing district."
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5) Officially Receive Appeals - The Board will receive written appeals of
valuations from property owners. The secretary has recorded the required
information (name, mailing address, telephone number, and address of
property, etc.) After all notices are received and have been heard, the Board
directs t he Assessor's Office to review the properties where information is
needed to make a decision.
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6) Recess Meeting.
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If needed, the meeting will be reconvened at a date to be detennined. The Board of Appeal
and Equalization of any city, unless a longer period is approved by the Commissioner
of Revenue, must complete its work and adjourn within twenty days from the time of
convening specified in the notice of the clerk. No action taken subsequent to such
date shall be valid.
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City of Andover
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Assessment Calendar
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2004
January 2
February 1
February 1
March 1
March 19
April 19
April 30
May 1
May 15
May 29
June 4
June 14
July 1
July 1
July 1
August 15
August 31
September 1
October 15
November 15
December 15
2004 Market Values for Property Established
Final Day to Deliver Assessment Records to County
Final Day to File for an Exemption from Taxation
Final day to file for 1 b with Commissioner of Revenue
2004 Valuation Notices Mailed
Local Board of Appeal and Equalization
Final Day to File a Tax Court Petition for 2003 Assessment
Final day to file application for Green Acres
First Half Payable 2004 Taxes Due
Final Date for Manufactured homes assessed as personal
property to establish homestead
State Board of Equalization
County Board of Appeal and Equalization
2004 Assessment Finalized
Date by which taxable property becomes exempt
Final Day to file for This Old House
Final Day to File for 2003 Property Tax Refund' _
final Day to Pay the First Half Manufactured Home Taxes
2004 Abstract to the Department of Revenue
Second Half Pay 2004 Taxes Due
Final Day to Mail 2005 Proposed Tax Notices
Final Day to File Homestead Application for 2004
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City of Andover
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The 2004 Assessment
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The 2004 assessment should be a reflection of the 2003 market conditions.
Sales of property are constantly analyzed to chart the activity of the market place.
The Assessing staff does not create value; they only measure its movement.
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Assessing property values equitably is part science, part judgment and part
communication skill. Training as an assessor cannot tell us how to find the
"perfect" value of a property, but it does help us consistently produce the same
estimate of value for identical properties. That after all, is the working definition of
equalization.
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As of January 2, 2004, there were 10,621 parcels in the City. That is an increase
of 255 or .024% over the 2003 parcel count. This total includes:
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9626 residential parcels
462 exempt parcels
142 commercial and industrial parcels
257 agricultural parcels
22 apartment parcels
11 utility parcels
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OIi!imllunOH 0# ~A.<lCl!lS 8Y CI.....S3
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COMllllI!~lAl"
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RESIOI!NTlAl.
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Current state law mandates thaf all property must be re-assessed each year and
physically reviewed once every five years. We also inspect all properties with new
construction each year. During 2003 there were over 3,618 properties reviewed
including 184 new homes built in 2003. .
A map illustrating the pay 2004 quintile plus the planned pay 2005 area IS
presented on the following page.
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City of Andover
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Insert Quartile map.
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QUARTILE MAP
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City of Andover
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Reassessment
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State Statute reads: "All real property subject to taxation shall be
listed and reassessed every year with reference to its value on
January 2nd preceding the assessment." This has been done, and the
owners of property in Andover have been notified of any value change.
Minnesota Statute 273.11 reads: "All property shall be valued at its
market value." It further states that "In estimating and determining
such value, the Assessor shall not adopt a lower or different
standard of value because the same is to serve as a basis for
taxation, nor shall the assessor adopt as a criterion of value the
price for which such property would sell at auction or at a forced
sale, or in the aggregate with all the property in the town or district;
but the assessor shall value each article or description of property
by itself, and at such sum or price as the assessor believes the
same to be fairly worth in money." The Statute says all property shall
be valued at market value, not may be valued at market value. This
means that no factors other than market factors should affect the
Assessor's value and the subsequent action by the Board of Appeal and
Equalization.
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Market Value
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Market value has been defined many different ways. One way used by
many appraisers is the following:
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The most probable price that a property should bring in a competitive and
open market under a II conditions requisite to a fair sale, the buyer a nd
seller each acting prudently and knowledgeably, and assuming the price
is not affected by any undue stimulus. Implicit in this definition is the
consummation of a sale as of a specified date and t he passing of title
from seller to buyer under conditions whereby:
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(1 )
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buyer and seller are typically motivated:
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both parties are well informed or well advised, and acting in what
they consider their own best interests; .
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(3)
(4)
a reasonable time is allowed for exposure in the open market;
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payment is made in terms of cash in U.S. dollars or in terms 0 f
financial arrangements comparable thereto;
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(5)
the price represents the normal consideration for the property sold
unaffected by special 0 r creative financing or s ales concessions
granted by anyone associated with the sale.
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City of Andover
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2004 Assessment Area
- : 2005 Proposed Assessment Area
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City of Andover
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Authority of the Local Board of Appeal and
Equalization
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Assessments of property are made to provide the means for the
measuring of the relative share of each taxpayer in the meeting of the
costs of local government. It is the duty of the Assessor to assess all real
and personal property except that which is exempt or taxable under some
special method of taxation. If t he burden of local government is to be
fairly and justly shared among the owners of all property of value, it is
necessary that all taxable property be listed on the tax rolls and that all
assessments be made accurately.
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Whenever any property that should be assessed is omitted from the tax
rolls, an unfair burden falls upon the owners of all property that has been
assessed. If any property is undervalued in relation to the other property
on the assessment record, t he owners of the other property are called
upon automatically to assume part of the tax burden that should be borne
by the undervalued property. Fairness and justice in property taxation
demands both completeness and equality in assessment.
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Minnesota Statutes Section 274.01 provides that the council of each
city shall be or appoint a Board of A ppeal and Equalization. The
charter of certain cities provides for the establishment of a Board of
Equalization. The provisions of Section 274.01 and this regulation apply
to all Boards of Appeal or Boards of Equalization.
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The 2003 Legislature enacted State Statute 274.014 which requires that
there be at least one member at each meeting of a Local Board of Appeal
and Equalization (beginning with the 2006 local boards) who has
attended an appeals and equalization course developed or approved by
the Commissioner of Revenue within the last four years. (The member
must attend the course by no later than January 1, 2006 and each year
thereafter.)
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Section 274.01 states the county assessor shall fix a date for each Board
of Appeal and Equalization to meet for the purpose of reviewing the
assessment of property in its respective town or city. The county
assessor is required to serve written notice to the clerk of each of such
bodies on orbefore February 15th of each year.
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These meetings are required to be held between April 1st and May 31st;
and the clerk of the Board of Appeal and Equalization is required to give
published and posted notice at least ten days before the date set for the
first meeting.
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The Board of Appeal and Equalization of any city. unless a lonqer
period is approved by the Commissioner of Revenue, must complete
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City of Andover
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its work and adjourn within twenty days from the time of conveninq
specified in the notice of the clerk. No action taken subsequent to
such date shall be valid.
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A request for additional time in order to complete the work of the Board of
Appeal and Equalization must be addressed to the Commissioner of
Revenue in writing. The Commissioner's approval is necessary to
legalize any procedure subsequent to the expiration of the twenty-day
period. The Commissioner of Revenue will not, however, extend the time
for local Boards of Appeal and Equalization to meet beyond the time
when the County Board of Equalization meets, which is the Final two
weeks of June.
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The authority of the local Board extends over the individual assessments
of real and personal property. T he Board does not have the power to
increase or decrease by percentage all of the assessments in the district
of a given class of property. Changes in aggregate assessments by
classes are made by the County Board of Equalization.
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Although the Local Board of Appeal and Equalization has the authority to
increase or reduce individual assessments, the total of such adjustments
must not reduce the aggregate assessment made by the Assessor by
more than one percent of said aggregate assessment. If the total of such
adjustments does lower the aggregate assessment made by the
Assessor by more than one percent. none of the adjustments will be
allowed. This limitation does not apply, however, to the correction of
clerical errors or to the,removal of duplicate assessments.
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The Local Board of Appeal and Equalization does not have the
authority in any year to reopen former assessments on which taxes
are due and payable. The Board considers only the assessments
that are in process in the current year. Adjustment can be made
only by the process of abatement or by legal action.
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In reviewing the individual assessments, the Board may find instances of
undervaluation. Before the Board can raise the market value of
property it must notify the owner. The law does not prescribe any
particular form of notice except that the person whose property is to be
increased in value must be notified of the intent of the Board to make the
increase. The Local Board of Appeal and Equalization meetings assure a
property owner an opportunity to contest any other matter relating to the
taxability of their property. The Board is required to review the matter and
make any corrections that it deems just.
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When a Local Board of Appeal and Equalization convenes, it is necessary
that a majority of the members be in attendance in order that any valid
action may be taken. The local assessor is required by law to be present
with his/her assessment books and papers. He/she is required a Iso to
take part in the proceedings but has no vote. In addition to the local
assessor, the county assessor or one of his/her assistants is required to
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City of Andover
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attend. The Board should proceed immediately to review the
assessments of property. The Board should ask the local assessor and
county assessor to present any tables that have been prepared, making
comparisons of the current assessments in the district. The county
assessor is required to have maps and tables relating particularly to land
values for the guidance of Boards of Appeal and Equalization.
Comparisons should be presented 0 f assessments of types of property
with previous years and with other assessment districts in the same
county.
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It is the primary duty of each Board of Appeal and Equalization to
examine the assessment record to see that all taxable property in the
assessment district has been properly placed upon the list and valued by
the assessor. In case any property, either real or personal, has been
omitted; the Board has the duty of making the assessment.
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The complaints and 0 bjections of persons who f eel aggrieved with any
assessments for the current year should be considered very carefully by
the Board. Such assessments must be reviewed in detail and the Board
has the authority to make corrections it deems to be just. The Board may
recess from day to day until all cases have been heard. If complaints are
. received after the adjournment of the Board of Appeal and Equalization
they must be handled on the staff level; as a property owner cannot
appear before a higher board unless he or she has first appeared at
the lower board levels.
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Pursuant to Minnesota Statute 274.01: The Board may not make an
individual market value adjustment or classification change that would
benefit the property in cases where the owner or other person having
control over the property will not permit the assessor to inspect the
property and the interior of any buildings or structures.
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A non-resident may file written objections to his/her assessment with the
county assessor prior to the meeting of the Board of Appeal and
Equalization. Such objections must be presented to the Board for
consideration while it is in session.
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Before adjourning, the Board of Appeal and Equalization should cause
the record of the official proceedings to be prepared. The law requires
that the proceedings be listed on a separate form which is appended to
the assessment book. The assessments of omitted property must be
listed in detail and all assessments that have been increased or
decreased should be shown as prescribed in the form. After the
proceedings have been completed. the record should be signed and
dated by the members of the Board of Appeal and Equalization. It is the
duty of the county assessor to enter changes by Boards of Appeal and
Equalization in the assessment book of each district.
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The Local Board of Appeal and Equalization has the opportunity of
making a great contribution to the equality of all assessments of property
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City of Andover
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in a district. No other agency in the assessment process has the
knowledge of the property within a district that is possessed jointly by the
individual members of a Board of Appeal and Equalization. The County
or State Board of Equalization cannot give the detailed attention to
individual assessments that is possible in the session of the Local Board.
The faithful performance. of duty by the Local Board of Appeal and
Equalization will make a direct contribution to the attainment of equality in
meeting the costs of providing the essential services of local government.
The 2004 assessment should be a reflection of the 2003 market conditions.
Sales of property are constantly analyzed to chart the activity of the market
place.
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City of Andover
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Market Values
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After thorough studies of the sales in the market place are conducted. we
establish the assessed value of all real property. During the 2004 study period,
we recorded 699 sales, of which we considered 534 "arms-length" sales.
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In accordance with the results of these sales studies, certain areas of the city and
certain styles and grades of homes may have been adjusted in value, either lower
or higher than the previous year's value. This will more properly reflect current
market trends.
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The 2004 assessment that is up for your review has a total unaudited assessed
value of $2.287,633,6001 excluding exempt and forfeit property. It reflects an
approximate valuation increase of 10.9% over the 2003 assessment.
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The pattern of growth (including new construction) in the City's total value can be
seen in the following list of assessment years:
Year
Agricultural
Growth in Property Values
1998 - 2004
(Total does not include utilities. exempt. or forfeit)
Commercial &
Residential
Industrial
$68,953,300
$72,041,800
$55,309,700
$49.446.000
$43,461,200
$35,419,800
$30,772,900
Total
%Chg
10.9%
9.4%
27.4%
12.7%
12.1%
14.8%
7.6%
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2004
2003
2002
2001
2000
1999
1998
$66,176,400
$54,428,300
$52,216,400
$18,317,400
$15,431,200
$27,728,400
$13,915,500
$2,152,503,900
$1,936,739,500
$1,778,643,800
$1,412,400,300
$1,253,896,800
$1,107,477,200
$975,363,000
$2,287,633,600
$2,063,209,600
$1,886,169,900
$1,480,163,700
$1,312,789,200
$1,170,625,400
$1,020,051,400
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GROWTH IN PROPERTY VALUES
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OJ $2,500,000,000
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<( $2,000,000,000
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'" $1,500,000,000
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::! $1,000,000,000
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0 $500,000,000
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2004
2003
2002
2001
2000
1999
ASSESSMENT YEAR
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! :'6AQricultural 0 Residential 0 Commercial & Industrial i
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City of Andover
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2004 Market Value by Property Class
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A more detailed breakdown of the 2004 assessment is presented below:
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2003 MARKET NEW NET 2004 TOTAL
VALUE 2004 NET VALUE CONSTRUCTION CHANGE VALUE
AGRICULTURAL $53,814,200 $66,160,300 $16,100 18.66% $66,176"100
APARTMENTS $16.746,800 $15,688,200 $0 .6,75% $15,688,200
MFD HOME PARKS $0 $0 $0 NA $0
COMMERCIAL $63,157,600 $67,535,600 $2,552,300 6.48% $70,087,900
INDUSTRIAL $1,814,900 $1,865,400 $0 2,71% $1,865,400
RESIDENTIAL $1,917,019,400 $2,097,553,500 $48,099,700 8.61% $2,145,653,200
UTILITY/RAilROAD $6,133,500 $4,573,900 $0 .34,10% $4,573,900
TOTAL $2,058,686,400 $2,253,376,900 $50,668,100 8,64% $2,304,045,000
EXEMPT $91,163,500.00 $141,628,400 NA 35.63% $141,628,400
FORFEIT $95,500 $97,500 NA 2.05% $97,500
GRAND TOTAL $2,149,945,400 $2,395,102,800 $50,668,100 10.24% $2,445.770,900
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DISPERSION OF MARKET VALUE BY CLASS
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EXEMPT
5.8%
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APARTMENTS
0,6%
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UTILITY
0,2%
COMMERCIAL
1%
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RESIDENTIAL
87.7%
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City of Andover
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Residential Appraisal System
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Per State Statute, each property must be physically inspected and
individually appraised once every five years. For this individual appraisal, or
in the event of an assessed value appeal, we use two standard appraisal
methods to determine and verify the estimated market value of our residential
properties:
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1. First, an appraiser inspects each property to verify data. If we are unable
to view the interior of a home on the first visit, a tag is left requesting a
return telephone call from the owner to schedule this inspection. Interior
inspections are necessary to confirm our data on the plans and
specifications of new homes and to determine depreciation factors in
older homes.
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2. To calculate the estimated market value from the property data we use a
Computer Assisted Mass Appraisal (CAMA)
system based on a reconstruction less
depreciation method of appraisal. The cost ,
variables and land schedules are developed
through an anlaysis of stratified sales within the
city. This method uses the "Principle of
Substitution" and calculates what a buyer would
have to pay to replace each home today less age
dependent depreciation.
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3. A comparative market analysis is used to verify these estimates. The
properties used for these studies are those that most recently have sold
and by computer analysis, are most comparable to the subject property
taking into consideration construction quality, location, size, style, etc.
The main point in doing a market analysis is to make sure that you are
comparing "apples with apples". This will make the comparable
properties "equivalent to" the subject property and establish a probable
sale price of the subject.
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These three steps give us the information to verify assessed value or to adjust it if
necessary. The following pages contain an example of the appraisal information
for one property. They include data calculations, plan sketch, photo, comparative
analysis, and photos and a map of comparable properties.
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City of Andover
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Sales Studies
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According to State Law, it is the assessor's job to appraise all real property at
market value for property tax purposes. As a method of checks and balances,
the Department of Revenue uses statistics and ratios relating to assessed market
value and current sale prices to confirm that the law is upheld. Assessors use
similar statistics and sales ratios to identify market trends in developing market
values.
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A sales ratio is obtained by comparing the assessor's market value to the
adjusted sales price of each property sold in an arms-length transaction within a
fixed period. An "arms-length" transaction is one that is generated after a
property has had sufficient time on the open market, between both an informed
buyer and seller with no undue pressure on either party. The median or mid-point
ratios are calculated and stratified by property classification.
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100%
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The only perfect assessment would have a 100% ratio for every sale. This is of
course, impossible. Because we are not able to predict major events that may
cause significant shifts in the market, the state allows a 15% margin of error.
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The Department of Revenue adjusts the median ratio by the percentage of
growth from the previous year's abstract value of the same class of property
within the same jurisdiction. This adjusted median ratio must fall between 90%
and 105%. Any deviation will warrant a state mandated jurisdiction-wide
adjustment of at least 5%. To avoid this increase, the Anoka County Assessor
requests a median sales ratio of 94.5%.
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In Anoka County, we have the ability to stratify the ratios by style, age, quality of
construction, size, land zone and value. This assists us in appraising all of our
properties closer to our goal ratio.
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Sales Statistics Defined
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In addition to the median ratio, we have the ability to develop other statistics to
test the accuracy of the assessment. Some of these are used at the state and
county level also. The primary statistics used are:
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Aggregate Ratio: This is the total market value of all sale properties divided by
the total sale prices. It, along with the mean ratio, gives an idea of our
assessment level. Within the city, we constantly try to achieve an aggregate
and mean ratio of 94% to 95% to give us a margin to account for a fluctuating
. market and still maintain ratios within state mandated guidelines. .
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, Mean Ratio: The mean is the average ratio. We use this ratio not only to watch
our assessment level, but also to analyze property values by development,
type of dwelling and value range. These studies enable us to track market
trends in neighborhoods, popular housing types and classes of property.
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Coefficient of Dispersion (COD): The COD measures the accuracy of the
assessment. It is possible to have a median ratio of 93% with 300 sales, two
ratios at 93%, 149 at 80% and 149 at 103%. Although this is an excellent
median ratio, there is obviously a great inequality in the assessment. The
COD indicates the spread of the ratios from the mean or median ratio.
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The goal of a good assessment is a COD of 10 to 20. A COD under 10 is
considered excellent and anything over 20 will mean an assessment review
by the Department of Revenue.
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Price Related Differential (PRO): This statistic measures the equality between
the assessment of high and low valued property. A PRO over 100 indicates a
regressive assessment, or the lower valued properties are assessed at a
greater degree than the higher. A PRO of less than 100 indicates a
progressive assessment or the opposite. A perfect PRO of 100 means that
both higher and lower valued properties are assessed exactly equal.
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Current Sales Study Statistics
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The following statistics are based upon ratios calculated using 2004 pay 2005
market values and 2003 sales. These are the ratios that our office' uses for
citywide equalizations, checking assessment accuracy, and predicting trends in
the market.
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Statistic
Median Ratio:
Aggregate Ratio:
Mean Ratio:
COD:
PRO:
2004
94.4
94.1
94.3
3.6
100.23
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2004 Anoka County Ratio Study
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Residential Single Family Sales Ratio History r--i
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Assessment Year 1997 1998 1999 2000
Municipality # Median Coeff # Median Coeff # Median Coeff # Median Coeff
Anoka 249 94.4 5.9 207 94.3 6.2 240 947 6.2 218 94.5 7.5 n
Blaine 545 94.4 4.6 583 94.3 4.3 810 94.3 4.2 859 94.4 4.7
Columbia Heights 240 94.3 7.4 208 94.3 7.2 225 94.3 5.6 232 94.5 6.8 u
Coon Rapids 729 94.4 4.8 733 94.3 4.7 799 94.3 5.1 947 94.4 6.0
Fridley 256 94.3 5.8 248 94.4 6.2 293 94.3 5.6 274 94.4 7.8 r
Bethel 9 92 6.4 5 94.4 8.6 5 94.4 7.2 7 94.5 5.2
Centerville 39 94.4 5.3 53 94.3 5.2 96 94.4 3.5 92 94.4 5.8 tJ
Circle Pines 43 94.7 4.0 50 94.3 4.3 53 94.4 4.4 61 94.5 3.4
East Bethel 168 94.4 6.4 168 94.4 6.4 189 94.3 6.7 174 94.4 5.9 n
Hilltop 0 0 0.0 1 95.3 0.0 1 94.2 0.0 0 0 0.0
Lexington 15 94.4 5.2 15 94.2 3.6 14 94.4 4.5 21 94.5 4.4 LJ
Lino Lakes 277 94.4 5.0 296 94.4 4.6 305 94.3 4.9 324 94.4 4.6
Spring Lake Park 67 94.4 4.8 82 94.2 5.0 75 94.5 4.4 81 94.5 6.0
St. Francis 56 94.6 3.9 59 94.5 4.2 78 94.5 3.6 182 94.4 3.7 n
Bums 34 94.5 7.3 21 94.4 6.3 29 94.5 3.1 48 94.4 4.6 u
Columbus 41 94.4 6.9 40 94.7 7.1 34 94.4 5.6 31 94.5 9.9
Andover 465 94.4 5.6 448 94.5 5.2 458 94.3 5.8 722 94.5 4.9
Ham Lake 196 94.4 5.7 178 94.5 5.7 199 94.3 5.0 227 94.4 5.3 r--t
Linwood 67 94.5 6.2 64 94 7.5 76 94.4 5.6 82 94.4 5.7
Oak Grove 66 94.5 5.4 81 94.5 5.5 79 94.5 4.2 111 94.5 4.8 L I
Ramsey 379 94.4 5.4 367 94.6 4.7 458 94.4 5.0 407 94.5 4.1
County Total 3,941 94.4 5.4 3,907 94.4 5.2 4,516 94.4 5.2 5,100 94.4 5.4 t-7
Price R Differe 100.54 1
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Assessment Year 2001 2002 2003 2004
Municipality # Median Coeff # Median Coeff # Median Coeff # Median Coeff M
Anoka 204 94.4 7.2 206 94.5 6.2 233 94.5 5.6 213 94.5 5.4
Blaine 713 94.4 5.1 906 94.5 6.7 845 94.5 4.9 900 94.4 5.4 u
Columbia Heights 228 94.3 8.2 255 94.4 7.3 263 94.4 7.0 255 94.3 7.0
Coon Rapids 790 94.4 6.3 811 94.5 5.4 801 94:4 5.5 793 94.4 5.4 n
Fridley 242 94.4 7.0 259 94.4 7.2 260 94.5 6.1 290 94.5 6.5
Bethel 3 94.3 1.8 8 94.5 2.0 8 94.3 5.4 7 94.4 14 L r
Centerville 53 94.4 5.0 82 94.5 5.8 77 94.5 6.4 74 94.3 5.5
Circle Pines 58 94.3 6.9 54 94.5 6.5 58 94.5 7.2 52 94.4 4.1
East Bethel 208 94.4 5.9 186 94.5 8.1 139 94.6 7.3 169 94.7 7.4 n
Hilltop 0 0 0.0 0 0 0.0 0 0 0.0 0 0 0.0 u
Lexington 17 94.4 7.5 12 93.8 4.9 21 94.5 4.9 14 94.6 4.1
Lino Lakes 295 94.4 5.4 402 94.4 8.8 329 94.4 7.4 264 94.4 7.1
Spring Lake Park 63 94.4 6.0 91 94.5 5.9 77 94.5 4.4 71 94A 4.3 n
St. Francis 107 94.4 6.1 157 94.4 7.2 155 94.5 5.9 250 94.4 5.0
Burns 48 94.4 10.4 45 94.4 8.7 50 94.4 8.4 77 94.5 9.2 u
Columbus 27 94.4 7.9 44 94.2 7.5 32 94.6 7.4 27 94.2 6.7
Andover 565 94.3 7.1 683 94.6 7.6 531 94.6 3.2 479 94.4 3.6 n
Ham Lake 225 94.4 5.7 267 94.5 7.8 208 94.4 7.0 232 94.3 5.4
Linwood 50 94.4 6.6 64 94.4 7.2 86 94.5 7.1 66 94.4 7.4 u
Oak Grove 85 94.4 6.6 100 94.4 9.2 116 94.4 8.5 109 94.6 6.4
Ramsey 318 94.4 5.9 339 94.4 6.3 308 94.4 6.0 351 94.4
County Total 4,299 94.4 6.1 4,971 94.4 6.8 4,597 94.5 5.9 4,693 94.4 5.7
Price Related Differential -6 ,5 U
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City of Andover
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Residential Ratio by Zones
CITY OF ANDOVER
(SINGLE FAMILY RESIDENTIAL SALES RATIO RECAP*)
ZONE . 2003 ASSMT 2004 ASSMT
0 27 94.5% 3.4 19 94.0% 2.5
1 3 93.8% 1.9 4 94.8% 8.2
2 12 93.9% 5.1 24 94.3% 4.7
3 135 94.5% 3.1 194 94.4% 2.8
4 253 94.7% 2.9 133 94.3% 3.9
5 38 94.2% 3.7 43 94.5% 4.8
6 32 94.1% 3.6 0 0% 0
7 11 94.5% 5.3 12 95.2% 4.8
8 4 92.1% 9.8 3 99.1% 11.2
9 32 94.2% 4.3 47 94.3% 4.3
TOTAL 547 94.4% 3.3 479 94.4% 3.6
ZONE (NEIGHBORHOOD) DESCRIPTIONS
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Zone 0: Executive style homes on 2.5+ acres with private well and septic.
