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Home My WebLink AboutApril 19, 2004 Board of ReviewCITY OF COLUMBIA HEIGHTS ., " 590 40th Avenue N.E., Columbia Heights, MN 55421-3878 (763) 706-3600 TDD (763) 706-3692 Visit Our Website at: www. ci. columbia-heights.~nn, us ADMINISTRATION Mayor Jul£enne Wyckoff Councibnembers Robert A. Williams' Bruce NawrocM ramme/'a E/icson B~tce Kelzenberg Ci~ Manager Walto' R. Fehst The following is the agenda for the BOARD OF REVIEW for the City of Columbia Heights City Co~mcil to be held at 7:00 p.m. on Monday, April 19, 2004 in the City Council Chambers, City Hall, 590 40th Avenue N.E., Columbia Heights, MN. The City of Columbia Heights does not discriminate on the basis of disability in the admission or access to, or treatment or employment in, its services, programs, or activities. Upon request, accormnodafion will be provided to allow individuals with disabilities to participate in all City of Columbia Heights' services, programs, and activities. Amdliary aids for disabled persons are available upbn request when the request is made at least 96 hours in advance. Please call the Deputy City Clerk at 763-706-361.1, to make arrangements. (TDD/706-3692 for deaf or hearing impah'ed only) BOARD OF REVIEW 1. ROLL CALL STATEMENT OF PURPOSE OF THE BOARD OF REVI;EW To review property valuations as of January 2, 2004 for taxes payable 2005, and to hear appeals froln citizens who feel aggrieved or have questions regarding property valuations. 3. INTRODUCTION The City Manager will introduce the Anoka County Appraisers. QUSTIONS AND ANSWERS REGARDING PROPERTY VALUES Citizens in attendance will be given an opportunity to raise questions regarding their property valuations. 5. COUNCIL ACTIONS REGARDING SPEC~IC CASES OR CASES ON WHICH ADDITIONAL INFORMATION IS DESIRED The Council may, at this time, take action regarding any of the properties that were discussed or instruct the County Assessor's Office to provide more information at a continued meeting. 1) Recommended Motion: Move to adopt the 2004 Assessment Rolls as 'presented and amended. 2) Alternate Motion: Move to continue the B~)ard of Review meeting to for the purpose of hearing additional ilfformation regarding only those property values appealed and discussed on April 19, 2004, and to consider adoption of the 2003 Property Assessment Rolls. 6. Adjourn Walte} R. Fehst, City Mm~ag%r / W-F/pm THE CITY OF COLUMBIA HEIGHTS DOES NOT DISCRIMINATE ON THE BASIS oF DISABILITY IN EMPLOYMENT OR THE PROVISION OF SERVICES EQUAL OPPORTUNITY EMPLOYER Board of Appeal and Equalization Meeting Columbia Heights, Minnesota April 19, 2004 Jim Rouleau, Com~l~ l~ike ~ C. ou~~ City of Colurhbia Heights Table of Contents Agenda ................................................................................................................................................. 2 Assessment Calendar ............... ., ......................................................................................................... 3 The 2004 Assessment .................... '. ................................................................................................... 4 Quintile Map ............................................................................ ; ........................................................... 5 Reassessment ............................................................................................................ ~ ........................ 6' Market Value .................................................................... ' ............ i ....................................................... 6 Authority of the Local Board of Appeal and Equalization .................................................................. 7 Market Values ............................................................... ~...~ ................. ~ .............................................. 11' 2004 Market Value by Property Class ............................................................... ; .............................. 12 Residential Appraisal System ................................................. ~. ...... ; .................................................. 13 Sales Studies ................................................................... .. ............................. i ................................... 14 Sales Statistics Defined ............~ ........................................................................................................ 15 Current Sales Study Statistics'. ......................................................................................................... 15 2004 Anoka Oounty Ratio Study ....................................... i .............................................................. 16 