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Zone 1: Lake shore and river properties.
Zone 2: Average neighborhoods on 2.5+ acres with private well and septic.
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Zone 3: City Lots with public utilities, above average neighborhoods.
Zone 4: City Lots with public utilities, average neighborhoods.
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Zone 5: Older developed neighborhoods with private well and septic.
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Zone 7: Older developed neighborhoods on 2.5+ acres with private well and'septic.
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Zone 8: Agricultural properties and large 5+ acre tracts.
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Zone 9: Older developed neighborhoods with public utilities.
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* Does not include Patio Townhome, Duplex/Double Bungalow, or Quad sales
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City of Andover
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Residential Tax Changes Examined
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Although the Assessor's Office is considered by many to be the primary reason for any
property tax changes there are actually several elements that can contribute to this change,
including, but not limited to:
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. Changes in the approved levies of individual taxing jurisdictions.
. Bond referendum approvals.
· Tax rate changes approved by the State Legislature.
. Changes to the homestead credit, educational credits and agricultural aid.
. Changes in assessed market value.
. Changes in the classification of the property.
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A combination of any of these factors can bring about a change in the annual property tax bill.
If you have questions, please call 763-323-5400.
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City of Andover
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ADDENDA
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Mirmesota Statutes 2003, Table of Chanters
Table of contents for Chanter 273
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'273.08 Assessor's duties.
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The assessor shall actually view, and determine the market
value of each tract or lot of real property listed for taxation,
including the 'value of all improvements and structures thereon,
at maximum intervals of five years and shall enter the value
opposite each description.
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HIST: (1990) RL s 808; 1945 c 481 s 1; 1963 c 799 s 2; 1965 c
624 s 4; Ex1967 c 32 art 8 s, 7; 1975 c 437 art 8 s 9; .1984 c 593
s 14; 2003 c 127 art 2 s 11
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Copyright 2003 by the Office of Revisor of Statutes, State of
Minnesota.
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Minnesota Statutes 2003 Table of Chanters
Table of contents for Chanter 273
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273.20 Assessor may enter dwellings, buildings, or
structures.
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Any officer authorized by law to assess property for
taxation may, when necessary to the proper performance of
duties, enter any dwelling-house, building, or structure, and
view the same and the property therein.
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Any officer authorized by law to assess property for ad
valorem tax purposes shall have reasonable access to land and
structures as necessary for the proper performance of their
duties. A property owner may refuse to allow an assessor to
inspect their property. This refusal by the property owner must
be either verbal or expressly stated in a letter to the county
assessor. If the assessor is denied access to view a property,
the assessor is authorized to estimate the property's estimated
market value by making assumptions believed appropriate
concerning the property's finish and condition.
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HIST: (1997) RL s 814; 1986 c 444; 1999 C 243 art 5 s 24
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Copyright 2003 by the Office of Revisor of Statutes, State of
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Minnesota.
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Minnesota Statutes 2003. Table of Chapters
Table of contents for Chapter 273
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273.13 Classification of property.
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Subdivision 1. How classified. All real and personal
property subject to a general property tax and not subject to
any gross earnings or other in-lieu tax is hereby classified for
purposes of taxation as provided by this section.
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Subd. 2. Repealed, lSp1985 c 14 art 4 s 98
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Subd. 2a. Repealed, lSp1985 c 14 art 4 s 98
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Subd. 3. Repealed, lSp1985 c 14 art 4 s 98
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Subd. 4. Repealed, lSp1985 c 14 art 4 s 98.
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Subd.' 5. Repealed, Ex1971 c 31 art 22 s 5
Subd.Sa. Repealed, lSp198S c 14 art 4 s 98
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Subd. 6. Repealed, lSp1985 c 14 art 4 s 98
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Subd. 6a. Repealed, lSp198S c 14 art 4 s 98
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Subd. 7. Repealed, lSp198S c 14 art 4 s 98
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Subd. 7a. Repealed, 1988 c 719 art 5 s 81
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Subd. 7b. Repealed, lSp1985 c 14 art 4 s 98
Subd. 7c. Repealed, lSp1985 c 14 art 4 s 98
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Subd. 7d. Repealed, lSp1985 c 14 art 4 s 98
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Subd. 8. Repealed, Ex1967 c 32 art 4 s 3
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Subd. 8a. Repealed, lSp198S c 14 art 4 s 98
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Subd. 9. Repealed, 1988 c 719 art 5 s 81
subd. 10. Repealed, lSp1985 c 14 art 4 s 98
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Subd. 11. Repealed, lSp1985 C 14 art 4 s 98
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Subd. 12. Repealed, lSp1985 C 14 art 4 s 98
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Subd. 13. Repealed, 1974 C 313 s 1
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Subd. 14. Repealed, 1984 C 593 s 46
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Subd. 14a. Repealed, lSp1985 C 14 art 4 s 98
Subd. 15. Repealed, Ex1971.c 31 art 36 s 2
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Subd. 15a. Repealed, 1988 C 719 art 5 s 81
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Subd. 15b. Repealed, 1983 C .342 art 2 s 30
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Subd. 16. Repealed, lSp1985 C 14 art 4 s 98
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Subd. 17. Repealed, lSp1985 C 14 art 4 s 98
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Subd. 17a. Repealed, lSp1985 C 14 art 4 s .98
Subd. 17b. Repealed, lSp1985 C 14 art 4 s 98
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Subd. 17c. Rep~aled, lSp1985 C 14 art 4 s 98
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Subd. 17d. Repealed, lSp1985 C 14 art 4 s 98
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Subd. 18. Repealed, 1983 C 222 s 45
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Subd. 19. Repealed, lSp1985 C 14 art 4 s 98
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Subd. 20. Repealed, lSp1985 C 14 art 4 s 98
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Subd. 21. Repealed, lSp1985 c 14 art 4 s 98
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Subd. 21a. Class rate. In this section, wherever the
"class rate" of a clasi of property is specified without
qualification as to whether it is the property's "net class
rate" or its 1lgross class rate, II the "net class raterl and "gross
class rate" of that property are the same as its "class rate."
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Subd. 21b. Tax capacity. (a) Gross tax capacity
means the product of the appropriate gross class rates in this
section and market values.
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(b) Net tax capacity means the product of the appropriate
net class rates in this section and market values.
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Subd. 22. Class 1. (a) Except as provided in
subdivision 23 and in paragraph~. (b) and (c), real estate which
is residential and used for homestead purposes is class la. In
the case of a duplex or triplex in which one of the units is
used for homestead purposes, the entire property is deemed to be.
used for homestead purposes. The market value of class la
property must be determined based upon the valu~ of the house,
garage, and land.
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The first $500,000 of market value of class 1a property has
a net class rate of one percent of its market value; and the
market value of class 1a property that exceeds $500,000 has a
class rate of 1.25 percent of its market value.
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(b) Class lb property includes homestead real estate or
homestead manufactured homes used for the purposes of a
homestead by
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(1) any person who is blind as defined in section 256D.35,
or the blind person and the blind person's spouse; or
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(i) any person, hereinafter referred to as "veteran," who:
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(i) serv~d in the active military or naval service of the
United States; and
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(ii) is entitled to compensation under the laws and
regulations of the United States for permanent and total
service-connected disability due to the loss, or loss of use, by
reason of amputation, ankylosis, progressive muscular
dystrophies, or paralysis, of both lower extremities, such as to
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preclude motion without the aid of braces, crutches, canes, or a
wheelchair; and
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(iii) has acquired a special housing unit with special
fixtures or movable facilities made necessary by the nature of
the veteran's disability, or the surviving spouse of the
deceased veteran for as long as the surviving spouse retains the
special housing unit as a homestead; or
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(3) any person who is permanently and totally disabled.
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Property is classified and assessed under clause (3) only
if the government agency or income-providing source certifies,
upon the request of the homestead occupant, that the homestead
occupant satisfies the disability requirements of this paragraph.
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Property is classified and assessed pursuant to clause (1)
only if the commissioner of revenue certifies to the assessor
that the homestead occupant satisfies the requirements of this
paragraph.
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Permanently and totally disabled for the purpose of this
subdivision means a, condition which is permanent in nature and
totally incapacitates the person from working at an occupation
which brings the person an income. The first $32,000 market
value of class Ib property has a net class rate of .45 percent
of its market value. The remaining market value of class lb
property has a class rate using the rates for class la or class
2a property, whichever is appropriate, of similar market value.
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(c) Class lc property is commercial use real property that
abuts a lakeshore line and is devoted to temporary and seasonal
residential occupancy for recreational purposes but not devoted
to commercial purposes for more than 250 days in the year
preceding the year of assessment, and that includes a portion
used as a homestead by the owner, which includes a dwelling
occupied as a homestead by a shareholder of a corporation that
owns the resort, a partner in a partnership that owns the
resort, or a member of a limited liability company that owns the
resort even if the title to the homestead is held by the
corporation, partnership, or limited liability company. For
purposes of this clause, property is devoted to a commercial
purpose on a specific-day if any portion of the property,
excluding the portion used exclusively as a homestead, is used
for residential occupancy and a fee is charged for residential
occupancy. The first $500,000 of market value of class lc
property has a class rate of one percent, and the, remaining
market value of class lc property has a class rate of one
percent, with the following limitation: the area of the
property must not exceed 100 feet of lakeshore footage for each
cabin or campsite located on the property up to a total of 800
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feet and 500 feet in depth, measured away from the lakeshore.
If any portion of the class 1c resort property is classified as
class 4c under subdivision 25, the entire property must meet the
requirements of subdivision 25, paragraph (d), clause (1), to
qualify for class 1c treatment under this paragraph.
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(d) Class 1d property includes structures that meet all of
the following criteria:
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(1) the structure is located on property that is classified
as agricultural property under section 273.13, subdivision 23;
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(2) the structure is occupied exclusively by seasonal farm
workers during the time when they work on that farm, and the
occupants are not charged rent for the privilege of occupying
the property, provided that use of the structure for storage of
farm equipment and produce does not disqualify the property from
classification under this paragraph;
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(3) the structure meets all applicable health and safety
requirements for the appropriate season; and
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(4) the structure is not salable as residential property
because it does not comply with local ordinances relating to
location in relation to streets or roads.
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The market value of class 1d property has the same class
rates as class 1a property under paragraph (a).
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Subd. 23. Class 2. (a) Class2a property is
agricultural land including any improvements that is
homesteaded. The market value of the house and garage and
immediately surrounding one acre of land has the same class
rates as class 1a property under subdivision 22. The value of
the remaining land including improvements up to and including
$600,000 market value has a net class rate of 0.55 percent of
market value. The remaining property over $600,000 market value
has a class rate of one percent of market value.
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(bJ Class 2b property is (1) real estate, rural in
character and used exclusively for growing trees for timber,'
lumber, and wood and wood products; (2) real estate that is not
improved with a structure and is used exclusively for growing
trees for timber, lumber, and wood and wood products, if the
owner has participated or is participating in a cost-sharing
program for afforestation, reforestation, or timber stand
improvement on that particular property, administered or
coordinated by the commissioner of natural resources; (3) real
estate that is nonhomestead agricultural land; or (4) a landing
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area or public access area of a privately owned public use
airport. Class 2b property has a net class rate of one percent
of market value.
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(c) Agricultural land as used in this section means
contiguous acreage of ten acres or more, used during the
preceding year for agricultural purposes. "Agricultural
purposes" as used in this section means the raising or
cultivation of agricultural products. "Agricultural purposes"
also includes enrollment in the Reinvest in Minnesota program
under sections 103F.501 to 103F.535 or the federal Conservation
Reserve Program as contained in Public Law 99-198 if the
property was classified as agricultural (i) under this
subdivision for the assessment year 2002 or (ii) in the year
prior to its enrollment. Contiguous acreage on the same parcel,
or contiguous acreage on an immediately adjacent parcel under
the ~ame ownership, may also qualify as agricultural land, but
only if it is pasture, timber, waste, unusable wild land, or
land included in state or federal farm programs. Agricultural
classification for property shall be determined excluding the
house, garage, and immediately surrounding one acre of land, and
shall not be based upon the market value of any residential
structures on the parcel or contiguous parcels under the same
ownership.
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(d) Real estate, excluding the house, garage, and
immediately surrounding one acre of land, of less than ten acres
which is exclusively and intensively used for raising or
cultivating agricultural products, shall be considered as
agricultural land.
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Land shall be classified as agricultural even if all or a
portion of the agricultural use of that property is the leasing
to, or use by another person for agricultural purposes.
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Classification under this subdivision is not determinative
for qualifying under section 273.111.
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The property classification under this section supersedes~
for property tax purposes only, any locally administered .
agricultural policies or land use restrictions that define
minimum or maximum farm acreage.
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(e) The term "agricultural products" as used in this
subdivision includes production for sale of:
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(1) livestock, dairy animals, dairy products, poultry and
poultry products, fur-bearing animals, horticultural and nursery
stock, fruit of all kinds, vegetables, forage, grains, bees, and
apiary products by the owner;
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(2) fish bred for sale and consumption if the fish breeding
occurs on land zoned for agricultural use;
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(3) the commercial boarding of horses if the boarding is
done in conjunction with raising or cultivating agricultural
products as defined in clause (1);
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(4) property which is owned and operated by nonprofit
organizations used for equestrian activities, excluding racing;
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(5) game birds and waterfowl bred and raised for use on a
shooting preserve licensed under section 97A.115;
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(6) insects primarily bred to be used as food for animals;
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(7) trees, grown for sale as a crop, and not sold for
timber, lumber, wood, or wood. products; and
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(8) maple syrup taken from trees grown by a person licensed
by the Minnesota Department of Agriculture under chapter 28A as
a food processor.
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(f) If a parcel used for agricultural purposes ~s also used
for commercial or industrial purposes, including but not limited
to:
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(1) wholesale and retail sales;
(2) processing of raw agricultural products or other goods;
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(3) warehousing or storage of processed goods; and
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(4) office facilities for the support of the activities
enumerated in clauses (1), (2), and (3),
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the assessor shall classify the part of the parcel used for
agricultural purposes as class 1b, 2a, or 2b, whichever is
appropriate, and the remainder in the class appropriate to its
use. The grading, sorting, and packaging of raw agricultural
products for first sale is considered an agricultural purpose.
A greenhouse or other building where horticultural or nursery
products are grown that is also used for the conduct of retail
sales must be classified as agricultural if it is primarily used
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for the growing of horticultural or nursery products from seed,
cuttings, or roots and occasionally as a showroom for the retail
sale of those products. Use of a greenhouse or building only
for the display of already grown horticultural or nursery
products does not qualify as an agricultural purpose.
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The assessor shall determine and list separately on the
records the market value of the homestead dwelling and the one
acre of land on which that dwelling is located. If any farm
buildings or structures are located on this homesteaded acre of
land, their market value shall not be included in this separate
determination.
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(g) To qualify for classification under paragraph (b),
clause (4), a privately owned public use airport must be
licensed as a public airport under section 360.018. For
purposes of paragraph (b), clause (4), "landing area" means that
part of a privately owned public use airport properly cleared,
regularly maintained, and made available to the public for use
by aircraft and includes runways, taxiways, aprons, and sites
upon which are situated landing or navigational aids. A landing
area also includes land underlying both the primary surface and
the approach surfaces that comply with all of the following:
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(i) the land is properly cleared and regularly maintained
for the primary purposes of the landing, taking off, and taxiing
of aircraft; but that portion of the land that contains
facilities for servicing, repair, or maintenance of aircraft is
not included as a landing area;
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(ii) the land is part of the airport property; and
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(iii) the land is not used for commercial or residential
purposes.
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The land contained in a landing area under paragraph (b), clause
(4), must be described and certified by the commissioner of
transportation. The certification is effective until it is__
modified, or until the airport or landing area no longer meets
the requirements of paragraph (b), clause (4). For purposes of
paragraph (b), clause (4), "public access area" means property
used as an aircraft parking ramp, apron, or storage hangar, or
an arrival and departure building in connection with the airport.
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Subd. 24. Class 3. (a) Commercial and industrial
property and utility ~eal and personal property is class 3a.
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(1) Except as otherwise provided, each parcel of
commercial, industrial, or utility real property has a class
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rate of 1.5 percent of the first tier of market value, and 2.0
percent of the remaining market value. In the case of
contiguous parcels of property owned by the same person or
entity, only the value equal to the first-tier value of the
contiguous parcels qualifies for the reduced class rate, except
that contiguous parcels owned by the same person or entity shall
be eligible for the first-tier value class rate on each separate
bUpiness operated by the owner of the property, provided the
business is housed in a separate structure. For the purposes of
this subdivision, the first tier means the first $150,000 of
market value. Real property owned in fee by a utility for
transmission line right-of-way shall be classified at the class
rate for the higher tier.
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For purposes of this subdivision, parcels are considered to
be contiguous even if they are separated from each other by a
road, street, waterway, or other similar intervening type of
property. Connections between parcels that consist of power
lines or pipelines do not cause the parcels to be contiguous.
Property owners who have contiguous parcels of property that
constitute separate businesses that may qualify for the
first-tier class rate shall notify the assessor by July 1, for
treatment beginning in the following taxes payable year.
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(2) All personal property that is: (i) part of an electric
generation, transmission, or distribution system; or (ii) part
of a pipeline system transporting or distributing water, gas,
crude oil, or petroleum products; and (iii) not described in
clause (3), and all railroad operating property has a class rate
as provided under clause (1) for the first tier of market value
and the remaining market value. In the case of multiple parcels
in one county that are owned by one person or entity, only one
first tier amount is eligible for the reduced rate.
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(3) The entire market value of personal property that is:
(i) tools, implements, and machinery of an electric generation,
transmission, or distribution system; (ii) tools, implements,
and machinery of a pipeline system transporting or distributing
water, gas, crude oil, or petroleum products; or (iii) the mains
and pipes used in the distribution of steam or hot or chilled
water for heating or cooling buildings, has a class rate as
provided under clause (1) for the remaining market value in
excess of the first tier.
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(b) Employment property defined in section 469.166, during
the period provided in section 469.170, shall constitute class
3b. The class rates for class 3b property are determined under
paragraph (a).
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Subd. 24a. Repealed, lSp2001 c 5 art 3 s 96
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subd. 25. Class 4. (a) Class 4a is residential real
estate containing four or more units and used or, held for use by
the owner or by the tenants or lessees of the owner as a
residence for rental periods of 30 days or more. Class 4a also
includes hospitals licensed under sections 144.50 to 144.56,
other than hospitals exempt under section 272.02, and contiguous
property used for hospital purposes, without regard to whether
the property has been platted or subdivided. The market value
of class 4a property has a class rate of 1.8 percent for taxes
payable in 2002, 1.5 percent for taxes payable in 2003, and 1.25
percent for taxes payable in 2004 and thereafter, except' that
class 4a property consisting of a structure for which
construction commenced after June 30, 2001, has a class rate of
1.25 percent of market value for taxes payable in 2003 and
subsequent years.
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(b) Class 4b includes:
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(1) residential real estate containing less than four units
that does not qualify as class 4bb, other than seasonal
residential recreational property;
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(2) manufactured homes not classified under any other
provision;
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(3) a dwelling, garage, and surrounding one acre of
property on a nonhomestead farm classified under subdivision 23,
paragraph (b) containing two or three units; and
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(4) unimproved property that is classified residential as
determined under subdivision 33.
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The market value of class 4b property has a class rate of
1.5 percent for taxes payable in 2002, and 1.25 percent for
taxes payable in 2003 and thereafter.
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(c) Class 4bb includes:
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(1) nonhomestead residential real estate containing one
unit, other than seasonal residential recreational property; and
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(2) a single family dwelling, garage, and surrounding one
acre of property on a nonhomestead farm classified under
subdivision 23, paragraph (b).
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Class 4bb property has the same class rates as class 1a
property under subdivision 22.
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Property that has been classified as seasonal residential
recreational property at any time during which it has been owned
by the current owner or spouse of the current owner does not
qualify for class 4bb.
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(d) Class 4c property includes:
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(1) except as provided in subdivision 22, paragraph (c),
real property devoted to temporary and seasonal residential
occupancy for recreation purposes, including real property
devoted to temporary and seasonal residential occupancy for
recreation purposes and not devoted to commercial purposes for
more than 250 days in the year preceding the year of
assessment. For purposes of this clause, property is devoted to
a commercial purpose on a specific day if any portion of the
property is used for residential occupancy, and a fee is charged
for residential occupancy. In order for a property to be
classified as class 4c, seasonal residential recreational for
commercial purposes, at least 40 percent of the annual gross
lodging receipts related to the property must be from business
conducted during 90 consecutive days and either (i) at least 60
percent of all paid bookings by lodging guests during the year
must be for periods of at least two consecutive nights; or (ii)
at least 20 percent of the annual gross receipts must be from
charges for rental of fish houses, boats and motors,
snowmobiles, downhill or cross-country ski equipment, or charges
for marina services, launch services, and guide services, or the
sale of bait and fishing tackle. For purposes of this
determination, a paid booking of five or more nights shall be
counted as two bookings. Class 4c also includes commercial use
real property used exclusively for recreational purposes in
conjunction with class 4c property devoted to temporary and
seasonal residential occupancy for recreational purposes, up to
a tota'l of two acres, provided the property is not devoted to
commercial recreational use for more than 250 days in the year
preceding the year of assessment and is located within two miles
of the class,4c property with which it is used. class 4c
property classified in this clause also includes the remainder
of class 1c resorts provided that the entire property including
that portion of the property classified as class 1c also meets
the requirements for class 4c under this clause; otherwise the
entire property is classified as class 3. Owners of real
property devoted to temporary and seasonal residential occupancy
for recreation purposes and all or a portion of which was
devote"d to commercial purposes for not more than 250 days in the
year preceding the year of assessment desiring classification as
class 1c or 4c, must submit a declaration to the assessor
designating the cabins or units occupied for 250 days or less in
the year preceding the year of assessment by January 15 of the
assessment year. Those cabins or units and a proportionate
share of the land on which they are located will be designated
class 1c or 4c as otherwise provided. The remainder of the
cabins or units and a proportionate share of the land on which
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they are located will be designated as class 3a. The owner of
property desiring designation as class 1c or 4c property must
provide guest registers or other records demonstrating that the
units for which class 1c or 4c designation is sought were not
occupied for more than 250 days in the year preceding the
assessment if so requested. The portion of a property operated
as a (1) restaurant, (2) bar, (3) gift shop, and (4) other
nonresidential facility operated on a commercial basis not
directly related to temporary and seasonal residential occupancy
for recreation purposes shall not qualify for class 1c or 4c;
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(2) qualified property used as a golf course if:
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(i) it is open to the public on a daily fee basis. It may
charge membership fees or dues, but a membership fee may not be
required in order to use the property for golfing, and its green
fees for golfing must be comparable to green fees typically
charged by municipal courses; and
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(ii) it meets the requirements. of section 273.112,
subdivision 3, paragraph (d).
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A structure used as a clubhouse, restaurant, or place of
refreshment in conjunction with the golf course is classified as
class 3a property;
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(3) real property up to a maximum of one acre of land owned
by a nonprofit community service oriented organization; provided
that the property is not used for a revenue-producing activity
for more than six days in the calendar year preceding the year
of assessment and the property is not used for residential
purposes on either a temporary or permanent basis. For purposes
of this clause, a "nonprofit community service oriented
organization" means any corporation, society, association,
foundation, or institution organized and operated exclusively
for charitable, religious, fraternal, civic, or educational
purposes, and which is exempt from federal income taxation
pursuant to section 501 (c) (3), (10), or (19) of the Internal
Revenue Code of 1986, as amended through December 31, 1990..' For
purposes of this clause, "revenue-producing activities" shali
include but not be limited to property or that portion of the
property that is used as an on-sale intoxicating liquor or 3.2
percent malt liquor establishment licensed under chapter 340A, a
restaurant open to the public, bowling alley, a retail store,
gambling conducted by organizations licensed under chapter 349,
an insurance business, or office or other space leased or rented
to a lessee who conducts a for-profit enterprise on the
premises. Any portion of the property which is used for
revenue-producing activities for more than six days in the
calendar year preceding the year of assessment shall be assessed
as class 3a. The use of the property for social events open
exclusively to members and their guests for periods of less than
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24 hours, when an admission is not charged nor any revenues are
received by the organization shall not be considered a
revenue-producing activity;
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(4) postsecondary student housing of not more than one acre
of land that is owned by a nonprofit corporation organized under
chapter 317A and is used exclusively by a student cooperative,
sorority, or fraternity for on-campus housing or housing located
within two miles of the border of a college campus;
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(5) manufactured home parks as defined in section 327.14,
subdivision 3,
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(6) real property that is actively and exclusively devoted
to indoor fitness, health, social, recreational, and related
uses, is owned and operated by a not-for-profit corporation, and
is located within the metropolitan area as defined in section
473.121, subdivision 2;
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(7) a leased or privately owned noncommercial aircraft
storage hangar not exempt under section 272.01, subdivision 2,
and the land on which it is located, provided that:
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(i) the land is on an airport owned or operated by a city,
town, county, Metropolitan Airports Commission, or group
thereof; and
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(ii) the land lease, or any ordinance or signed agreement
restricting the use of the leased premise, prohibits commercial
activity performed at the hangar.
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If a hangar classified under this clause is sold after June
30, 2000, a bill of sale must be filed by the new owner with the
assessor of the county where the property is located within 60
days of the sale; and
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(8) ~esidential real estate, a portion of which is used by
the owner for homestead purposes,. and that is also a place of
lodging, if all of the following criteria are met:
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(i) rooms are provided for rent to transient guests that
generally stay for periods of 14 or fewer days;
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(ii) meals are provided to persons who rent rooms, the cost
of which is incorporated in the basic room rate,
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(iii) meals are not provided to the general public except
for special events on fewer than seven days in the calendar year
preceding the year of the assessment; and
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(iv) the owner is the operator of the property.
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The market value subject to the 4c classification under this
clause is limited to five rental units. Any rental units on the
property in excess of five, must be valued and assessed as class
3a. The portion of the property used for purposes of a
homestead by the owner must be classified as class 1a property
under subdivision 22.
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Class 4c property has a class rate of 1.5 percent of market
value, except that (i) each parcel of seasonal residential
recreational property not used for commercial purposes has the
same class rates as class 4bb property, (ii) manufactured home
parks assessed under clause (5) have the same class rate as
class 4b property, (iii) commercial-use seasonal residential
recreational property has a class rate of one percent for the
first $500,000 of market value, which includes any market value
receiving the one percent ,rate under subdivision 22, and 1.25
percent for the remaining market value, (iv) the market value of
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property described in clause (4) hai a class rate of one
percent, (v) the market value of property described in clauses
(2) and (6) has a class rate of 1.25 percent, and (vi) that
portion of the market value of property in clause (8) qualifying
for class 4c property has a class rate of 1.25 percent.-
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Subd. 25a. Elderly assisted living facility property.
"Elderly assisted living facility property" means residential
real estate containing more than one unit held for use by the
tenants or lessees as a residence for periods of 30 days or
more, along with community rooms, lounges, activity rooms, and
related facilities, designed to meet the housing, health, and
financial security needs of the elderly. The ~eal estate may be
owned by an individual, partnership, limited partnership,
for-profit corporation or nonprofit corporation exempt from
federal income taxation under United States Code, title 26,
section 501 (c) (3) or related sections.
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An admission or initiation fee may be required of tenants.
Monthly charges may include charges for the residential unit,
meals, housekeeping, utilities, social programs, a health care
alert system, or any combination of them. On-site health care
may be provided by in-house staff or an outside health care
provider.
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The assessor shall classify elderly assisted living
facility property, depending upon the property's ownership,
occupancy, and use. The applicable class rates shall apply
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based on its classification, if taxable.
Subd. 26. Repealed, 1987 c 268 art 6 s 53
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Subd. 27. Repealed, 1987 c 268 art 6 s 53
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Subd. 28. Repealed, 1987 c 268 art 6 s 53
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Subd. 29. Repealed, 1987 c 268 art 6 s 53
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Subd. 30. Repealed, 1988 c 719 art 5 s 81
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Subd. 31.
Class 5. Class 5 property includes:
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(1) unmined iron 'ore and low-grade iron-bearing formations
as defined in section 273.14; and
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(2) all other property not otherwise' classified.
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~lass 5 property has a class rate of 2.0 percent of market
value.
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Subd. 32. Repealed, 1998 c 389 art 2 s 21
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Subd. 33. Classification of unimproved property.
All real property that is not improved with a structure
classified according to its current use.
(a)
must. be
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(b) Real property that is not improved with a structure and
for which there is no identifiable current use must be
classified according to its highest and best use permitted under
the local zoning ordinance. If the ordinance permits more than
one use, the land must be classified according to the highest
and best use permitted under the ordinance. If no such
ordinance exists, the assessor shall consider the most likely
potential use of the unimproved land based upon the use made of
surrounding land or land in proximity to the unimproved land.
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HIST: (1993) 1913 c 483 s 1; 1923 C 140; 1933 C 132; 1933 c
359; 1937 c 365 s 1; Ex1937 c 86 s 1; 1939 c 48; 1941 c 436;
1941 c 437; 1941 c 438; 1943 c 172 s 1; 1943 c. 648 s 1; 1945 C
274 s 1; 1945 c 527 s 1; 1947 c 537 s 1; 1949 c 723 s 1; 1951 c
510 s 1; 1951 c 585 s 1; 1953 c 358 s 1,2; 1953 c 400 s 1; 1953
c 747 s 1,2; 1955 c 751 s 1,2; 1957 c 866 s 1; 1957 c 959 s 1;
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1959 c 40 8 1; 1959 c 338 8 1; 1959 c 541 8 1; 1959 c 562 8 3;
Ex1959 c 70 art 1 8 2; 1961 c 243 8 1; 1961 c 322 8 1; 1961 c
340 8 3; 1961 c 475 8 1; 1961 c 710 8 1; 1963 c 426 8 1; 1965 c
259 8 1; 1967 c 606 8 1; Ex1967 c 32 art 1 8 2-4; art 4 8 1; art
9 8 1,2; 1969 c 251 8 1; 1969 c 399 8 49; 1969 c 407 8 1; 1969 c
417 8 1; 1969 c 422 8 1,2; 1969 c 709 8 4,5; 1969 c 760 8 1;
1969 c 763 8 1; 1969 c 965 8 2; 1969 C 1126 8 2; 1969 c 1128 8
1,2; 1969 c 1132 8 1; 1969 c 1137 8 1; 1971 c 226 8 1; 1971 c
427 8 3-12,16,17; 1971 c 747 8 1; 1971 c 791 8 1; 1971 c 797 8
3,4; Ex1971 c 31 art 9 8 1; art 22 8 1,2,4,6,7,8; Ex1971 c 31
art 36 8 1; 1973 c 355 8 1,2; 1973 c 456 8 1; 1973 c 492 8 14;
1973 c 582 8 3; 1973 c 590 8 1; 1973 c 650 art 14 8 1,2; art 20
8 3; art 24 8 3; 1973 c 774 8 1; 1974 c 545 8 3; 1974 c 556 8
16; 1975 c 46 8 3; 1975 c 339 8 9; 1975 c 359 8 23; 1975 c 376 8
1; 1975 c 395 8 1; 1975 c 437 art 1 8 25,27,28; 1976 c 2 8
96,159-161,170; 1976 c 181 8 2; 1976 c 245 8 1; 1977 c 319 8
1,2; 1977 c 347 8 43,44; 1977 c 423 art 3 8 5-8; 1978 c 767 8
7-11; 1979 c 303 art 2 8 11-17; art 10 8 5; 1979 c 334 art 1 8
25; 1980 c 437 8 5; 1980 c 562 8 1; 1980 c 607 art 2 8 7-15; art
4 8 4; 1981 c 188 8 1; 1981 c 356 8 248; 1981 c 365 8 9; lSp1981
c 1 art 2 8 7-11; art 5 8 2; lSp1981 c 3 8 1; lSp1981 c 4 art 2
8 27; 2Sp1981 c 1 8 6; 3Sp1981 c 1 art ~ 8 2; 1982 c 523 art 6 8
1; art 14 8 1; art 23 8 2; 1982 c6~2 8 9; 1983 c 216 art 1 8
43,44; 1983 c 222 8 11-13; 1983 c 342 art 2 8 9-18; art 8 8 1;
1984 c 502 art 3 8 9-14; art 7 8 1,2; 1984 c 522 8 2; 1984 c 593
8 22-28; 1984 c654 art 5 8 58; 1985 c 248 870; 1985 c 300 8 6;
lSp1985 c 14 art 3 s 5-12; art 4 s 45-56; 1986 c 444; lSp1986 c
1 art 4 s 18-21; 1987 c 268 art 5 s 4; art 6 s 18,20-23; 1987 c
291 8 208-209; 1987 c 384 art 1 8 25; 1988 c 719 art 5 8 13-19;
1989 c 277 art 2 s 28,29; 1989 c.304 s 137; lSp1989 c 1 art 2 s
1-8,11; 1990 c 480 art 7 & 7; 1990 c 604 art 3 s 16-19; 1991 c
249 8 31; 1991 c 291 art 1 8 20-25; 1992 c 363 art 1 s 12; 1992
c 511 art 2.s 17,18; art 4 s 4,5; 1993 c 224 art 1 s 27; 1993 c
375 art 3 s 16; art 5 s 23-26; 1994 c 416 art 1 s 18,19; 1994 c
483 8 1; 1994 c 587 art 5 s 10,11; 1995 c 264 art 3 8 9,10; 1996
c 471 art 3 s 10-12; 1997 c 231 art 1 s 6-10; art 2 s 20,21;
3Sp1997 c 3 s 28; 1998 c 254 art 1 s 74; 1998 c 389 art 2 8
8-12; 1999 c 243 art 5 8 15-20; 1999 c 248 8 18; 1999 c 249 8
22; 2000 c 490 art 5 8 12,13; lSp2001 c 5 art 3 s 32-36; 2002 F
377 art 4 s 16,17; art 10 s 6; 2003 c 127 art 2 8 13,14; art 5 s
17; 2003 c 128 art 3 s 45; 1Sp2003 c 21 art 4 s 4
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* NOTE: The amendment to subdivision 22, paragraph (b), by.
*Laws 2003, chapter 127, article 2, section 13, is effective for
*taxes payable in 2005 and thereafter. Laws 2003, chapter 127,
*article 2, section 13, the effective date.
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* NOTE: The amendment to 8ubdivision 25 by Laws 2003, First
*Special Se88ion chapter 21, article 4, 8ection 4, i8 effective
*beginning with the 2004 a88es8ment, for property taxe8 payable
*in 2005. Laws 2003, First Special Session chapter 21, article
*4, section 4, the effective date.
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Copyright 2003 by the Office of Revisor of Statutes, State of
Minnesota.
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Minnesota Statutes 2003. Table of Chanters
Table of contents for Chanter 274
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274.01 Board of appeal and equalization.
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Subdivision I. Ordinary board; meetings, deadlines,
grievances. (a) The town board of a town, or the councilor
other governing body of a c.ity, is the board of appeal and
equalization except (1) in cities whose charters provide for a
board of equalization or (2) in any city or town that has
transferred its local board of review power and duties to the
county board as provided in subdivision 3. The county assessor
shall fix a day and time when the board or the board of
equalization shall meet in the assessment districts of the
county. Notwithstanding any law or city charter to the
contrary, a city board of equalization shall be referred to as a
board of appeal and equalization. On or before February 15 of
each year the assessor shall give written notice of the time to
the city or town clerk. Notwithstanding the provisions of any
charter to the contrary, the meetings must be held between April
1 and May 31 each year. The clerk shall give published and
posted notice of the meeting at least ten days before the date
of the meeting.
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The board shall meet at the office of the clerk to review
the assessment and classification of property in the town or
city. 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
in those cities or towns that hold a local board of review;
however, corrections of errors that are merely clerical in
nature or changes that extend homestead treatment to property
are permitted after adjournment until the tax extension date for
that assessment year. The changes must be fully documented and
maintained in the assessor's office and must be available for
review by any person. A copy of the changes made during this
period in those cities or towns that hold a local board of
review must be sent to the county board no later than December
31 of the assessment year.
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(b) The board shall determine whether the taxable property.
in the town or city has been properly placed on the list and
properly valued by the assessor. If real or personal property
has been omitted, the board shall place it on the list with its
market value, and correct the assessment so that each tract or
lot of real property, and each article, parcel, or class of
personal property, is entered on the assessment list at its
market value. No assessment of the property of any person may
be raised unless the person has been duly notified of the intent
of the board to do so. On application of any person feeling
aggrieved, the board shall review the assessment or
classification, or both, and correct it as appears just. The
board may not make an individual market value adjustment or
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classification change that would benefit the property in cases
where the owner or other person having control over the property
will not permit the assessor to inspect the property and the
interior of any buildings or structures..
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(c) A local board may reduce assessments upon petition of
the taxpayer but the total reductions must not reduce the
aggregate assessment made by the county assessor by more than
one percent. If the total reductions would lower the aggregate
assessments made by the county assessor by more than one
percent, none of the adjustments may be made. The assessor
saall correct any clerical errors or double assessments
discovered by the board without regard to the one percent
limitation.
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(d) A local board does not have authority to grant an
exemption or to order property removed from the tax rolls.
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(e) A majority of the members may act at the meeting, and
adjourn from day to day until they finish hearing the cases
presented. The assessor. shall attend, with the assessment books
and papers, and take part in the proceedings, but must not
vote. The county assessor, or an assistant delegated by the
county assessor shall attend the meetings. The board shall list
separately, on a form appended to the assessment book, all
omitted property added to the list by the board and all items of
property increased or decreased, with the market value of each
item of property, added or changed by the board, placed opposite
the item. The county assessor shall enter all changes made by
the board in the assessment book.
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(f) Except as provided in subdivision 3, if a person fails
to appear in person, by counsel, or by written communication
before the board after being duly notified of the board's intent
to raise the assessment of the property, or if a person feeling
aggrieved by an assessment or classification fails to apply for
a review of the assessment or classification, the person may not
appear before the county board of appeal and equalization for a
review of the assessment or classification. This paragraph does
not apply if an assessment was made after the local board
meeting, as provided in section 273.01, or if the person can'
establish not having received notice of market value at least
five days before the local board meeting.
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(g) The local board must complete its work and adjourn
within 20 days from the time of convening stated in the notice
of the clerk, unless a longer period is approved by the
commissioner of revenue. No action taken after that date is
valid. All complaints about an assessment or classification
made after the meeting of the board must be heard and determined
by the county board of equalization. A nonresident may, at any
time, before the meeting of the board file written objectio~s to
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an assessment or classification with the county aSSessor. The
objections must be presented to the board at its meeting by the
county assessor for its consideration.
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Subd. 2. Special board; duties delegated. The
governing body of a city, including a city whose charter
provides for a board of equalization, may appoint a special
board of review. The.city may delegate to the special board of
review all of the powers and duties in subdivision 1. The
special board of review shall serve at the direction and
discretion of the appointing body, subject to the restrictions
imposed by law. The appointing body shall determine the number
of members of the board, the compensation and expenses to be
paid, and the term of office of each member. At least one
member of th~ special board of review must be an appraiser,
realtor, or other person familiar with property valuations in
the assessment district.
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Subd. 3. Local board duties transferred to county.
The town board of any town or the governing body of any home
rule charter or statutory city may transfer its powers and
duties under subdivision 1 to the county board, and no longer
perform the function of a local board. Before the town board or
the governing body of a city transfers the powers and duties to
the county board, the town board or city's governing body shall
give public notice of the meeting at which the proposal for
transfer is to be considered. The public notice shall follow
the procedure contained in section l3D.04, subdivision 2. A
transfer of duties as permitted under this subdivision must be
communicated to the county assessor, in writing, before December
1 of any year to be effective for the following year's
assessment. This transfer of duties to the county may either be
permanent or for a specified number of years, provided that the
transfer cannot be for less than three years. rts length must
be stated in writing. A town or city may renew its option to
transfer. The option to transfer duties under this subdivision
is only available to a town or city whose assessment is done by
the county.
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HIST: (2034) RL s 847; 1941 c 402 s 1; 1945 c 402 s 1; 1949 c
543 s 1; Ex1967 c 32 art 8 s 3; 1971 c 434 s 3; 1971 c 564 S' 6;
1973 c 123 art 5 s 7; 1973 c 150 s 1; 1973 c 582 s 3; 1975 c 339
s 5; 1977 c 434 s 11; 1986 c 444; 1987 c 229 art 4 s 1; 1987 c
268 art 7 s 37; 1988 c 719 art 7 s 8; 1990 c 480 art 7 s 14;
1995 c 264 art 3 s 13; 1997 c 231 art 2 s 23; 1998 c 254 art 1 s
77; 1999 c 243 art 5 s 25; ISp2001 c 5 art 7 s 21; 2003 c 127
art 5 s 22
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Copyright 2003 by the Office of Revisor of Statutes, State of
Minnesota.
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Minnesota Statutes 2003. Table of Chapters
Table of contents for Chapter 274
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274.014 Local boards; appeals and equalization course
and meeting requirements.
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Subdivision 1. Handbook for local boards. By no
later than January 1, 2005, the commissioner of revenue must
develop a handbook detailing procedures, responsibilities, and
requirements for local boards of appeal and equalization. The
handbook must include, but need not be limited to, the role of
the local board in the assessment process, the legal and policy
reasons for fair and impartial appeal and equalization hearings,
local board meeting procedures that foster fair and impartial
assessment reviews and other best practices recommendations,
quorum requirements for local boards, and explanations of
alternate methods of appeal.
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Subd. 2. Appeals and equalization course. By no
later than January 1, 2006, and each year thereafter, there must
be at least one member at each meeting of a local board of
appeal and equalization who has attended an appeals and
equalization course developed or approved by the commissioner
within the last four years, as certified by the commissioner.
The course may be offered in conjunction with a meeting of the
Minnesota League of Cities or the Minnesota Association of
Townships. The course content must include, but need not be
limited to, a review of the handbook developed by the
commissioner under subdivision 1.
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Subd. 3. Proof of compliance; transfer of duties.
Any city or town that does not provide proof to the county
assessor by December 1, 2006, and each year thereafter, that it
is in compiiance with the requirements of subdivision 2, and
that it had a quorum at each meeting of the board of appeal and
equalization in the prior year, is deemed to have transferred
its board of appeal and equalization powers to the county under
section 274.01, subdivision 3, for the following year's
assessment.
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The county shall notify the taxpayers when the board of
appeal and equalization for a city or town has been transferred
to the county under this subdivision and, prior to the meeting
time of the county board of equalization, the county shall make
available to those taxpayers a procedure for a review of the
assessments, including, but not limited to, open book meetings.
This alternate review process shall take place in April and May.
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A local board whose powers are transferred to the county
under this subdivision may be reinstated by resolution of the
governing body of the city or town and upon proof of compliance
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with the requirements of subdivision 2. The resolution and
proofs must be provided to the county assessor by December 1 in
order to be effective for the following year's assessment.
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HIST: 2003 c 127 art 2 s 16
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Copyright 2003 by the Office of Revisor of Statutes, State of
Minnesota.
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Appraisal Terminology
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CLASSIFICATION The class that a type of property is assigned. A property's
classification is based upon the existing use of the property. If the land is vacant and
there is no identifiable use, the proper classification would be the most probable use of
the land, which would most likely be determined by the zoning classification.
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CLASSIFICATION RATES The class rate assigned to a particular classification of
property. Classification rates are established by the state legislature. Class rates are
the same upon the same class of property throughout Minnesota.
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COEFFICIENT OF DISPERSION Average deviation of a group of numbers from the
median, expressed as a percentage of the median.
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COEFFICIENT OF VARIATION Standard deviation expressed as a percentage of the
mean.
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COMPARABLES (COMPARABLE SALES) Recently sold properties that are similar in
important respects to a property being appraised to assist in estimating the value of a
specific property.
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COST APPROACH That 'approach in appraisal analysis which is based on the
proposition that the informed purchaser would pay no more than the cost of producing a
substitute property with the same utility as the subject property. It is particularly
applicable when the property being appraised involves relatively new improvements
which represent the highest and best use of the land or when relatively unique or
specialized improvements are located on the site and for which there exist no
comparable properties on the market.
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DEPRECIATION A loss of utility and, hence, value from any cause. An effect caused
by deterioration and/or obsolescence. Deterioration or physical depreciation is
evidenced by wear and tear, decay, dry rot, cracks, encrustational or structural defects.
Obsolescence is divisible into two parts, functional and economic. Functional
obsolescence may be due to poor floor plan, mechanical inadequacy or over adequacy,
functional inadequacy or over adequacy due to size, style, age, etc. It is evidenced by
conditions within the property. Economic obsolescence is caused by changes external
to the property, such as neighborhood infiltrations of inharmonious groups or property
uses, legislation, etc. It is also the actual decline in market value of the improvement to
land from time of purchase to the time of resale.
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. CURABLE DEPRECIATION Those items of physical deterioration and
functional obsolescence which are economically feasible to cure and hence are
customarily repaired or replaced by a prudent property owner. The estimate of
this depreciation is usually computed as a dollar amount of the cost-to-cure.
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. INCURABLE DEPRECIATION Elements of physical deterioration or functional
obsolescence which either cannot be corrected; or, if possible to correct,
cannot be corrected except at a cost in excess of their contribution to the value
of the property.
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PHYSICAL DEPRECIATION A reduction in utility resulting from an impairment of
physical condition. For purposes of appraisal analysis, it is most common and
convenient to divide physical deterioration into curable and incurable components.
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. PHYSICAL CURABLE DEPRECIATION Physical deterioration which the
prudent buyer would anticipate correction upon purchase of the property. The
cost of effecting the correction or cure would be no more than the anticipated
addition to utility, and hence ultimately to value, associated with the cure.
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. PHYSICAL INCURABLE DEPRECIATION Physical deterioration which in
terms of market conditions as of t he date 0 f the appraisal is not feasible or
economically justified to correct. The cost of correcting the condition or
effecting a cure is estimated to be greater than the anticipated increase in
utility, and hence ultimately in value of the property that will result from
correcting or curing the condition.
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FUNCTIONAL DEPRECIATION Impairment of functional capacity or efficiency.
Functional obsolescence reflects the loss in value brought about by such factors as
overcapacity, inadequacy and changes in the art, that affect the property item itself
or its relation with other items comprising a larger property. The inability of a
structure to perform adequately the function for which it is currently employed.
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FUNCTIONAL CURABLE DEPRECIATION Functional obsolescence which
may be corrected or cured when the cost of replacing the outmoded or
unaccep-table component is at least offset by the anticipated increase in utility,
and hence ultimately in value, resulting from the replacement.
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. FUNCTIONAL INCURABLE DEPRECIATION Functional obsolescence that
results from structural deficiencies or superadequacies that the prudent
purchaser or owner would not be justified in replacing, adding or removing,
because the cost of effecting a cure would be greater than the anticipated
increase in utility resulting from the replacement, addition or removal.
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ECONOMIC OBSOLESCENCE Impairment of desirability or useful life anslng
from factors external to the property, such as economic forces 0 f environmental
changes which affect supply-demand relationships in the market. Loss in the use
and value of a property arising from the factors of economic obsolescence is to be
distinguished from loss in value from physical deterioration and functional
obsolescence, both of which are inherent to the property. Also referred to as
Locational or Environmental Obsolescence.
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EASEMENT A right held by one person to use the land of another for a specific purpose
such as access to other property.
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EQUALIZATION The adjustment of estimated market valuation of real property in a
particular area to establish a more equitable division of the total tax burden within the
area.
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ESTIMATED MARKET VALUE Represents the assessor's estimate of the property's
actual market value. Market value is defined as the most probable price that a well
informed buyer would pay a well informed seller for a property without either party being
unduly forced to buy or sell. In other words, what the property would likely sell for if it
were to be sold in an arm's length transaction. Although the sale price of a property
often reflects the market value; market value and sale price are not always
synonymous.
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GRADING OF PROPERTY The process used by an appraiser to identify the quality of
construction in the physical structure.
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HIGHEST AND BEST USE That reasonable and probable use that will support the
highest present value, as defined, as of the effective date of an appraisal.
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HOMESTEAD For property tax purposes, homestead is a tax benefit granted to
property owners (or qualifying relatives) who are Minnesota residents and who own and
occupy their home as their primary place of residence. Homestead is a fact question
which may require the assessor to utilize a number of indicators to determine if it is
being appropriately claimed. Although factors such as mailing address and drivers
license may sometimes be useful indicators to determine where a person lives, in the
final analysis, the question comes down to, "Is the residence occupied as the
applicant's primary place of residence?' In other words, do they actually live there?
If the answer is no, no amount of supporting documentation such as voter registrations
or mailing addresses can alter the fact.
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IMPROVED LAND Land having either on-site improvements, off-site improvements or
both.
IMPROVEMENT A structure or building permanently attached to the land.
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INCOME APPROACH That procedure in appraisal analysis which converts anticipated
benefits (dollar income or amenities) to be derived from the ownership of property into a
value estimate. The income approach is widely applied in appraising income-producing
properties. Anticipated future income and/or revisions are discounted to a present worth
figure through the capitalization process.
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INDEX OF REGRESSION Mean assessment ratio divided by the sales
weighted-aggregate ratio.
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LEGAL DESCRIPTION A statement containing a designation by which land is identified
according to a system set up by law or approved by law.
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LIMITED MARKET VALUE A limitation which is imposed on how much the taxable
value of certain classes of property (agricultural homestead or nonhomestead,
residential homestead or nonhomestead, noncommercial. seasonal' recreational
residential) can increase over the preceding year's value. This limit does not apply to
an increase in your value due to improvement made to the property.
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MARKET APPROACH Traditionally, an appraisal procedure in which the market value
estimate is predicated upon prices paid. in actual market transactions and current
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listings, the former fixing the lower limit of value in a static or advancing market (price
wise), and fixing the higher limit of value in a declining market; and the latter fixing the
higher limit in any market. It is a process of analyzing sales of similar recently sold
properties in order to derive an indication of the most probable sales price of the
property being appraised. The reliability of this technique is dependent upon (a) the
availability of comparable sales data, (b) the verification of the sales data, (c) the degree
of comparability or extent of adjustment necessary for time differences; and (d) the
absence of non-typical conditions affecting the sale price.
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MASS APPRAISING A method used in revaluation of a community for tax purposes.
As the term implies, it is a method of appraising a large number of properties at one time
by adopting standard techniques, and giving due consideration to the appraisal process
so that uniformity or equality of values may be achieved between all properties.
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MEAN ASSESSMENT RATIO Total of ratios divided by number of properties.
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MEDIAN ASSESSMENT RATIO Middle assessment ratio or the average of the two
middle terms when the ratios are lined up from low to high.
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METES AND BOUNDS A description of a parcel of land by reference to the courses
(bearings, that is, the angles East or West of due North and due South) and distances
(usually feet or chains) of each straight line which forms its boundary, with one of the
corners tied to an established point; that is, the bearing and distance from an established
point, such as a section corner or to the intersection of the center lines of two roads, etc.
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If one part of the boundary is on a curve, this part is described by showing the number of
degrees of the central angle subtended by the curve (arc), the length of the radius and
the length along the curve.
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MODE Assessment-ratio that appears most frequently.
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NET TAX CAPACITY New for payable 1990. Is used to extend taxes in accordance to
multiplying the market value by the appropriate class rate.
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OBSOLESCENCE One of the causes of depreciation. It is the impairment of
desirability and usefulness brought about by new inventions, current changes in design
and improved processes for production, or from external influencing factors, which make
a property less desirable and valuable for a continued use. Obsolescence may be either
economic or functional.
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PARCEL A piece of land, regardless of size in one ownership.
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PROPERTY CLASS The class that has been assigned to the property based upon the
use of the property.
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PROPERTY IDENTIFICATION NUMBER A geographically related parcel numbering
system. The number contains twelve digits made up of section, township, range,
quarter-quarter and parcel. The first six digits, based on the public land survey,
geographically locate the section in which the property is located. The next two digits
will designate in which quarter-quarter the property is located. The ninth through twelfth
.46.
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digits indicate the parcel within the quarter-quarter. The parcels will be numbered
consecutively beginning with 0001. When a division is made, the next consecutive
available number(s) will be assigned, and the old number(s) will be retained for historical
data.
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RANGE Difference between the high sales ratio and the low sales ratio.
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REVALUATION The mass appraisal of all property within an assessment jurisdiction to
obtain equalization of estimated market values. Reappraisal of a former assessment.
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SALES ASSESSMENT RATIO The ratio derived by dividing the estimated market value
by the selling price.
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AGGREGATE RATIO The ratio determined by dividing the total estimated market
value of all sales by the total selling prices.
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AVERAGE MEAN The total of all the ratios in a given set divided by the number
of items in the set.
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MEDIAN RATIO The value of the middle item where an odd number of items are
arranged (arrayed) according to size, or the arithmetic average of the two central
items if there is an even number of items. It is a positional a verage and is not
affected by the size of extreme values.
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SALES WEIGHTED AGGREGATE RATIO Total of assessment values divided by total
of selling price.
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SAMPLE SUFFICIENCY GAUGE Square root of half the range divided by the number
of properties.
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SPECIAL ASSESSMENT A charge made by government against real estate to defray
the cost of making a public improvement adjacent to the property which, while of general
community benefit, is of special benefit to the property so assessed.
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STANDARD DEVIATION Square root of total of squared deviations from mean divided
by number of properties.
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TAX CAPACITY RATE (Local Tax Rate): Determined by dividing a taxing district's
property tax levy by the taxing district's total net tax capacity. The tax capacity rate is
expressed as a percentage of net tax capacity.
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TOPOGRAPHY The contour of land surface, i.e., flat, rolling, mountainous, etc.
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TRUTH IN TAXATION Provides taxpayers with a preliminary property tax notifica-tion if
any taxing district proposes to increase taxes through proposed budget increases.
Included on the notification is the market value, classification, a proposed tax by taxing
district, and time and place of taxing district budget hearings.
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UNIMPROVED LAND Land without buildings, in its natural state.
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City of Andover
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VACANT LAND Land without buildings. Mayor may not have improvements such as
grading, sewer, etc.
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VALUE EXEMPTION FOR CERTAIN IMPROVEMENTS (THIS OLD HOUSE)
Qualifying homes. 35 years or older, were previously eligible to receive a temporary
exemption on all or a portion of the assessor's estimated value for certain newly
constructed improvements with.an assessed value of $1,000 or more if a building permit
was issued by June 30, 1999. Legislative action in 1999 amended this law effective July
1, 1999 that to qualify for~exemption of improvements from the property tax, the property
must be 45 years of age or older at the time the improvements commence and the
property must be receiving the homestead classification. The minimum assessed value
must be $5,000 for eligible improvement. This includes properties classified as
residential homestead (including duplexes and triplexes), blind/paraplegic
veteran/disabled homestead a nd agricultural homestead. In a ddition, the owner must
have taken out a building permit and file an application for the exemption with the
assessor. This law has since expired and only improvements made prior to January 2,
2003 are eligible.
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City of Andover
Appeals Procedure
Each spring Anoka County sends out a property tax bill. Three factors that affect the tax bill
are:
1. The amount your local govemments (town, city, county, etc.) spend to provide services to
. !
your community,
2. the estimated market value of your property, and
3. the classification of your property (how it is used).
The assessor detennines the Final two factors. You may appeal the value or classification of
your property.
Informal Appeal
.
Property owners are encouraged to call the appraiser or assessor whenever they have
questions or concems about their market value, classification of the property, or the
assessment process.
.
Almost all questions can be answered during this infonnal appeal process.
.
. When taxpayers call questioning their market value, every effort is made to make an
appointment to inspect properties that were not previously inspected.
.
If the data on the property is correct, the appraiser is able to show the property owner
other sales in the market that support the estimated market value.
.
If errors are found during the inspection, or other factors indicate a value reduction is
warranted, the appraiser can easily make the changes at this time.
Local Board of Appeal and Equalization
.
The Local Board of Appeal and Equalization is typically made up of city council
members or township board members.
.
The Board meets during late April and early May.
.
Taxpayers can make their appeal in person or by letter.
.
The assessor is present to answer any questions and present evidence supporting their
value.
County Board of Appeal and Equalization
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.
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City of Andover
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The County Board of Appeal and Equalization follows the Local Board of Appeal and
Equalization in the assessment appeals process.
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Their role is to ensure equalization among individual assessment districts and classes
of property.
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The board meets during the Final ten working days in June.
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A taxpayer must first appeal to the local board before appealing to the county board.
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Decisions of the County Board of Appeal and Equalization can be appealed to tax court.
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Minnesota Tax Court
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The Tax Court has statewide jurisdiction. Except for an appeal to the Supreme Court, the
Tax Court shall be the sole, exclusive and final authority for the hearing and determination of
all questions of law and fact arising under the tax laws of the state. There are two divisions of
tax court: the small claims division and the regular division.
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The Small Claims Division of the Tax Court only hears appeals involving one of the
following situations:
· The assessor's estimated market value of the property is <$300,000
· The entire parcel is classified as a residential homestead and the parcel contains no
more than one dwelling unit.
· The entire property is classified as an agricultural homestead.
. Appeals involving the denial of a current year application for homestead classification of
the property.
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The proceedings of the small claims division are less formal and property owners often
represent themselves. There is no official record of the proceedings. Decisions made by
the small claims division are final and cannot be appealed further. Small claims
decisions do not set precedent.
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The Regular Division of the Tax Court will hear all appeals, including those with the
jurisdiction of the small claims division. Decisions made here can be appealed to a higher
court.
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The principal office for the Tax Court is located in St. Paul. However, the Tax Court is a
circuit court and can hold hearings at any other place within the state so that taxpayers may
appear with as little inconvenience and expense to the taxpayer as possible. Appeals of
property located in Anoka County are heard at the Anoka County Courthouse, with trials
scheduled to begin on Thursdays. Three judges make up the Tax Court. Each may hear
and decide cases independently. However, a case may be tried before the entire court under
certain circumstances.
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The petitioner must file in tax court on or before April 30 of the year in which the tax is
payable.
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n City of Andover
J
n Sample Market Value Notice
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Notice Of Valuation and Classification --- County of Anoka
n. This is NOT a bill --.-
This form is to notif; J10u of the marker value and classification afyour property for assessment year 2004.
The property 1a."'Ces you will pay in 2005 (next year) will be based on this valuation and cl.a.ssification,
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Property Owners
PIN:
Property Gass:
Payable 2004:
RES HSTD
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Payable 2005:
RES HSTD
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Payable 2004 Payable 2005
L Estimated Market Value $ 15a,300 $ 167,300
la. Limited Marlcet Value $ 148,300 $ 0
2. Green Acres/AG Preserve/Open Space Value $ $
2a. Limited Green Acres/AG Preserve/Open Space Value $ 0 $ 0
3. Value of New Improvements $ 0 $ 0
4. This Old House Exclusion $ 0 $
5. Plat Deferment $ 0 $ 0
6. . Taxable Market Value $ 148,300 $ 167,300
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Your property's payable 2005 market valueshown on line 6 is the amount that will be used to determine your property tax bill.
Local Board of Appeal and Equalization County Board of Appeal and Equalization
ANDOVER CITY HALL ANOKA COUNTY GQV CENTER
APRIL 19, 2004 AT 7:00 PM JUNE,14, 2004 AT 9:00 AM
TO APPEAR CALL LOCAL ASSR TO APPEAR CALL
AT (763) 323-5452 (763) 323-5475
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PRELThIINARY REVIEW
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If you feel the valuation or classification is incorrect or if you have any questions concerning this notice, you may wish to contact your
assessor's office at:
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2100 THIRD AVENUE NO" A..'JOKA, MN
55303
You may contact your Assessor at the phone numbers listed under the Board of Appeal and Equalization meeting information.
PLEASE NOTE: This preliminary review is provided as a service to property owners, it is not a fonnal part of the review process bw, If you
do not feel there has been a satisfactory response to your concerns, you may still use the appeals process. See back of this form for formal
appeal process.
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'Please read the back of this notice for definitions and important appeal information.
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L.'VIPORTA.c'lT INFORlVlATION ABOUT YOUR PROPERTYTA..'{ STATE:YIENT
Only one tax statement per parcel is mailed per year, statements are mailed in mid to [ate March. A change in the ownership
recorded after January ,1 of the current year, will not initiate the mailing of a new taX statement. The statement will be sent to the
previous owner/or ta..'Cpayer. Mortgage refinance and/or satisfaction, and sale are common reasons for a change in the current yeJ.r
taXpayer and require a request fOf a duplicate tax statement.
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If you have paid off or refinanced your mortgage: and were escrowing your tax payment. you are responsible for paying the ta;(es
due. Failure to timely pay your taxes due to not receiving or having a tax statement will not forgive the imposition of penalty and
interest.
If you have not received your tax statement(s) by April 1st of any year, please call (763) 32345400 an,~ request a duplicate.
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HONfESTEAD: Property currently classified as homestead will not be mailed a homestead verification card and will continue !O
be classified as homestead as long as the property is occupied by the owner or qualifying relative as their principal place of
residenc::. Any change in the occupancy status of homestead property requires notification to the County Assessor.
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Appealing the value or classification
of your property
Informal appeal options - Contact your assessor
If you disagree with the classificatioa or estimated market value for your
property for 2004. please contact your assessor's office firn Co discuss your
concerns. Often your issues c:m be resolved at this leveL Contact information for
your assessor 's office is on the other side of this notice.
Some jurisdictions choose to hold open book meetings to allow property ownc~
to disctlSs their concerns '.vith the assessor. If this is an option available to you.
the meeting ti.me(s) and locarion(s) will be indic:ned on the other side of this
notice.
Formal appeal options
If your questions or concerns ~ not resolved after meeting with your assessor,
you have two formaJ appe:J.! options:
Option 1- The !Boards of Appeal and Equalization
You may appear before the Boards of Appeal and Equa1izJtion in person.
through a letter, or through a representative authorized by you. The meeting
times and locations are on che other side of this notice. You must have
presented your case to the Local Board of AppeaJ and EquaJizaUon
BEFORE going to the County Board or Appeal and Equalization.
Step 1- Loc:>1 Board of Appeal and Equalization
If you believe your value or classification is incoITO:t, you may bring your case
to the l.oc:1J Board of Appeal and Equ.alization. Please conttlct your assessor' s
office for more infonnarion. If your community no longer has a LocaI Board of
Appeal and Equalization (as indicated on the other side of this ootice) you may
appe:1l directly to the County Board of Appe:1l and Equalization.
Step 2 - County Board of Appeal and Equalization
If the Local Board of Appeal and Equaliz:uion did not resolve your concerns,
you may bring your C:lSe to the County Board of Appeal and EquaI.iz.ation.
Yau must 011 in advance to get on the agenda. Please contact the county
assessor's office to get on the agenda or for more information.
Option 2 - Minnesota Tax Court
SmaU Claims Division
You may ~ your case direcdy to the Small C1aizm Division of Tax Court if:
. The assessor's estimared market value of your property is less than
$300,000; or
. The e~ parcel is classified as a residential homeste3d (Ia or Ib) and the
parcel contains no more than one dwelling unit:: or
. The entire property is classified as an agriculrwal homeste<1d (2a or Ib); or
. Yau are appealing the denial of a cu~nt year application fOf" homestead
classi.ficarion of your property,
Regular Division
Regardless of your property type or the nature of your claim, you always have
the option to file directly with the Regular Division of Tax Court.
You have until April 30. 2005, to file an appeal with the Small Oairns
Division or the ReguLar Division of Tax Court for this year's valuation notice.
Definitions
Property Classification - The stattItory classifiC:ltion
that has been assigned to your property based. upon your
use of me property. A change in classification of your
property can have a significant impact on the real estate
tax payable. Please compare the 2003 and 2004
classifications listed on the other side of this stacement.
Commerciall1ndustrial Property - Each parc:et
of commercial and industrial propeny has a reduced,
"preferred" cbss tate on the fim: tier of rrunicet value
($150,000) and a "oon-preferred" ra!e on the re~g
market value, except in the c:LSe of contiguous parcels
owned by the same person or entity, Contiguous
properties are classed at the "non-preferred" rate. Ple3Se
~ your assessor for details and exceptions.
Estimated Market Value - This value is what the
assessor estimates your property would likely sell for
on the open market State Ia w requires assessors to
value property at 100 percent of market value.
Value of ,New Improvements - TIlls is the assessor's
estimate of the value of new or omitted improvemems
you have made to your property. These improvements
are not eligible for HaUted market value.
Umited Marlnet Value - Limits how much the
tlxable value of certain properties can. increase, 'With
the exception of new improvements, the value is limited
:co the greater of: 1) 15 peIXent mcre:lSe over last year's
limited value or 2) 25 percellt of the difference between
this ye:lf'S estimated value and last yem-'s limited value.
TItis only applies to agricultumJ.. residential. timberland,
or noncommen::ial seasonal recreational residential
(cab;n) property. .
Green Acres - Only applies to agriculturaJ property
that is facing increasing values due to development
Prolsures noC related to the agriculrural value of the
land. The assessor arrives at this lower value by looking
at what comparable agricultural land is selling for in
areas where there is not development pressure. The
taxes on the higher value aro deferred until the propeny
,~~!d orne longer qualifies for the progrnm.
, Plat Defannent - For land that has been recendy
platted (divided into individual lots) but not yet
.improved with a structure, the incn:ased market value
due,to platting is added over a pbase-in period. If
construction begins before the expiration of the phase-
in period, the lot will be assessed at full market value
~. the next assessment
~is Old House E.l::c1usion - Applies only to
homestead propert)' 45 years of age or older and valued
at less than $4OO,C01 [mprovements that increase the
estimated market value by 55,000 or more: may have
some of the value exempted. Only improvements
made before Jan. 2, 2003, and assessed during the
2003 assessment will qualify for this e.,<c1usion.
Value that has been deferred for 10 years will begin to
be pbased in with the 2004 assessment
Ta;.able Market Value - This is the value that
your property taxes are actually based on. after all
reductions. limitations, exemptions and deferrals.
Your 2004 value, along with the class rare and the
budgets of your loca.l government, will determine
how much you will pay in taxes.
For more information. contact the Minnesota Tax Court:
25 Rev. Dr. Maron Lucher King. Jr. Blvd, Room 245, Sc Paul, MN 55115
Phone: 651.296.2806
Web site: www.taxcourt.state.mn.us
e-mail: infcfa)taxcourt.State.mn.us
. For more ut/ormatiOn on appeals, check out th~ Department of Revenue web sue:
hrto://raxes-statemn.usltaJ:.eslorooertvloublicananslfact sheers/hrmJ contentlanoealing arDofsl onscreen.shIml
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City of Andover
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2003 Residential Real Estate Activity Report by
the Minneapolis Area Association of Realtors.
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~ ;:}he Minneapolis Area Association of REAL TORS$ has
",published montl1ly and annual housing sales reports
'~since 1960. The scope and detail of reports have
:.'ex.panded over time as home sales have grown
,~throughout tl1e region and computer technology has
..' "provided us witl1 more reporting options.
"Early reports only included property sales in Minneapolis
'Elnd western suburbs, Some previous reports combined
',all sales together in a category called "all property types."
'. ,.~Even today, tl1e report does not distinguish between
;.,c',:;"xisti nghome sales and new construction reported to
:;.MLS.
.puring most of tl1e 1990' s this report included only single
, family detached homes. Beginning in tl1e year 2000.
single family has been defined as single family detached,
;,:,cpndominiums" townhouses and twin houses and the
';,report only includes sales reported from tl1e 13 county
,--> ,"' ~:'~etropolitan area,
~'~ ~
,,~ ~This information is published on our web site at
=.::..iwww.mplsrealtor.com.
· 2002 home sales were recalculated by RMLS on
March 6, 2003 due to the fact the previous report
Included some sales reported early In 2003. Wherever
you see · the report has been recalculated for that year.
5750 Lincoln Drive. Minneapolis
Minnesota 55436
952.933.9020
wW\N.mplsrealtor,com
www.mplsrealtor.com
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MI~,NFAP(JII~ ARFA A",;ri,tion
of REAL TO RS
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..:* 2002. HOME SALES AS REPORTED BYlYILS'PARTICIPANTS (Single Family andCoiuiomm'l1home) .' . J
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DISTRICT
NUMBER & NAME
4+
MEDIAN
PRICE
, J
BEDROOMS
2 3
TOTAL
SALES
Division III
Minneapolis
".:;~300:' Mpls.CalhOu'n:.lsh!s
;"301, MplS-Camden '
;-."302" Mpls.eentral .
303- Mpls-Longtellow
304 Mpls;-Nokomis
~~:'305: Mpls-North
306 Mpls-Northeast
307 Mpls-Phillips
308 Mpls-Powderhom
309 Mpls-Southw9St
310 Mpls-University
Suburban and other areas
~':':340" Buffalo ~,"" >,'"
341, Wright County (ExceptButfalo)
342 Hutchinson '
.343 McLeod-County
360 Robbinsdale-
~ ,361' ,Crystal
362 New Hope
363 Brooklyn Center
364 Brooklyn Park
365 Maple GrovelOsseo
360 Champlin
,367 Henr1ep,in-No~h
""363,HHe nnepin-Northwest:"-
,'>370': Sibfey County
,373 'Golden Valley
374 Plymouth
.'.378, Richfield
'379' Btoomington-East
380 Bloomington-West
381 Lake Minnetonka
385 Edina
386 Hopkins
387 Minnetonka
'<' -39"L,..Saint.Louis Park.
39Z Ede",Prairie'",'
394 Carver County.'
396 Chanhassen '. '." '
39-7" Chaska-
,J98 ,Victoria .__.
..."...."121>:....
222 '
'152 .
.:..17Cl
'281>
,"A 91'"''
155
14
88
214
31
'''''152' ....:"..
355 .
28
.176
429.
."'.. .225
258
26
175
509
26
...."12B .,,"
.BI>
2'
30
..1~g..",
70
18
73
166
14
'{.II,',.,'" ''',':' 3;~\~,,~,,~,~'~'~'~,"r-:11S "'"-'.~13'X:<"'",,,,,,,>;~' ""':'9']'
58' . 540 '764-" . 443
"L 9& 155. 73'
Z 53 '115 59
11 67 150 43
83,. 256. .60
8 26 157 78
4. 100 246 86
20 289 563 459
13 356 452 407
3 82 190 159
1 67 186 141
"" 2" ",', 14- """,, " .... 75 .....,. 129
o " 21. 40"" 22
..3 '90' .162 '104
29 367 350 . 514
'."17" "'l16 314-' 76'
23' ." 78" lB4-" ..... '".74''' . ,".~
39 210 334 263
28 149 351 405
65 185 282 298
44 84 81 30
37 196 287 276
"m..".7s...~.",,"',,_219,. 419,,,,,..,,..,,.. 90........"
. ',389' 35B 520'
94- 195" 163
'125". '112. 230
79 166 152
: ".,~,,;,: 5",~,~", <",,~'36>;.,:" ,:',53:..'" - . ",nh
'"':T'~34:Y"'"
1,805
330
..'229
"277
407-;:
269
436
1,331
1,288
434
395
..'," '220'
. 83
359," .
:-:1;260
. 523 .
""359"'"
846
933
830
239
796
..."..'''''''" 803 ,,'
, "1,274-
. 460-
46T
, 39g
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Division II
600 WestSl. Paul 256 10 66 134 46
602 South St. Paul 296 2 76 167 51
604 MendotaJUlydalet'Mendota Heights 153 2 39 60 52
605 Sunfish lake 7 0 1 0 6
.,~,60thlnve~ Grove Heights. ;,",",,4tO ",^~",.~n,-".,.2"",,,,,,-'l', v~",_t:l4, ,,~,","h",.,,<< ".t32,,..,,.,,,,,~,_~ 142"
6-111 Eagan. t;.19t' '36 372" 390 ,.'" , . 393 -
&12' Bumsville y 1".07t.~ 47' ';346 33.7: 341",.'
" 6t4, Appfe Valley'" \}\Q39786' 2'1 408 ., .,338 ....33l
616..Rosemount ''. ,::, ' 3.' ;,,85 154: ,:'134'
';,,',61-1', Hastings'," ,,__,:;.,..,~;'" -, 3t9 ' ,1'> 75 136,'0' 107
:> ,&18 Eastem Dakota County.:,:::': '"::,__:':':', '::' ,:' :', '22 ":\,',,'\--",:','. "0- ::' ,,'; __':, '" 1: ":,':,::--.:, , 15: ' " 6: .
'~624"' FarTTl ington'~-"~'" ,'H,,",_~,~_,,^~..~"',__....:.c.,,~-c.'_ 5t7.'.;..:...._AA"-'~--',3'-' .......~..;'^..,.' ,., as- ..-.-;.,'~,''-'--= 240"'--...:....."" '188":;';<
626 LakevilJe 940 4 64 336 536
628 Southern Dakota County 27 0 3 8 16
630 Northfie'd 265 0 61 119 85
632 Rice County 334 8 75 162 89
640 Shakopee 675 1 238 238 '98
642 Prior Lake 506 5 59 210 232
~:~r644::;Sa"'age.' '''''}:;.~;:'P:561'''"'''-,?~''f''''?':~:' 2:"':-" '" v .":'~;-.: 7g:~'-:,;";"''':''':,'':':; 2157:~~;.:':?:t265-:- ,. ""'
>S4&:Jordan' -:'j' 89,;' ",-,,0 '16':, "__' '46:'i .27 ,
;/S48:;NewPrague ,,273':' Z' 52 ";'-147 ":,77"
::',;.650~BeUePfajn,:" ,,: ' 144' ,0 43., '6T' 34,;
~ ;653:LesueurCounty , 5' 3:4 82'
;::6:~':GoO~~,ueCo.unty~'!" '., 'tO~ 107 187
'"bivi~i'onT""'."""""""'-' m"_"'~" ... ,.......,,,.........,,~.....,,.,,
702 Falcon Heightsllauderdale/Roseville 408 29
70S lino lakeslHugo/Centerville 69' 4
706 North Central Surburban 388 10
707 Ham lake 192 1
708 White Bear Area 751'6
709 Forest lake Area 415 5
710 Northeast Anoka County 121 3
71'f",Southem C hisago County":";':..,;,:'~~ ~:~""':~i~~~':7rT q;;.":'>":'~;; :" S~': ~y~
~^ T12':,MaplewoodlNorthSt:PauL 599, C' "T
.71 ~;. Bethel 64 J;
:'.714'Phafen,:, ,,': ,',': 10.
~:i:71& Hillcrest/Haul Parir1Dayton~ 20'
72U",SOutheast'Sl. Pau',,; 2'
721 LakelandlAftonlOenmark 1
7"12 Newport/St. Paul ParkJCottage Grove 1
725 Pine Springs/Lake ElmolQakdale 6
726 Woodbury 9
:?T72T."'SUllWaierfBayp'ort'
72S" Riverview/CherokH
: 7JS-Jfoma CroftN/7t
-:: -740. Crocus Hill
2 . 2003 Residential Activity Report. February 2004
DOLLAR
VOLUME
r,
AVERAGE
PRICE
.... '$169;921,292'" " '" '~"'"'$373;450'''
$91.040,253, $130,626
. ,. $102.889,859, '$270.760
$69,656.248 $175.457
'." $170,000,35.1 $191.54-3
. $52,306.521 . $122:211'
$85.123.172 $168.561
$7.817.796 $126,093
$55.438,435 5158,396
$240,889,439 $271,606
$17,213.404 $193,409
,'1"",'$,18Tj293: ,",'1' :",~" ;'"'''f!!
. . .. $192,047
$137,415
$.128,969
..$164~16o
._,_:S;163,94&^ ,~.-~,~<
$180,464
$157.359
$182.623
$236,419
$206,181
$229857
.......,."$396:888
3135,357
$245,111
$265,829
.5182,72S
... .. ,. "'...5177.540......
$231,762
. $46.1 ,,448
5352,363
.$0.74.773
$298,954
.,.,'''' "....".:,$194.756..
, . t :,$309',09.0
". $212.136"
, : $300.812.
'. $243.324
"",..'$317..607
rl
$292,000
$130,000
5233.,000
$169,000
5179,650
3121,950
5162,000
5129,950
$157,000
5237,COO
S179,COO
r
r ,
~
- ":Y;'%"'"'~:S64=;241~645<
'$346.645,,422
$45,346,801
329,533.834-
$45',473.868
,- $00,726',0080
$48,544,730
$68,608,440
$243,070,985
$304,5<J7.638
$89.402,619
$90,793,433
''''',$81'.315.327''
$11.234,593'
. $87,994,777
:$334,945',140
, $95,,566,883
.'- $63;738,002'"''
$196,070,360
$430,531,208
$292,461,609
$41.770,761
$237,967,493
_~,S 158,38S.003.,..,
.. $393..780,287 , ,
$97.582',430:
$140,479,202
. $96.843.078
',$29;855.088
$171.150
$175,625
$125,000
$122,400
.$164-,800
.$1-63,,000
$183,000
S 157 ,800
$178,500
S2CO,OOO
$183,700
$221,000
"$258.250
$130,000
$214,860
$239.000
$180.000
$180,000
5202,000
1340,000
,285,000
$155,000
,241,750
. $184.900
$239,700
$189,482
,25S,900
$207,7eo
. $287.400
:'(
, ,
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$45.]02.223 5178.524 5165,250
,47,913,865 $161,871 $159,675
$45.201,226 $295,433 '262.000
$7,440,000 ",062,857 $800,000
"'''''''''''-''.~ $93..269.76&.. ......",."...$227.487 ,$186,750
'$255.195.940" . ,214, $192.000
$214,4f1,083' $200, $185.000
. $225.892.105" $205, $184,700
: $85.913',054- ,.$ "97.950
'.:' " $64.,634.586 '. . .' $20Z,6!8 $180,000
. >, .,' '" we"~: S5,t35,OOO" :':,':,", ,: ,,--_', :.: '$233.40g.. 5225,500
'''~'~-''$107';1og:445''-.''~''~.'''$207.175 ~"".._k" 1195,900'
$247.285,420 $263,070 ,)239,900
$5,410.785 $200,399 $180,000
$54,172,837 $204-.426 $184.900
$54,895,729 $164,358 $145,750
$138,397.521 '205.033 3177,755
$144,393,241 $285,362 '244,950
40.301',320'. ,,' ""-~~"'.$250.09r'''~''.'' ,.... ".3227,000
18,061,688 ....', $202.8 $182,000
24,1'33 $2,t4 $195.000
642' 79 $172.300
. $22',724.580" 30,601. $121.500
~', 566267.51'.1: 6"4,845 5141.200
l
c,':",":._",~.y_^..:"":""~,;;.,,,_,,
$206:743
$239,798
$267,445
$264,738
$248.609
$238,458
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' , ~", '..-';, " " .' ".: .'.: '" .', . ." :'-." .'7::;~:""',--:<>~:.:.::.:,<~:,,"t~;n:" '::7:~T~~~,,'.<;:,:~7':;~<~';,:;" ~~:~;,Gl<'7~~;"':~:~~0~7 ,;':...;:~~~,.:.:::.;~.;~,~,:~';:::',~;:'<~'f.,-","':""'
2003 HOlVlE SALES AS REPORTED BYiVILSPARTICIPANTS.(SiiigIe.Family.andCorido/Dlwnhome},;,.>
'".- ,",^:, ",: i,,". ~ ..'" ....'.."t.. . .:;', '''''':'''''.',':> '''''''',;::'':o..,~,:,:,',::,,;;.::..!' . c",;." ,",' ':," , . "--',': ',. "';,:"":;'., ...,'>',':.;''';,;i''..;":,,.,:,;'.;~.',.,~~.
DISTRICT
NUMBER & NAME
TOTAL
SALES
BEDROOMS
2 3
DOLLAR
VOLUME
AVERAGE
PRICE
MEDIAN
PRICE
4+
Division III
:--';' Minneapolis.,
300' Mpl~alho'un--tsl
301.,,,Mpl$.Camden
.302__ Mpfs-Central
303,,' Mpls-tongfel
304"Mpls-Nok:omis. ..'-'::
"'"'30S-Mpls:'North ----' ,'-'-"~.'
306 Mpls-Northeast
307 Mpls-Phillips
308 Mpls.Powdemorn
309 Mpls-50uthwest
310 Mpls-University
"'~'Stitfurban'andotheF :ir
~O'" Buffaro'
341, Wright County {EXcept
342-' Hutchinson, .
343', McLeod: C:ounty
'"360- Robbinsdale' ,<,._',~",
361 Crystal
362 New Hope
363 Brooklyn Center
364 Brooklyn Pari(
365 Maple GrovelOsseo
,366 ,Champlin
"~3&7' Hennep,jn~oi1ti':":",'~':';
_363~ Hennepin-No
370: ~Slbley County
3-73.: Golden Valley
"314- Plymouth
.;' 378" Richfield'
379 Bloomington-East
380 Bloomington-West
381 lake Minnetonka
385 Edina
386 Hopkins
387 Minnetonka
,"" 39'1 ~Sai",tLouis p'arlc":, "~"'";,r-.t,,~",~W'::"'-~" "
392::,Eden Prairie,.j \' .
394;:Clrvel"County
391;:,_ Chanhas,sen ::.
397LChaska '
,,39aNlctoria ^~ ,,,'.,".~'
t50
234
t87
tIT
296
64
155
15
105
229
31
$408,461
5145.436
. '5275,497
$188,073
:,.5207,649
5142;153'"
5187,518
5147,269
5163,621
5301,059
5216,047
t2t
390
23 .'
, 178'
553
2t6
261
33
146
567
46
$199,.737,338'
$108,931,35t
$103,035,864
$77.466,238
'.$2t3.462',777
559,277,962 .
594,509,039
512,517,875
558,576,176
5308,585,596
526,357,698
H7
'98
6
"'36-
120
'110 ,.
TJ
26
ao
185
2'3
5287,900
$144,000
$219,000
$180,000
5t95,OOO
"5f39,900 '.
5179,950
5144,000
$166,500
5257,500
5210,500
15
11
27
24
20
, $207,2Oa
. $.2Q4,680
.. $t47,OO5
. 1;:f.14,600" ,':' . S131,,286
"553,358,553'~ '.. '..,. $176,45<J
571,680,046 5178,753
551,848,296 5197,142
595,963,361 $169,248
5298,163,599 5208,506
5364,700,768 $254,679 5212,000
5124,316,884 $226,442 5199,900
.. $60,122,364: ":":'':'':',' $25.1,558:' :-'-,..,,' ".':' '52....504
'$109,288:,800 ' 5444,263' 5~9,950
,512;074,275 ,: $121,962 ' 5123,900
$103,209,779 5268,775 ' 5225,900
,5390,122'.433 " 5267,469' 5250,000'
.,'." ".' '$109,742',355> ''''5195,271'' '..,,~' 5195,15(}',,,
$71,337,864 5195,983 5194,900
$207,709,764 .$246,.102 $220,000
5493,477,879 5463;802 ' 5349,950
5362,206,505 ,5396,287 5295,500
564,867,904 5191,917 5175,000
5255,751,105 ' , "5315,353 $255,000
.,' "..,..$20~73g.,60t' ... .""" ",''7'",5215,910':-' "-:$1 99,00(}-.""'",,,
. " $457,879,745, ,-$325,661 " . .$254,750"
5126,,428:,779 , 522'4.526 , ' "$2oo,OOa
$161,503,814 ,,5317 ,921"" "..,5257,250,
5120.727,220' ;',5254,163 ' 5214,000
" 544,436;809, ,,". "C" .5367246 '"'' .",,5325.000.
Division II
600 West St. Paul
602 South St. Paul
604 Mendota/Lilydale/Mendota Heights
605 Sunfish lake
608 lover Grove Heights
~:!&1o."Ea9arr ..~.',:,<
6-12' Burnsv'iIIe;
5t4'.:"AppleValley'
&16' ,Rosemount-
'::'617:,Hastings """ ..
613' E,aste,!, Dako~a County
,~624L Fannington'::: ..
626 La keville
628 Sou1hem Dakota County
630 Northfield
632 Rice County
640 Shakopee
642 Prior Lake
i'~644','-Savage"":
::'646,'~ordan
!;" &43:, N'ew Prague
',,650 "Belle- Plaine.
", ',653 tesueur:County'
660- Goodhue County
^/-.'~'X,~""
265
291
146
6
490
"",,' ":'<t:i5&:~,' ''';'?
, 't.ll(}
.t,
136 53 551,478,013 $194,257
175 45 551,942,584 5178,497
58 46 546,226,767 ' $330,320 '
4 2 $4,129,000 $688,167
188 131 $115,238,172 5235,180
,,- -'~'-436"'''-'~''''','.--53tt 666739'" "'" ~"-"'''$229 843
,C' '38& ,",' ." 5254:021:046 :,,;'" ':,$217.11 '
:35t:.:~~~, n$263~f89;42g $2'Tg.~.87
" 153.', 79',704.' '.5245,
. '. .128'.,"-:,' 582',265,65!1' . 522t. f45
" ,'3", "51.831,894',. ,5228.98T
",;",~~,.,'234,-",',;"", ,$t34181g.:,21l},..~.,- '_'_.''''.'';",m(},03.1'~.::
398 560 5310,800,386 5281,013
9 16 $7,629,621 5263,097
139 94 566,902,940 5207,130
205 102 $72,469,904 5172,959
273 212 $164,)93,147 5215,760
224 269 5194,378,016 5309,519
3;-"':"'\--":"",:'26t"";:~,,,,;:-,<,,~,,,,,,~::::"!S 150.559>.g-48f'<:"?~~' :,~,:",'.""',"~';$26:t:;.389.:,,";
t., 39 .520',766.138'" ,: .'5238,691'
6' '1'02 ' ",S73.191,383 ' ':$23<J,162.
,t16,' ,'. ,,30.... . S4O,547,425 '" ,$193.083
.90' ....,.A7.., 531,,554,385' , 'St6G.175
202. .133. 577,980,202, :5172,142
5183,340
5175,000
5305,750
$672,000
$198,250
. -'~"-$205 000' ",....,.
" $208::450'."
5197,70(1
$217,950
$197,500 '
'" 5214,872".
',... ,'.52D7,00(1,~,.",
5249,450
5260,000
5187,500
$151,300
5189,000
5255,000
",.y,;r:::,,,;.,~,"'" ~":'$234 ooa;'N( ..::
. . $21S:000'
5205.9S<J
$180,000
. '513S,900
, St53,00(1.
'Divisio~T"':"-
702 Falcon HeightslLauderdale/Roseville
705 Uno lakesJHugo/CenteNille
706 North Central Surburban
707 Ham lake
708 White Bear Area
709 Forest lake Area
710 Northeast Anoka County
'''':rq:t1''SouthemChisago County:
.. .712~ MaplewoodlNorth- St,Paul
::,713,:,BetheL:':,:: .
/~7-14:,PJ\alerl-',',~",".'- <;';' '--'X".--,':, ,:-
<T16<HilrcrestJ"fazel: Park/Dayton
:'.:,72(); 'SOutheast SLPa'ul-:,~':,."",:
721 lakelandlAttonlDervnarll: 96
112 NewporUSt. Paul Park/Cottage Grove 705
725 Pine Springs/lake ElmolOakdal. 600
726 Woodbury 1,269
;'S727,~StiUw~tllll.rJB.ayport
:72B--RiveNi
:~"J3.8; HomaC
,._:,~'.>o,,,,,,,_.~,,,,c
. "" "..,' ".,., "
.u,..'-,_""................'_,~.,'"""-'".~,.,_",''','''..
244 118
275 213
126 135
89 95
324 258
270 170
54 29
2003 Residential Activity Report
February 2004 . 3
:<~':-<="'-""';-::~:'r'-".
l
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r-,
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TYPE OF FINANCINGFORALLSALE;S BY DISTRICJ;NUMBER ~200Z,
l
I
DISTRICT AND NAME
OTHER
LNFHA LNDVA CONVE ASSUM ADJGP CONFD
r-,
CDASS
SPEFU
CASH
.Division III
Minneapolis
300 Calhoun . Isles
301 Camden-
,', 302 Central
303 longfeltow;
'304 Nokomis ',v
305 North
306 Northeast
307 Phillips
308 Powderhorn
309 Southwest
310 University
.w_Suburban and other areas
" 340 BuffalOe
341,: WrightCounty':
3:42, Hutchinson<
"343 McleodCounty;'"
. 360,. RobblnsdaJe
,,' ':l6t CiystaJ'
362 New Hope
363 Brooklyn Center
364 Brooklyn Park
365 Maple GrovefOsseo
366 Champlin
367 Hennepin Co North
;""'~~:'363' Hennep!nCo.NW
370 ,Sibley County
, 373',-- GOld8rl Valley
, . 374 Plymouth
,^, }7S,:: Richfield .:: ',' ':
.:',,"'.. 379-.;.-BJOomington. East"",-_ _
380 Bloomington. West
381 lake Minnetonka
38S Edina
386 Hopkins
387 Minnetonka
391 St.louis Park
39Z:EdenPrairie
394"::CarverCounty
.'" 39S','-Waterfront "'~ <', ~"
396: Chanhasse"'",.;<;,,;
397' Chaska" _" : .
. 398..fVlctoria :;:,>~;~,:~,~+
399 OutotTown '
\
,.90
51'1.
Sl.
6t
77
155'
76
177
427
299
134
97
:'-"~H-~'
2t
63
271'
,163
,:- --"~~' 93-
183
116
205
65
102
194
Division II
600 West St. Paul 69
602 South Sl Paul 87
604 Mendola -Utydale~Mendota Hts 17
605 Sunfish Lake 0
60S lnver Grove Heights 88
610 Eagan 249
~612 Bumsvilla
614 - Ap pie Valley:'."
. 61S^ Rosernount ,",""
;' .>': 611 Hastings ... :.
618 Eastern Dakota County
:,,",:i:,6-24;',Farmington, , ,
'L:..:..626.C';..lakevlll& .:~ .:,,;, .
628 Southern Dakota County
630 Northfield
632 Rice County
640 Shakopee
642 Prior lake
<.644 ,Savage
646:, 'Jordan-
: ~ 64S:',:New Prague
;::':'~~' 650, ,'Selle Plaine
&Sa teSueurCounty"
660,~C;;oodhue County
DivlSion"r .,"""
702 Falcon Hts-lauderdale-RosevilJe
705 Uno lakes-Hugo-Centerville
706 North Central Suburban
707 Ham lake
70S White Bear Area
709 Forest Lake Area
710 Northeast Anoka County
,,_,~.,.}11,,;.southemChisagQ County
':'<;', T12::,(MaprewOod:.Nortfl,St"p'aul'
713 Bethel .
7t4. Phalen
:;:-I1&"i Hillcrest/Hazel P kJOayt
i.&,',' nOt-Southeast St Pau[,,,,",:"'~:i:~~,;.c
721 lakeland-Atton-Oenmarlc
7Z2. Nwport-St Paul Pk-Cottage Grove
725 Pine Springs-lake Elmo-Oakdale
726 Woodbury
727 Stillwater.Bayport
i~,~;'~i~:;~~:~':~:~_~,~o~'TI," '~..
'J 140 ;'Crocus Hilt
~, "741' ': Downtown-eapita
'-742:cCentral
157
141
20
130
147
19
7
4
o
2
4
o
8
29
. '11:
7
3
1r.
5
10
17
11
7
5
'.':-3'"
, l'
,4
5
5
,"_2 "
11
5
2
l'
7
7
43
-23
"',"98
.12
33
0 1 2 0 0 10
0 0 2 0 0 20
0 0 1 0 1 .9
1 0 1 0 0 14
0 0 1 1 0 65
0 0 0 0 0 4
l(
r,
"'~220":"-"'- "-:"6'""""
.,.;1',21& "'0
229 0'
157 . 0'
181 '0'
'''23,. ...".... '0".....
176 0
239 0
834 1
923 1
288 1
289 0
"'17Z':j:~Jo;r7":C:'~'1='~"::";"~~.'~~-
57 '0'
2€8 . 0"
=
335
240. """ .",..
604
711
540
142
599
':l',~":""^';"'''''Q:''''''-'
19 3,
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o 0
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4 0
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0 28 16
0 27 12 n
0 55 35
0 32 18 U
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4 2003 Residential ActiYity Report . February 2004
~
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TYPE OF FINAL'\fCING :F.oRALLSALES BY DIS1RIcr~mER - 2003' :,';:.5:i:~', ,',
-, ,,-, '" ,'," " ,,', '.' ',' " ",'.' .""'"-J " .i. ,'. . .',',,' 'm.o,' .'".-_ > '. """ .,,<... If', ' , . . '. . . :..~ :'_ ~ ,",'
DISTRICT AND NAME
LNFHA LNDVA CONVE ASSUM ADJGP CONFD
CDASS
SPEFU
CASH
OTHER
" Division. III
MinneapolIs
300, M pl:s;.calhoun-rsles
IS-:Camden
302', Mpls-Centrat '"
303::,~M"pls-Langt&lIow :;
304 Mpls.Nokomis
305 Mpls-North
306 Mpls-Northeast
307 Mpls-Phillips
308 Mpls.Powderhom
309 Mpls-Southwest
310 Mpls.University
Suburban and other areas =..
"', ,,:'34U,. Buffaro. , ::' ~,.' .'-:"~':':'-:''''''''~''~83-
'~:,341> Wright,C-ounty (&ceptBuffalo~ '439
<342 HUtchinson ' . . ,'21
',' 343 McLeod County .. 3Z
" 360 Robbinsdale 65
"'-'-""'36r'Crystar""-- 'iOf~-
362 New Hope 49
363 Brooktyn Center 127
364 Brooktyn Park 324
365 Maple Grave/Osseo 284
366 Champlin 110
""~~,;:,3.67: Hennepin--Nortn"
~ 368',Hennepin.Northwe.st,..
-'37Q',Slbfe-y C:ounty ^'
. 37J:-Golden Valley:,
,_ 314, Ptymouth
:.37S' RrchfTefd
379 Bloomington-East
380 Bloomington-West
381 Lake Minnetonka
385 Edina
386 Hopkins
<<.,381,",Minnetonka ~ c,.,>,:,
. ",391,,,Saint' Louis Park
392" Eden Prairf.:"~,
394:. Carver-County
.,39S',;Chanha.ssell"'~' "
:',L:.397,:':'C:,tl.aska.' . "
398 Victoria
4
o
1
3
o
"','--'li','
"':23
'2
5
''}'
--. -- 4
2
4
14
10
8
~~t3367;'7 ~':::~~"'T=
1,385" .
, 224'
:174
, '219,
'--'---'285------
208
411
1,038
1,06q
408
Division II
600 West St. Paul
602' South St. Paul
604 Mendota/LlIydaleJMendota Heights
605 Sunfish Lake
:;n::::~"608::tnve<Groije:He:jghfs~'" '
'610 ,'Eagan ~'j1'",
; 612: Burnsvilte ".
~"&t4,.Apple. Valley
-_ &16' Rosem aunt
.~..~" 6'1'7~HastJngs
618 Eastern Dakota County
624 Fannington
625 LakevilJe
628 Southern Dakota County
630 Northfield
'"'1"".6J2'".Ric.County
" : 640::i'Shakopee:
642.' Priof'lake
- S44 '~v'age
, ~ 646.:Jordan: '.
~..~.648, New. Prague":,'....'".
650 Belle Plaine
658 Lesueur County
660 Goodhue County
Division I
702 Falcon HtslLauderdale/Roseville
70S Lino LakesJHugo/Centerville
706 North Central Surburban
",,?,,,.]Q7",Ham. L.ake.. ,~,"-- ,", ;"
;:.", :<"708:. White Bear Area"
~":"'70!l' ForeSt lake- Area.
710 'Northeast Anoka-Cou'n
111:':,Southem Chisago- Cou
712. Maplewood/North:SLPauf-."
T13"'Betheru' . ,'",,,__,.'-, ,_ ,~" '";"_,,c~,c.
714 Phalen
716 Hillcrest/Hazel ParkJDaytons Bluff
720 Southeast St. Paul
721 LakelandfAttorYOenmark
",~::","722:,N.wportJSLPaul ParklCttge- Grve-
725, Pin,_ Springsll~ke Elmo/OakdalEII
n:S Woodbury
" 721';': Stillwater/Bayport
2003 Residential Activity Report . February 2004 . 5
....,
728' RiverviewlCherokee
738., Home CroftiW 7th
740"Crocu$ Hilt
'741 Do'wntown,StPauIICaprt:al
'.742' Centraf.
'744'" C'omo'
746 Sl Anthony/Midway 56
746 Town & Country/Merriam Park 12
750 MaclGrovelandlRiverRaadArea 17
752 Highland Area 32
754 Big Lake Township 112
756 Elk River 111
^ "~:.J5B, 'N<Hthwestem Anob County'> '~~-:-":'124 ;,"~.,.""".
760':'Ramsey ^ lt5' ,
762, Andover ga
. ~764 Blaine 283
'__ >765 Arden Hills/Shor ." ,:,'; -:,,-::: ao' <;:~':';;.'~
...._766. Mndsvw/Nw 8rghtnJSt.Anthny.Vlg';'11a...:~r~,~";';:':';j
767 Coon Rapids 420 24
768 Fridley 102 4
169 Anoka 73 3
770 Hilltop/Columbia Heights 85 3
771 Spring lake Park 30 2
772 Lexington/Circle Pines 30 1
*:':'780'SherburneCounty '. 257-~"o:" 1
-':J82, rsanti County 33 221
',~183' Cambridge, -",132'
7B4,:NorthemChfsago COllnty
801., Southeast Wisconsin
802: Sout,tiern Wisconsin: '"
'803 Eastern Wisconsin' ,
804 Central Wisconsin
805 Western Wisconsin
811 Northeast Minnesota
812 Northern Minnesota
813 Northwest Minnesota
" 814, West CentraL Minnesota-
;,."815:'::'SOlithem Minnesota, ':;.
'~.; B1'l).; 'SoUtheast'Mlnnesota
" ,817 Ceritt'3J'Minnesota
',: 84(} 'North Dakota
..... 1.-850:, South,Dakota~
861 Eastern Iowa
TYPE.OFFINANCINGFORALL~SALES'BY. DISTRICTNUl\'ffiER'-,.2002
.'~. C:"
,. I'
. ,
744 ',Como
746.: St. Anthony/Mldw.1Y
748,,:Town & Country-Merriam Pa
750:' Mac.Groveland-River
752:' Highland Area
;:,754'; Big' lake Township::,:,;,:
756 Elk River
758 Northwestern Anoka County
760 Ramsey
762 Andover
764 Blaine
765 Arden Hills-Shoreview
. ~ 76&' Moosvw-Nwc Brghtn..st.' Anth,'-Vm
::,:,767'-~ Coon Rapids
, 768 ': Fridley,
769" 'Anoka
no" Hilttop~Columbia Heights
nl'.Spring lake Pane:
, 772 Lexington-Circle Piri"es'
780 Sherburne County
782 [santi County
783 Cam bridge
734 Northern Chisago County
795 Waterfront
---:~,796' Out of Town
'801 SoutheastWiscorisiri
804" Central Wisconsin
805 Western Wisconsin
811 Northeast Minnesota
_'" 812~.Northem Minnesota>
813 Northwest Minnesoti
814 West Central Minnesota
815 Southern Minnesota ' 32
816 Southeast Minnesota 255
817 Central Minnesota 331
840 North Oakota 13
860 Western Iowa 0
861 Eastern Iowa 2
,12
:5
'3
.6
'.7
,;.J1
20
16
13
2Q
20
25
''';''',::29
37
1:4
9
8
7
2
38
24
2
9
~
r
f ,
r
r
r'
2
12
38
3
o
o
135
737
1,151
17
o
o
1
1
o
2
o
o
o
~
1
4
41
o
o
o
o
4
o
o
o
o
l'
n
CONVE - Conventional ASSUM. Assumable . AOJGP - Adjustable rate/Gr Payment
SPEFU - Special Funding Cash ~ Cash . Other - Other
CONFD - Contract for Deed
TYPE OF FINANCING FOR ALL SALES BY.DISlRICT N1Th'ffiER::'::Z003.
. ~"'
., , ,'..(Confuued.frompage5) ,
./";-_~.;. ~;:~"'>:ij~'? : . '
-',',';
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2003 Residential Activity Report. February 2004 . 7
...,
u
r,
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U
::1- yC,r;'
" AVERAGE SALES PRICE BY' DISTRICT SINGlE FAMILY";;;,;c:';!:.""
.' 1995-:1996:' .. , ' "1997-2003'Single Family = ;single family delaclied;' condos;,;
Singte'F:"mily'; Single Family only townliouses and twin liomes: ,: ." - _', ,,,. ' ". ,,,
1995
~
U
Minneapolis
fl
J
300, 'Calhoun.lstes' -'213,029' $24G,692':.
:' ~1 , Ca~?~en. 59,129 6t,818.'
302:-" Central ',' 'J, 78',000' 71'.200
"'303 Lo'ngtellow 76',169' ~ 79.389"
30.4 Nokomis 87,633 93,607
305 North 45,568 47,793
30.6 Northeast. 72,361 76,685
30.7 Phillips 35,962 47,865
30.8 Powderhom 58,487 61.700
~:.30~:~utll"west' 7:~?J3,6;64Z ~,~.~~'::f49,5t 5
; ~1,O::~__Y,n,ive.~rty "-'", - :,,- ~T~105 :..,94.124
; >Suburb~n'and other areas
;'34Q'. Buffalo 108,085'
34t:~ Wn'gtit <:ountY"102;14g.~.
342 Hutchinson 94,521
343 McLeod 82.519
360 Robbinsdale 84,796
361 Crystal 84,911
362 New Hope 108,340
363 Brooklyn Center 82.562
.~~64,:<8,~~~kIY~: ~~,~__".}0.9,~~32, ~
.365: Mph:t ~rve:1 Os';" t:4:3~B79
366""Ch~'plin;' . 120',806,
,c,367: Hnnep-in Co: N~" :1:34ta.1,~
"~6,3 'H:~~eP.in,C,~nNW ,t1t..13.1-'
370' 'Sibley Cou'nty 60,611" .
373 Golden Valley 137,388
374 Plymouth 203,651
378 Richfield 96,095
379 Blmington-E 99,179
380 Blmington - W 161,256
r~t'~'La~,e:,~.ka ,N: '?,-238A
>~ ,38Z,,;la~.',~ka W
, 383' La kG' Mtka
~'38Sn"Edrria' \
:J86,"Hopkins, .
387 Minnetonka
391 St Louis Parle
392 Eden Prairie
394 Carver County 124,278
'~,3?,5r, ;,w.,~terf,ron:t,"" ..~~",97. ,030
'396",;.Ch3nh"a'SsEm,' ""'206,59'
~39r Chaska .. '14S-~
39a: Victoria""'- :,t.85,29S
399n Out otTown 68,489
1
L.J
J
:107;26~
, 112,384-"
100,184
76,301
89,933
89,841
112,352
85,072
115,912
'''1:'':1''62;545-' '
128,154
155,194
202mO
"'" 67;830
141,432
208,258
100,655
103,313
162.771
*,250;502'::
J
J
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,..,
LJ
Division 1/1
MinneaDolis
300 Calhoun-Isles
301 Camden
302 Central
303 Longfellow
304 Nokomis
305 North'
306 Northeast
307 Phillips
308 Powderhom
309 Southwest
310 University
Suburban and other areas
340 Buffalo
341 Wright County
342 Hutchinson
343 Mcleod
360 Robbinsdale
361 Crystal
362 New Hope
363 Brooklyn Center
364 Brooklyn Park
365 Maple Grovel Os.s
366 Champlin
367 HennepinCo No
368 Hennepin Co NW
370 Sibley County
373 Golden Valley
374 Plymouth
378 Richfield
379 SImington. E
380 Simington - W
381 lake Mtka N
385 Edina
386 Hopkins
387 Minnetonka
391 St Louis Parle
392 Eden Prairie
394 Carver County
396 Chanhassen
397 Chaska
398 Victoria
1997
$229,227
62,859
113,221
87;!28
97,652
52.578
80,518
46,598
63.840
153,032
102,507
123.323
119,875
108,399
84.394
93,014
96,034
113,556
85.597
110,226
152,244
121,868
167,589
238.230
104,890
139,936
185,667
104,285
109,135
154.137
274,426
217,592
97,494
189,050
112,345
200,285
137.933
205,974
157,549
234,514
n
L.J
8 . 2003 Residential Activity Report February 2004
1998
$233,049
70,029
134,011
95,665
106,728
58,471
92,328
50;!89
73,010
163.434
118,239
133,514
123,720
110,720
96.016
101,072
103,096
118,487
94,362
118,692
162,065
136,315
184,638
236,187
83,240
150,858
192,689
111,959
113,733
160.297
297,661
247,019
105,506
193,887
120,049
206,091
143,562
207,250
165,175
239,756
1999
$290,226
79,724
156,853
112,882
122,473
64,408
110,983
59,086
88,048
198,231
121,016
140,802
142,231
117.513
109,609
114,578
113,106
130,235
110,822
134,822
182.643
148,557
174,515
263,877
93.540
177,54.'3
215,180
127,766
127.656
174,290
351,529
278,355
126,980
219,510
141.235
228,812
156.776
224,760
188.103
253,538
2000
$296.188
93,216
200,293
130,985
142,080
78,102
128.335
87,570
105,359
219.038
146,263
169,647
162,416
119,572
109,231
131.249
129,017
146,715
124.435
151,298
200,674
173,531
206,833
310,009
99,849
196,321
226,656
141,573
144,184
198,693
391.826
298,541
130,129
247.102
156,214
265,131
172,728
256.782
208,377
294.411
2001
$351,333
113.612
217.375
155,226
170,066
99,441
14.'3,796
117,363
134.277
246,128
181,312
176,167
179,048
129,Q42
126,988
152,150
153,720
161,770
142,706
169,395
214,828
191,458
217,317
344,611
112,158
219,014
252.~73
160,101
165.828
213,478
422,298
328.204
159,910
265.938
179,190
305.008
205,973
285,722
237.662
285,423
-2002
$373,453
130,626
270,763
175,457
191,543
122,211
168,561
126,093
158,396
271,606
193,409
187,293
192,047
137,415
128,969
164,166
163,946
180,464
157,359
182,623
236,419
206,181
229,857
396,888
135,357
245.111
265,829
182.728
177,543
231,762
461,448
352,363
174,773
298,954
194.756
309,090
212,136
300,812
243,324
317,607
* lake Minnetonka area combined in 1995
:i~/::::~';:7'(}~'~' ',:,j.
.' ;2:,~:}.,~,L'; ''- '..
2003
$408,461
145,436
275,497
188,073
207,649
142.153
187,518
147;!69
163,621
30 1 ,059
216,047
207.208
204,680
147,905
131;!86
178,450
178,753
197,142
169,248
208,506
254,679
226.442
251,558
444;!63
121,962
268,775
287.469
195;!71
195,983
246,102
483,802
396;!87
191,917
315,353
215,910
325,661
224,526
317,921
254,163
367 ;!46
....,
;~'''::~':'~~'_'7:~?~,~:,~.~~'''7~/-:-7:'T~':~ ':'~'~-.~'~':~'?"~:7'7~~':-::'-~t{7" -"''':~~-;;~:7~~7~~,~''':''' :~.--: -~,:",,:;~.~-,,-:~.;.t~'"~';','~ T~"'-:::"T7-~~"~:~7~~'~7-. :",-.-,: ::~:'~~~;::':0-"
.' " AVERAGE SALES PRICE BY DISTRICT SING{;E,FAlvIILY, "i
LJ
....,
1995
1996
1997
1998
1999
2000
2001
. 2002
2003
LJ
Division II
600. West St. Paul
602 'South-Sf-Paul
604 _' Mendota.Ulydal.MendatOl'Hts
60S. '- Sunfish lake .
.. ~ -- 608" liwer Grove Heights<..
610 Eagan
612 Bumsville
614 Apple Valley
616 Rosemount
617 Hastings
",,,,&18-. Eastern OakotaCo;uni'r
d524 Farmington
6-26-_ Lakevilfe
SZS','Southem DakotaCounty
: 630 'Norlhfleld
632 Rice County.
640 'ShakoPeen ....
642 Prior lake
644 Savage
646 Jordan
._ ;,],_648___ New Prague
650- _ Belle Plaine
658:. LeSueur CountY,
..600, Goodhue County
599,412 .
79,950
189,846
l15,980:
- :, '-13l,025-
164,618
146,482
153.879
127.559
114,849
"--".122557.
. - , 111:1l7
154,4l2.'
109,57l
114,172
, . 91,OlO
'"--"116,415 .,
157,878
139,183
117,151
..1.1.2,69
97,29
.74,00
.96,
-'"",_~__'~'-X'-"'''''
Division f '.. " . .'
;.702:, Falcon Hts.-Lderdale-Rse.vU. '-._~:_12J.663.i-.,,,~-, ,:;143;905 ',,,, i.:':',.'_J3S;233,;''::. "4S.48L'~~~,; ;_' t56;;.343,,,,,:,.~,__t7Q-,533.~_~,,,~_--_~~_185.a23'~_~::"c,,1.206.143., "".;';;;'2Z3',683
705 Lino Lakes-Hugo-Centerville 132,225 144,083 148,587 158,425 174,824 191,278 218,316 239,798 251,102
706 North Cantral Suburban 195,478 194,050 172,124 181,218 194,043 228,916 259,503 267,44.5 281,496
707 Ham Lake 130,079 134,991 148,275 159,879 183,285 216,438 242,855 264,738 309,602
708 White Bear Area 140,324 142.381 148,143 163,717 173,973 201,038 222,445 248,609 272,524
709 Forest lake Area 123,035 138,498 142,043 152,327 166,198 187,490 206,693 238.458 243,298
710 NortheastAnokaCounty 117,785 124,360 124,776 144,241 149,519 182,513 187,068 227,129 237,552
711 SoUlhemChisagoCounly ... ':'10'3',708""'-''''',11t,451 "-'---120',225'-" .13<J,85t --.'" 141,"21 - "-'157,520 , ....''"1 7:;197,25T' ,..':' 215,250'
712: Maplewood-N"orthSt Paul" _:' .108,897- . 116,275 115,953 'r23~75t ' :t40~002:' ~,~ )60,572' -1.7 20t~MT -214-',242
. 713--, Bethe~' - :' ",' ,,-_ ,~,:< ~,>-' ,"- 110,257...,- t12~532 1.1'8,613', >J3?-,550 --',154,4-10:' '165,63.0 3',311 . 221';201
.'714-Phalen-: ',-->--' ",:-;:-':":',,,- -- ,"64-,007-,_ 67,380 :'-"73,607 - 78.544 '89,202 103'-.4t2 ,204 -"15&;303
o 715 Hillcr9stJHazeIPkJDayto'n~sB:[utf_ _,65"143:,':',, 69,004 73',047>' ,-79,648' 91,789: 106,25T t,932 '1.,156'~186
720: SoutheastSl, Paul, _ _: - , ,- ,'99,400,:;-':::' . :1Q3.319 -_'~;,100;536, t10,3t8 -119,013:_ _.1'42.098:' _, 172,216:,; ~'1aa:,331
721' lakeland.Afton-Oe"';'anC ~'151 ,040""' '"157,638 "'.207,857 218;547 233,'838---'" "264; t 12 . '-293, '-:'349,052 :"'371",'366
712 Nwprt-St Paul Pk-Cottage Grve 111,159 114,851 113,742 126,043 143,071 160,202 178.737 194,436 208',873
725 PineSprings-lkElmo-Oakdale 129,149 140,252 128,989 145,973 162,427' 183,840 205,840 216,254 224.297
726 Woodbury 183,276 185,076 170,564 178,633 195,509 217,228 228,497 247,914 264,717
727 Stillwater-Bayport 156,548 175,085 182,212 195,633 205,761 245,022 268,318 283,508 321,3::16
728 Rivervrew-Cheroke 62,699 66,622 69,750 77,901 88.491 105,093 128,990 146,858 161,272
:~7,38-,"Home-Croft-W'7th ~' ^-- ,-'"'-~-:":c'-55,6-21"::'i; c""'~::":;-58,5 67~3S2:;~;,,_,rr:':J"12';14&-::,' --_^:~-_85 089'c-"""~,,,.,.-tt3' 124904"~'"1,"-':<e"',148'710"!".'T-::r16J"401
"':740- -Crocus Hill . 172,538 . :':188'.0 SOA61 t66~530 200i' 2m' 51.:860' - . :-:-",252-:98t /297:520
:-:,]41,' Downtow'1Capitar.Heigh.tsc '"' ,__,_':..74,6 72;84T,,_ ,':_'87,836: 82, 1-28, 30',664"! :168,07-1 ,880
",742'"C9ntral .:';: :--_' - ,'-.': ,: . 51,079 '~:::'54.10 57,62l}, . 63',566 070. 106;802, 0 810
": 744, Como " .' ___' :'" , '; __ : 86,482: --, 9~,676 96,732 107,.209; . 124> .;163'.159-"- " '887
"'J46 SI;Anthony-Midway _ '. 75,946, ,'.84,347 "2.152 99.1S1".. l1Z, '15l,92o' . 8 002
' 'M'.748- Town & Country-Merriam Park---'102,56Z.. "M-'tt7,411' "'137;745"'0 -'-t46',995' '.''''-l..'t5t:065 ,429" 2tO',449~-'- 80" "-"278,951
750 Mac--Grovelnd-RiverRoadArea 117,595 133,274 135,471 148,193 168,822 195,494 227,913 258,299 271,691
752 Highland Area 129,972 149,089 145,715 158,371 175.471 189,770 229,321 249,981 277,858
754 Big lake Township 93,319 104,278 108,447 117,357 134,110 142,223 167,123 173,982 193,404
756 Elk River 109,028 121,201 126,287 135,519 148,405 168,769 187,731 209,824 225,580
758 NorthwestemAnokaCounty 115.298 119,783 126,477 135,435 146,911 157,729 185,810 201,049 221,465
760 Ramsey 124,80S 125,657 132,817 140,279 151,524 166,406 185,919 198,996 232,674
,",782. Andover" ,.. .,'''' 35,'189,.. Ill,lgo....... ,'. ,'141.,B;l1,...,..,-,<!5&,O'49..,....-_17l,8:J3-,-.".....,192.551.." ~.."2H.42Z..,-.~,.236,906-.,,..,~,250.219.
'_'_7&4 Blaine '''', 09,795 1-13-,23"1:-,>: tt1'~7't5 '. ":'_J2r,2 .. -'-- 134,S8T:"'; . 149.820 -', :J83,335 ,- -"~'f'198:,16O:,,-- '-;-. ~210'.564-
'765'.:Arden'HiUs-Shoreview' .069 .15S,:l9iJ t54~58g-'. 154.6-7 71,637"_ _ 192,.528;;' 209225 8,952
. [-766, '.Mndsvw.Nw Brghtn-St An ,,413 ~- 1-20.51'3:-, -120',039 ,,1'27, 2:--- .:"t5t,7B4 ..'J7&,243 3',614'
761_' Coon Rapids _ . 106.415 -.110;_145 _ ,~,03,9t1 -" .:... 1,12;72 '25,264-- _ , 1'37,595 .:; 154:,14:3:.: ,1',665
.,,::-763."Spring Park/Fridley 98,424 :rO~,843 ' ; 99,701:, -,>" _ ',1.1f,391. ;2.4,839'_ < ~',t3E>.025 "..:t55-;890< 9--:, "_~ 1e8~.243
;,,>'.769-- Anoka-.. ,,'-,,--."',-- 94,572: ,,",. 101-; n5~ ,~105,507,-",,"--",',"'-;-1-11-;241- '.121, 181-"'."-'-'433,930-:<-". "'-",152,,7~.;;';:", 9<';';";""..;480;952
770 HiUtop.ColumbiaHeights 77,960 82,019 85,840 92,124 106,171 120,264 143,207 154.711 168,864
771 Spring lake Panc 97,225 97,346 102,427 113,854 124,214 140,165 153,230 166,915 180,275
772 Lexington-Clrcle Pines 100,536 111,676 104,426 113,339 120,047 139,651 156,731 167,973 187,174
780 Sherburne County 88,192 98,985 106,283 113,032 125,542 139,347 158,014 168,232 183,593
782 lsantiCounty 89,772 97,355 111,088 119,954 126,155 131,978 152,671 169,372 174,655
- 78l. Cambridge '" '" ".".." .."w' ,'" 81,292, " 82.871._ ...,88,799". '._,.w 9l.052 05.l71......".J22.599...._ ,,~1 ,Jl8 5l,584
~-j'7B4::_NorthemChisagoCounty:.- - >,70,803; .. -- 97,45.7 95,020 ,1 16,353,~. ',: 12~,987' .;, ~ 79Y -t3.~
~', 785.. Southwestern Wisconsi 9-4',344 .
F-78S, Wast Central Wisconsin 3&.780
"7St:, UorthwestemWisconsin 866;
795-: Waterfront 82,446 J
_J'_,79a';"Qut ot.Town:_'" ", _,_, 6.t~4S0;,-::<
801 Southeast Wisconsin .
802 Southern Wisconsin
803 Eastern Wisconsin
804 Central Wisconsin
805 Western Wisconsin 111,325
811 Northeast Minnesota
812"'Northem Minnesota';:
813, ~Northwest M
!14: .WestCentral
815-- SoUthem-Minnes'ota
" 81& : Southeast MinneSota
'817, -Central Minnesota
840 North Dakota
850 South Dakota
860 Western Iowa 104,830 90,000 45,000
861 Eastern Iowa 110,000 56,250 80,250
. ,104,677
84,J'99
~';'214:,506':'" 1S-7~534
" 545,00'0 ~ . 551,475.
-:; L:,...:'-t35;533' -,~' ~-,~~'L.t34" 141
167,104 142,660
149,399 131,784
163,774 141,688
139,055 1l5,711
118,869 115,620
".141 "".-149,9
,,121 . 4.279
153 72,439 '
. . 129. 108.
125,506' 1l8,T2t
. . 89.529 114,585
" '"," 124,072"" 130',520'
168,241 183,382
140,018 146,039
123,030 133,837
.118,31l." _"..~139,42l
105,170' 114.975,'
72.96' 9',814
10'1M8, 109,256
'5116,219
97.]12
207.11.5
. 546;3ll
;;'56,545
150,423
140,061
151,669
141,773
126,827
. 5123,796 .$134,958
lC8,135: 126,0'11'
220,215 '254,392'
525,000 559',801 .
'179',447 ""h"196,205.. -,
152,157 184,979
151,500 184,508
163,809 115,929
155,505 171,871
133,072 153,29a
-,-.100,&10,'-"'" 212,606 "'.''''' "
. '56,095 . :159.777'
. 200,357' '220.515
, 185,124 - ',9l,795
158,5ll .. .169,815
.127,500" . 'll5.491
141,596 172,012-.
203,497 242,838
179,825 205,987
155,478 195,780
_-""" 159.075_.._-.-184,322"
. . 128, 52;350
107,26 2S,155'.
_t26~014
$153',483 . $178,524, $194,257
, 144,571 '161,871 ' . '.118,.197
29t,807' 295:;433- ._330,320
',525,980: "'1,062,857 588,167
;' '205,04-1'.':"'-""" ''':~22T:487,,_.h~''-235,180
205,104 214,270 229,843
181,752 200,197 217,112
195,302 205,731 219,874
212,355 228,492 245.721
177,393 202,616 221,145
",228,5tl' ll,409'" ......, 228.987
. '187;196 7.175 220,031
.-245,1 &1,0'7a, 281,Q1l
: 22t, 00,399 . 253,097
_~-:-194 04.426'-\ 207.130
. 15i,727 '-t54,358" '72,959
191,207 ""205,033' 215,760
262,396 285,362 l09,519
235,027 250,091 261,:J89
195,913 202,94<1 238.691
,_".2.10,505""".0214,1.18,..._...230,162
175,108 '.1.79,581 19l,083
127,046 '. 130,5<Jl 100,175
160:310 '164,345' ';1;72,142
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2003 Residential Activity Report. February 2004' 9
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This report includes sales reported in the 13 county metro area: Anoka, Carver, Chisago, Dakota, Goodhue, Hennepin, Ramsey,
Rice, Scott, Sherburn, St. Croix, Washington and Wright.
Pending Sales - The pending listings counts are based on when listings actually entered the pending status,
/DIVISIONI.,
, . " '. ".' ,
IncludesAno~Clifsago, Riunsey;WasbingtdJi (and,some-;':' ~".' ,-
'. .." ' areas in Isanti; Sberburne arid Wisconsin} Counties an'd:.:::>'o;:
.the district cbanlYes made in 1996. ',',.-,' -, ': ',..;". , ,',': ;.. -':::,:: :'.",..
o
7&]
Ca.mbridge
782
iII"-nli COUllty
~I
Sol.ltllClI..soCouary
Division l
702 Fak:on HeightslLauderdale/Roseville
705 Lino Lakes/Hugo/Centemlle
706 South Central Suburban
707 Ham Lake
708 Wlute Bear Area
709 Forest Lake
7lO NortheastAnoka County
711 Southern ChisagoCounty
712 MaplewoodlNorthSt. Paul
713 Bethel
714 Phalen
716 Hillcrest/Dayton's BlufflHazel Park
720 Southeast St. Paul
721 Lakeland! AftoniDenmack
722 Newport/St. Paul Park/Cottage Grove
725 Pine Spmgs/Lake Elmo/Oakdale
726 Woodbury
727 StiUwater/B~yport
728 Riverview/Cherokee
738 HomecroftlWest7thSt.
740 Crocus Hill
741 Downtown/Capitol Heights
742 Central
744 Como
746 St. Anthony/Midway
748 Town and Country/Merriam Pack
750 MadGrovetandlRiver Road Area
752 Highland Area .
754 Big Lake Township
756 ElK River
758 Northwestern Anoka County
760 Ramsey
762 Andover
764 Blaine
765 Arden Hil1slShoreview
766 MoundsviewlNew Brighton/St. Anthony Village
767 Coon Rapids
768 Fridley
769 Anoka
770 Hilltop/Columbia Heights
771 S pnng Lake Pack
n2 LexlOgtonlCircle Pines
780 Sherburne County
782 Isanti County
783 Cambndge
7&4 North~rn Chisago County
805 Western Wisconsin
J
'"
Sh....burac Co
'"
Bi, L:1ke
TQWllship
'"
North........tel1l
A~o;;:LC\>Unl)'
110
Norh
...
MokJl
Cooney
10'
f'or=tLue
A<=
1IJ
BClhel
156
Elk Riyet
101
H1ml.:k..
NOTICE
Average and ~dian
sale prices are included
in portions of this
report. According to
'Nebster's Dictionary a
median is "a value in an
ordered set of values
below and above which
there is an equal
number of values which
is the arithmetic mean
of the two middle
values if there is no one
middle number." An
average is detennined
by dividing the to tal
dollar volume by unit
number.
10'
Lino L1kciHU!lol
Cenlc:rvilc
127
SnU_lIev
Bayport
S<::JJIdi:l
748 Town'Country. MerciJRl
HOCn,..,sHill
741 DO","lo-VC:l.pibl Heights
10 . 2003 Residential Activity Report . February 2004
608
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DIVISION 11",>-
. " .
Division II
600 West St. Paul
602 South St. Paul
604 Mendota/Lilydale/Mendota Hts
605 SWlfish Lake
608 Inver Grove Heights
610 Eagan
612 BurnsviIle
614 Apple Valley
616 Rosernount
6 I 7 Hastings
6 I 8 Eastern Dakota County
624 Farmington
626 Lakeville
628 South Dakota County
658
LeSueurCounty
...,.!uchidesDakota, Scott [aIlll soniearea~ in.Goodhue,
. ,'LeS ueui'andRicel Counties: and the diStrfctchang~s
made,in 1995;"', '," ." '.5,;"'"
630 Northfield
632 Rice COWlty
640 Shakopee
642 Prior Lake
644 Savage
646 Jordan
648 New Prague/Scott County
650 Belle Plaine
658 LeSueur County
660 Goodhue County
648
New Prague/Scott County
632
Rice County
610
624
630
Nor !bfie Id
616
Rosemount
618
Eastern Dako ta Co
628
Soulhern Dakota
County
,...,
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DISTRICTS PRIOR TO 1993 ALL DIVISIONS
Division I
702 Falcon Heights/Lauderdale/Roseville
705 Lino LakesfHugo/CentervilJe
706 North Central Suburban
707 Ham Lake
708 White Bear Area
709 Forest Lake Area
711 Southern Chisago County
712 Maplewood/North St. Paul
713 Bethel
714 Phalen
716 Eastside
720 Southeast St. Paul
721 LakelandlAfton/Derunark
722 NewporVSt. Paul Park/Cottage Grove
725 Pine SpmgslLake Elmo/Oakdale
726 Woodbury
727 Stillwater/Bayport
728 Riverview/Cherokee
738 Homecroft/\Vest 7thSt.
740 Crocus Hill
741 Downtown/Capitol HeIghts
742 Central
744 Como
746 St. AnthonylMidway
748 Town and COWltry/Merriam Park
750 Mac/GrovelandlRiver Road Area
752 HighlandArea
754 Big Lake Township
756 Elk River
758 Northwestern A.l1oka COlmty
760 Ramsey
762 Andover
764 Blame
765 ArdenHillslShoreview
766 MOUllt;isviewlNew Brighton,
St. Anthony Village
767 Coon Rapids
768 Spring Lake Park/Fridley
769 Anob
no Hill1op/Colwnbla Heights
772 Lexington/Circte Pines
780 Sherbwne County
782 Isanti COWlty
783 Cambridge
784 Northern Chisago County
785 Southwestern Wisconsin
(Pierce County)
786 \Vest Central Wisconsin
1St. Croi.< County)
787 'Eastern Wlsconsm
. (Polk COWlty)
DivisionIl
600 West St. Paul
602 South St. Paul
604 Mendota-Lilydale-
Mendota Hts
. 605 Sunfish Lake
608 Inver Grove Heights
610 Eagan
612 Burnsville
614 Apple Valley
616 Rosemount
617 Hastings
618 Eastern Dakota County
624 Farmington
626 Lakeville
628 South Dakota County
640 Northern Scott County
645 Southern Scott COWlty
650 LeSueur County
655 Rice County
660 Goodhue County
-,
Division III
549 Downtown
550 CalhOun/Harriet
551 Cedar/lsles/Lonng
552 North
553 Northeast
554 Parkway, West
555 Padcway,Central
556 Parkway, South
557 South '.
558 South Central
559 Southeast
570 Sibley County
571 Brooklyn Center/Brooklyn Park
572 Wright COWlty
573 Golden ValleylTyrol Hills
574 Plymouth
575 New HopelCrystal/Robbinsdak
576 Dayton/Champlin/Maple Grove/Osseo
577 Mise Suburban Northwest
578 Richfield
579 Bloomington East
580 Bloomington West
585 Edina
587 Minnetonka/Hoplcins
589 Lake Minnetonka
591 St. Louis Park
592 Eden Pmrie
593 Eastern Carver County
594 Western Carver County
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2003 Residential Activity Report. February 2004 . 11
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," -.... , ,..' ",.."..
InCludes Heririepin,Carver',McLeod;Sibley {arid s,;me,;,.
fn~~~~'~ ri,g~~lcoun.tiesaiId the d..iStI:f~cfc~~es~ade ~:.
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Buffa 10
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341
Wright
County
368
Hennepin County NW
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394 Carver County
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Suburban and other areas
340 Buffalo
341 Wright County
342 Hutchinson
343 McLeod County
360 Robbinsdale
361 Crystal
362 New Hope
363 Brooklyn Center
364 Brooklyn Park
365 Maple Grove/Osseo
366 Champlin
367 Hennepin Co North
368 Hennepin C. NW
370 Sibley County
373 Golden Valley
374 Plymouth
378 Richfield
379 Bloomington East
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300 Calhoun - Isles
30 I Camden
302 Central
303 Longfellow
304 Nokomis
305 North
306 Northeast
307 Phillips
308 Powderhorn
309 Southwest
310 University
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370 Sibley County
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380 Bloomington West
381 Lake Minnetonka
385 Edina
386 Hopkins
387 Minnetonka
39'1, St. Louis Park
392 'Eden Prairie
394 Carver County
396 Chanhassen
397 Chaska
398 Victoria
n 12 . 2003 Residential Activity Report . February 2004
L..J
City of Blaine
Articles reprinted from the Minneapolis
StarTribune with their permission.
- 64-
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J February home sales set record pace
news. freetime - travel homezone cars - shopping - working
J
Mortgage
Quotes
How Low
Last update: March 10,2004 at 9:13 Pi-..1
February home sales set record pace
Neal Gendler, Star Tribune
REAL0311
March 11, 2004
Home buyers usually rouse from hibernation in February, but last month
they were more like jackrabbits, jumping to buy more houses than in any
February on record.
The 4,277 purchase agreements signed were 2.24 percent above the
month's record, set last year. A 21.3 percent increase in inventory,
continuing low interest rates and an improving economy suggest that the
strong market will continue. Sellers added 6,700 listings to the market--
also a February record -- 12,66 percent ahead of February 2003, '
"Business is awesome rightnow," said Decklynn Theisen, president of
the Southern Twin Cities Association of Realtors. "We anticipate that it
will continue to be awesome because March traditionally is the start of
the spring season for us." The end of the Parade of Homes, this year
March 21, traditionally is a boost because many Parade visitors decide
instead to buy existing homes, she said. Those who do buy new homes
usually have ,an existing home to sell. '
Closed sales last month totaled 2,731, off 1.6 percent from last year's'
record 2,776, reflecting a slow December and January; sales normally
close 45 to 60 days after purchase agreements are signed. Theisen, an
agent with Prudential Metrowide Realty, said listings might have surged
last month because January's harsh weather led people to put off listing
their homes. At month's end, 24,880 homes were listed.
Those slower months might have helped moderate growth in median
price, the point at which half sold for more and half for less. While up
6.79 percent from February 2003, the $201,824 median still was below
last year's peak of $207,500 in August.
Theisen expects a strong year, although not another record, thanks to
favorable economic conditions, more home ownership by members of
minority groups, and better-informed buyers who initially shop for
homes on the Internet
Despite several years' rise in home prices, low interest rates have
brought in many first-time buyers and enabled home owners to move up,
The Minneapolis Area Association of Realtors reported Wednesday that
the area's housing affordability index this month is 1.57; that means the
area's median household income is 157 percent of the amount needed to
J
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03/24/2004
February home sales set record pace
afford a median-priced home with a 20 percent down payment. With a 5
percent down payment -- and thus a larger loan and mortgage insurance
-- the index is 1.24.
"
The number of sales in the Twin Cities market has increased steadily for
at least the past seven years, from 41,441 in 1997 to 56,528 last year,
and industry leaders foresee no end because of continuing population
growth, migration from other states and abroad, and move of minority
ethnic groups into home ownership.
"According to a Harvard study, minority buyers will account for two-
thirds of new [U.S,] households over the next 10 years," Theisen said,
and many of them will buy thanks to their growing prosperity and to
industry efforts to reach them.
Neal Gendler is at I]gendler@startribune.com.
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03/24/2004
J Twin Cities home sales set record through November
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cars - shopping - working
Twin Cities home sales set record through November
Neal Gendler, Star Tribune Staff Writer
Published OeGember t 1, 2003
Twin Cities home sales
have set a third
consecutive annual
record -- and it's not
even the end ofthe
year.
Through November,
52,390 home sales
were closed in the 13"
county metropolitan
area, surpassing the
51,231 homes sold in
all of last year and the
50,298 homes sold in
2001, the fIrst year
sales reached 50,000. '
REAL11
- A.D 't,i ER '1"1 $ E;\4::. N i -
RFhM~rb~)
outstanding Agents.
Outstand.ing Results.
Cl1eck ouf this weeks's FEATURED HOMES
, '~Y~~l~~~~~~~~6t~O~~hi~~~~t
'::. .to aRE/MAX RealttJr", "
The figures were released Wednesday by the four metro-area Realtor
associations that own the Regional Multiple Listing Service. This year's
record sales were fueled by continued low interest rates, a demand for
new homes and the area's stable economy, association officials said.
"When I heard that interest rates shouldn't vary that much this year, I
knew it would be a good year," said Mike Heinzerling, president ofthe
Southern Twin Cities Association of Realtors, He said the larger number
,of listings has meant greater choices across all price ranges.
"The low interest rates made people comfortable buying," said Todd
Grill, president of the Mirmeapolis Area Association of Realtors, The
benchmark 30-year loan rate hasn't hit 7 percent this year,
A boom in new construction also helped drive home sales this year, said
Jeny Koch, president of the North Metro Realtors Association. Most of
those new-home buyers have existing homes to sell, creating what
Heinzerling called a domino effect, sometimes several homes long. The
bottom domino is the fIrst-time buyer, whose path into ownership has
been eased by loan programs requiring little cash,
Realtors said they expect next year to be another strong year for home
sales, but they acknowledged that it will be hard for the market to
continue at the pace it has this year. That is also what realtors thought at
the beginning ofthis year.
The Twin Cities real estate markets mirrors what has happened
nationally this year. The National Association of Realtors said last week
J
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B A fall bounty for
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B Cities' cores
become high
spots for big real
estate gains
B RMLS 2002
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@ Latest interest
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03/24/2004
Twin Cities home sales set record through November
that it expects a national record of 6.07 million existing-home sales this
year, 9.1 percent up from last year's recordS.57 million.
"If you would have asked me at the beginning of the year, I would have
expected we'd be close to last year" in sales, said Bob Clark, president of
the St. Paul Area Association of Realtors. "I didn't expect to exceed it,
but neither did I expect that interest rates would stay so low for the rest
of the year. I think interest rates definitely are a big factor in keeping
purchasing power there for the consumer."
Sales also keep growing because the market is expandmg, said John
Lockner, president-elect ofthe'St. Paul association, He said the
population is growing, and waves of immigrants are buying their first
houses and less-recent immigrants are getting the prosperity to buy their
second, "A year or two ago, I almost never saw Hmong families buying
homes in Washington County," he said. Now, they are, moving from
homes they own in St. Paul.
The sales record was set despite a slackening in November. Sales ,
normally taper off during the last two months of the year, but compared
with November 2002, closed sales were down 1.23 percent, and pending
sales -- those for which purchase agreements have been signed but have
not yet closed -- were down 6.27 percent. New listings were also off
slightly.
:-!
"The decreases so small they're really meaningless," said Decklynn
Theisen, president-elect of the Southern Twin Cities Association of
Realtors, Despite a slower market, properly priced houses in good
condition still can sell quickly. "A lot of it depends on your price range,"
and lower-priced homes are selling quickly, Theisen said. "I just put on a
listing at $224,900 in Burnsville and in four days it got six showings," A
purchase offer was made Tuesday night.
Mark Allen, CEO of the Minneapolis association, said the distribution of
homes for sale makes this a sellers' market below $200,000 and a buyers'
market above $500,000. The median price of closed sales was $204,000,
down $900 from October, but up 7.37 percent from $190,000 in
November 2001. The peak was $207,500 in August.
Neal Gendler is at
ngendle1@startribulZe.com.
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03/24/2004
r'1
J Twin Cities home sales set record through November
Page 3 of
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Return to top
Ii:> Ccovriaht 2004 Star Tribune. All rights reserved.
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http://www.startribune.com/stories/836/426l222.html
03/24/2004
Market update: A fall bounty for builders, buyers
news - freetlme - travel homezone cars - shopping - working
buying & selling - renting - financing - home & garden
~1!(lh~~", ::lr~::d~~~:~~ri~::1I bounty for builders, buyers
Welcome,
Not YOu? Click here
Member Center
Loo out
index
find a home
advertise a home
find an agent
inside real
estate: for real
estate
professionals
buying & selling-
basics
communities
real estate
transactions
demographic
profiles
school profiles
talk
Published October 25, 2003
October brought a
sunny outlook for
people looking to build,
buy or rent a home, but
sellers and landlords
noticed deepening
shadows.
MKT25
4.AD 'I E ;q r 1 .~ E Mf NT.
Low mortgage-interest
rates kept home
building strong, and
those rates, plus an
unusually large number
of homes on the market,
gave buyers choices not
seen for several years.
Renters also benefitted, as property owners found it difficultto raise
rents and often had to offer concessions to attract tenants,
The flip side of happy buyers, of course, is sellers who are fmding that
many existing homes take longer to sell or have their prices reduced to
make them more attractive.
Here's a look at the four corners of the market.
Buyers' choice
With 26,605 homes listed for sale at the end of September, buyers have
the luxury of choices. The inventory of homes was up 23 percent from a
year ago and was 38 percent ahead of the five-year average for
September.
That means sellers who priced too aggressively most likely have two
options: wait, perhaps until spring, or reduce the price. Twin Cities-area
home sales closing last month had a median price -- half selling for
more, half for less"- of $200,500, up 6.14 percent from September 2002,
But as often happens in autumn, the pace of the market has slowed.
"It feels slower than normal for this time of year," said Todd Grill,
president ofthe Minneapolis Area Association of Realtors. "There's still
activity, but it feels like a dramatic dropoff from August and
September. "
In the previous two months, buyers hustled to move before the school
year started, and perhaps also to get ahead of slightly increased interest
rates.
http://www.startribune.com/stories/836/4l7l788.html
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Sellers seem unaware of the size and effect of the extra inventory, Grill
said. However, he added, "I think we're going to start seeing price
reductions fairly quickly at a fairly heavy pace." This already is
occurring with upper-bracket homes, especially for sellers with a
deadline.
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Through September, 42,955 metro-area homes have sold this year--
12.12 percent ahead ofthe 2002 period -- exceeding local industry
expectations and reducing the number of buyers. Also, rent breaks have
kept some tenants out of the market.
The biggest effect is on homes priced $350,000 and up, Grill said,
because "the corporate transfer market is very slow or nonexistent." He
estimated that, since mid-September, average sale time has increased by
1 0 days to 25.
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"We're going to be in the same type of market for the rest of the year
because the market played itself out," said Grill, an agent with Re/Max
Results. "People aren't going to buy just to buy, and they're going to be
much more selective," taking time to find just what they want. "Interest
rates are going to be stable for the rest of the year and maybe into next
year, and we're going to get back to a normal, much more balanced
market. "
~
Buyers are in a good position, he said. "My advice would be to use a
good ReaIto"r and use the Internet to arm themselves with market
information." Sellers "need to be patient Their house has a good chance
of selling this year ifthey price it realistically. They and their agents
need to reexamine where the house stands in relation to its competition,"
;~::.
Building booms
Home builders have continued to thrive, as they have throughout the
slowdown. Residential construction is ahead of last year's brisk pace.
Through September, builders tracked by the Builders Association of the
Twin Cities were issued 8,346 permits for 13,866 units with a total value
of $2.26 billion, In the first nine months of last year, the totals were
7,885 permits for 12,653 units worth $1.99 billion.
Still, builders aren't as frenzied as they were two or three years ago, "I
judge it by the number of suppliers or tradespeople calling or wanting to
bid my work or look at our projects," said association president Chris
Thompson, of On the Level Inc. ofChaska. "Two or three years ago, it
was very rare to get a call like that." He said builders have enough
orders to be very busy through the start of 2004. Beyond that, volume
will hinge on interest rates.
Townhouse and condominium construction remains a major force in the
market, accounting for nearly half of all units for the past year.
Thompson said he expects new multi-family units to continue
outnumbering single-family units. Some of the increase is in apartments,
he said, but most is in owner-occupied townhouses. Attached housing
http://www.startribune.com/stories/836/4171788.html
Page 2 of:
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Market update: A fall bounty for builders, buyers
can be lower-priced than traditional single-family housing because it
typically uses less land per unit.
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Soaring land prices continue to push people outward to such third-ring
suburbs as St. Michael, where lots start around $38,000. At those levels,
"you're able to build a nice starter home probably in the 1,200-to 1,400-
square~foot range for under $200,000," Thompson said,
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Still, high-end buyers keep corning. "In western suburbs, there seem to
be a lot of luxury homes ofthe market right now," he s'aid, He recently
talked with a builder who had six lots, and a model on one of them
priced at more than $1 million. "The model and all five of the other lots
sold."
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He advised consumers that fall is the best time to start building, saying.
that while snow can be shoveled out of the way, rain-soaked materials
take longer to dry.
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Rising rates
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Mortgage-interest rates remain near historic lows, even if recent upticks
have raised a sense of panic.
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People who quickly carne to expect 5 percent rates for the benchmark
30-year loan with no points and a 1 percent origination fee might think
the happy times are over, but that's true only for mortgage originators,
The refinancing torrent is drying to a trickle, and a thirsty industry is
reducing margins on loans and loan costs, said Roger Harrington, an
independent mortgage consultant in White Bear Township.
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"You'll likely get a better deal now than you would have six months
ago," he said, "Even if interest rates have gone up a modest amount, the
slowing of the market means smaller markups" on interest rates and loan
fees, "This is one of the reasons rates have stayed so attractive."
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Harrington said rates hit bottom from about June 10 to 25, when he
could find 30-year loans at 4.875 percent for his best-qualified clients.
Rates stayed near 5.25 percent through July 14, but by Aug. 4, his best
clients were getting quotes for 6.125 percent, his high for the year.
"Today, 5.875 is pretty much it," he said.
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Among buyers, "everybody's just petrified," said Tom Birch, executive
vice president of ABN AlvIRO in Bloomington. But, he said, "ifI'd have
tried to give you 6 percent last year at this time, you'd have been
thrille~L" He said he expects rates to remain "about wher.e they're at. I
think there's not that much demand. I don't see the economy improving
that much."
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Harrington expects rates to be level to rising, depending on stock market
performance, Soaring stocks attract investment money, forcing
mortgage-backed securities to pay more to compete.,
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Birch said people paying interest above the prevailing rate still can
,...,
http://www.startribune.comlstories/836/4l71788.html
03/24/200~J
1
LJ Market update: A fall bounty for builders, buyers
refinance, and if they can do so without spending equity or cash, "it's a
good deal. I would just caution people about taking out too much
equity," leaving them vulnerable in a cash crunch. He said people
thinking of buying should consider this a good time.
Page 4 of 5
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"I think there is a perception that interest rates are rising dramatically,"
Birch said. "They're not. We're at the same rate as we were last year at
this time. People have short memories."
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A renters' market
J
Renters haven't had it so good in years. Low mortgage-interest rates that
prompted many renters to buy homes have created a Twin Cities-area
vacancy rate of 7 percent -- high enough to keep most rents from rising
and to spur rent-reducing incentives.
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Jan Susee,chainnan ofthe Multi Housing Association (MHA) trade
group, said a widely offered incentive is a month's free rent, which
results in an 8.5 percent [lIst-year saving on rent; some landlords are
offering two months free. Some higher-end buildings have cut rents to
attract tenants.
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Average rent in the third quarter rose to $840, up $5 from the 2002
period, but the 11HA says that's a result of new, higher-end apartment
developments, not widespread increases, Leann Kispert, J\1HA public
relations director, said higher-end units have higher vacancy rates
because "those tenants are the ones going out and buying houses,"
J
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One-bedroom vacancies also are up as young renters move back home or
double up to save money. GV A Marquette Advisors, which tracks
160,000 of the area's estimated 300,000 rental units, reported a 6.9
percent vacancy rate in one-bedroom units for the quarter. The rate for
one-bedroom units and two-bedroom units with dens was 8.8 percent.
n
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Fewer immigrants, which usually become new renters, meant increased
vacancies in older, smaller buildings, said Brent Wittenberg, vice
president at GV A Marquette Advisors. "I don't think people are going
broke, but there are many owners accustomed to having full occupancy
with waiting lists" who now have to deal with vacancies of up to 8
percent. Apartments have been added, "but we're not adding jobs:'
n
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When rents go above $800, tenants start thinking of buying in today's
low-interest marketplace. That attracts duplex renters, people who pay
higher rents for house-style living, Susee said, noting a big increase in
duplexes with "for rent" signs,
n
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He said more apartment vacancies have not meant less screening of
prospective tenants. Cities are making times tougher for owners of
problem properties,
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. Susee, whose Meets & Bounds management company operates 3,000
units, said the number of vacancies in affordable units suggests there's
no shortage of units in that market yet. He expects problems, however,
n
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http://www.startribune.com/stories/836/4171788.html
03/24/2004
Market update: A fall bounty for builders, buyers
because new proj ects tend to be at higher-end rents. "We're just not ~
thinking about who's going to be renting," he said. What's needed is
workforce housing across the metro area.
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He advised renters to shop around. Competition is generating landlord
flexibility and increasing services and amenities, from exercise rooms to
laundry pickup and high-speed Internet connection.
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Neal Gendler is at [1gendler(mstartribune.com.
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Advertiser links
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High-Quality. Low.Cost Legal Help Get More Info - No Obligation
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@ CODvriqht 2004 Star Tribune. All rights reserved.
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http://www.startribune.com/stories/836/4171788.html
03/24120J4
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Median home sale price takes a one-month plunge, but price remain up for year
cars - shopping - working
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, news - freetime - travel homezone
buying & selling - renting - financing - home & garden
hOnle
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Median home sale price takes a one-month plunge,
but price remain up for year
Neal Gendler, Star Tribune
Published October 15, 2003
- AD 'f E ." T I ,~ E ,~1 E N 7.
The median home
price in the Twin
Cities region fell
sharply in September,
and officials cited a big
inventory of available
homes, interest rates
and a normal start-of-
school slowdown for
the decline.
RFbVI~'~ i~)
outstanding Agents. ?
Outstanding Results.
Check out this weeks's FEATURED HOMES,
One expert said the
results mean local
homeowners may be
unable to reap such big
gains in the value of
their homes in the future as they have in recent years, sparked bylaw
interest rates and high demand for homes.
"View our Sunday phofolisHngs ,
:':;\:' online and directly conn~ci '
. ,,': ".' fo a REI MAX, Realfor ,'"
;.........<:.,. .:.........: ," ,.,",:. -.,' ,'"
Results from the 13-county Regional Multiple Listing Service (NILS)
showed the median home price fell $7,000, to $200,500 in September.
The median price is the point where half sell for more, half for less.
"This is not signaling a collapse ofthe housing market," said George
Karvel, distinguished chair in real estate at the University of St. Thomas.
"It is a return to more normal price increases."
Officers of the four metro-area Realtor associations said large monthly
price swings have occurred before, such as a $5,500 spike in August
The market responds to such variables as interest rates, prices, number
of homes for sale and families seeking larger homes who buy in time to
move before school starts,
"You can't look at it month to month," said Jerry Koch, president of the
North Metro Area Realtors Association. "You have to look at prices over
several months. Historically, the price has gone down or flattened out
about September."
Moreover, buyers have a lot from which to choose. At month's end,
26,605 homes were listed for sale, up 23.23 percent from a year earlier,
and 38 percent above the five-year average for the month,
n
U "You must look at the trend over time: Locally and nationally, housing
markets continue to experience significant price increases, albeit less
n than two or three years ago," Karvel said.
L{ttp://www.startribune.com/stories/836/4l54773.htm!
Page 1 of
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REAL 15
[:J Median income is
enough to buy
median-priced
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[:J July: Metro home
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El Fall bounty for
builders. buyers
@ Gallery: What the
median price
buys
D:l Cities' cores
become high
'spots for big real
estate gains
El RMLS 2002
home sales and
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@ Latest interest
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Utilities
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03/24/2004
Median home sale price takes a one-month plunge, but price remain up for year
"School affects the market," said Ann Brockhouse, president-elect of the
Minneapolis Area Association of Realtors. "Buyers with children in
school want to be in before school starts." They also tend to buy larger,
more-expensive houses than do flIst-time buyers with small children or
none. "First-time buyers still are in the market."
September's drop "might be one ofthose situations where, with
everything on the market, sellers are taking less," said Mike Heinzerling,
president ofthe Southern Twin Cities Association of Realtors. Indeed,
several agents this week said they've seen numerous price reductions.
Reductions are made for several reasons, including a seller's need to
meet a deadline, an increase in competition, a slowing market or seller
overpncmg.
.~4
A client of Coldwell Banker Burnet agent Mark Kuzma has reduced the
price twice -- a total of 540,000 -- on a five-bedroom, four-bathroom
house in west Bloomington flISt listed in March at $339,000. "It went on
at a very high price; that was [the seller's] choosing," he said. The house
was taken offthe market once and relisted for $30,000 less, "and we
have reduced since then 510,000. I think we were a little high when we
started. I think now it's appropriate." He said the sellers aren't people
who'd want to discuss their feelings in public, but "obviously, nobody
likes waiting."
, . ,
Sales 'no~al1y sl()win thes~c~nd half ofthe year, although this year
,,~ July and August were unusually strong, even bringing multiple offers
_ more common in the spring.:Sea~onal tapering showed up last month in
the number of "sales pending" -- purchase agreements signed for
.~
transactions not yet closed. Last month's 4,741 sales pending were L 11
percent ahead of September 2002, but were down from 5,713 in August.
Mortgage interest rates ticked up a bit this summer, a move that can
have opposite effects, knocking some people out ofthe market but
nudging undecided people to act lest rates go still higher. Rates for the
benchmark 30-year loan came close to 7 percent in summer, but now
have declined to 5,875 percent, Heinzerling said. His business was
slowed by the increase, but since August, he's been busier than he was
all summer, he said.
Heinzerling said a slowdown in September is not unusual, and "October
tends to pick up as people who are buying want to be in before the
holidays." In four of the past six years, more sales closed in October
than September. He said evidence of price reductions is mostly
anecdotal.
Agents can obtain a listing history showing previous tinies on the market
and the prices, but with the new MLS system, reductions no longer
appear and agents are apt to use an old device to make a longtime listing
look fresh: cancel and relist the house so it shows up as a new listing.
Typically, houses for sale attract the most attention in their first few days
on the market, and if they've been overpriced and linger for months,
buyers tend to avoid them thinking something must be wrong.
http://wvvw.startribune.com/stories/836/4154773.html
....,
Page 2, . 3
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03/24/2004
fl
L1 Median home sale price takes a one-month plunge, but price remain up for year
Even with a seasonal slowing, association officials were all smiles. The
42,995 sales closed through September are 12.12 percent ahead of the
2002 period, and Brockhouse said "we're on our way to another record
year. "
Page 3 of
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Neal Gendler is !!1J1gendler@startrihune.com.
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Return to top
@ Coovriaht 2004 Star Tribune, All rights reserved.
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http://www.startribune.com/stories/836/4154773.html
03/24/2004
Metro-area home prices rise; sales set record
news - freetime - travel homezone
buying & selling. renting - financing - home & garden
horne "
~~~:(~n~~.~
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p.~ '':~N Published January 16, 2003
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Welcome,
Not you? Click here
Member Center
Loa out
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cars - shopping - working
Metro-area home prices rise; sales set record
Neal Gendler, Star Tribune
Twin Cities-area home
sales in 2002 set a
record for the second
consecutive year, with
brokers closing 52,231
transactions, an increase
of 3.8 percent from
2001,the four metro
area Realtor
associations said
Wednesday at a news
conference in
Mi~eapolis.
REAL 16
4 .~ () 'J !:: R T :l S EM .=- N T ~
Keyhmd Homes
A year earlier the
Realtors crossed the
50,000 mark for the fIrst time, closing 50,298 sales in 2001 in the 13
metro counties covered by the Regional Multiple Listing Service_. ' '
Although 2002 didn't have the frenzied spring ofthe three previous.
years, sales were steady most of the year, and home values rose 9
percent. The median price for the year -- the point with half the sales for
more, halffor less -- was $185,240, up from $170,000 in 2001.
"Last year was an exciting year; it was a tremendous year for buyers and
sellers," said Todd Grill, president of the Minneapolis Area Association
of Realtors.
"We anticipate that 2003 will be as good or even better, because we're
starting out with the lowest interest rates in more than 40 years. We have
a good inventory of housing right now, so there's a good selection for the
buyer. We still have increasing incomes and a relatively stable
economy," '
At year's end, 17,618 single-family homes -- including townhouses,
condominiums and twin homes -- were listed for sale, up 14.6 percent
from the end of200L New listings processed last year totaled 73,940, up
2,9 percent from 2001. In December, 4,143 sales closed, 12.2 percent
ahead of the previous December.
The 3,360 sales "pending" last month -- those for which purchase
agreements have been signed but not closed -- were up 12.9 percent
from December 2001 and well ahead of the fIve-year average of2,843.
That means closed-sale numbers probably will start this year ahead of
the 2002 pace.
http://www.startribune.com/stories/836/3594762.html
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03/24/200:,J
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Realtors have been puzzled by the increase in sales, prices and listings
on the market; normally they don't all move in the same direction.
Page 2 of3
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Rising prices were reflected in the Sll.3 billion value of sales last year,
11 percent ahead of $1 0.2 billion in 2001. The median price of sales
closed in December was S190,000, where ithas been every month since
July except for September's $188,700.
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The immbers were announced at a news conference in an house being
built on the 1500 block of Girard Av, n on Minneapolis' North Side,
where mayors R,T, Rybak of Minneapolis and Randy Kelly of St. Paul
reported progress on adding housing in the core cities,
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They stoodinside the 1,500-square-foot house, which has four
bedrooms, three baths and a list price of $204,000. "The market has
declared that values in this neighborhood are going up -- and going up
dramatically," Rybak said.
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Some of the greatest percentage price gains in the core cities last year
were in lower-valued areas, Median prices in north Minneapolis gained
18 percent, behind Central, with 34 percent, and Calhoun-Isles, with 22
percent. In St. Paul, the largest increase was in Downtown-Capital
Heights, 31 percent, followed by Town and Country-Merriam Park, 21
percent, and Southeast and Homecroft-West Seventh, each 16 percent.
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As the central cities have become more popular with buyers, their sales
numbers and median prices have risen, Last year, 5,060 homes were sold
in Minneapolis, up from 4,992 in 2001. St. Paul's 3,621 sales were up
from 3,473 the previous year, Minneapolis' median price was $171,950,
up 12 percent from $154,000 in 2001, and St. Paul's median was
$158,000, a 13 percent increase from $140,000,
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Rybak said one of his goals was "rebuilding the 'streetcar city,' "
meaning increasing density -- also a goal of the Metropolitan Council
and the Builders Association ofthe Twin Cities during the Ventura
administration. Rybak pointed out that Minneapolis now has 380,000
people, but once had a population of 500,000.
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Last year, 3,169 housing units were completed or under construction in
the city, of which 1,259 are affordable for families at or below the
median income, he said. The median household income for the metro
area last year was $76,700.
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Kelly said his administration was running ahead of pace in its goal to
add 5,000 housing units, 1,000 of them "affordable," during his four-
year term. He said that by year's end, 1,479 had been added, 366 of them
affordable, bringing almost $300 million in investment to the city.
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Peter Bell, the new Metropolitan Council chairman, also spoke favorably
of increasing density, particularly in the core cities, to take advantage of
existing infrastructure.
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hctp:/ /www.startribune.com!stories/83 6/3 5 94762.h tml
The investment value of owning a house was emphasized by North
01/74/7004
Metro-area home prices rise; sales set record
Metro Realtors Association President Shirlee Heitz, who said: "If you
purchased a 5150,000 home in 2000, it would be worth close to
$183,000 at the end of2003." That gain is even more impressive
compared with stock market losses in the past three years, including a 23
percent decline in the S&P500 index last year, she said. Since record-
keeping began in 1968, the national median home price has risen every
year, despite recessions and sales declines, she said,
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St. Paul Area Association of Realtors President Bob Clark pointed out
that Ramsey County had the highest percentage increase in median
price. He said the National Association of Realtors expects price
pressure to ease this year,
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Mike Heinzerling, Southern Twin Cities Association of Realtors
president, said that even with rising prices, "We believe that home
ownership should be attainable for everyone who wants a home."
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-- Neal Gendler is at !1JJendler@startrihllne.com.
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~ CODvrioht 2004 Star Tribune. All rights reserved,
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http:/ lwww.startribune.comlstories/83 6/3 5947 62.html
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03/24/2004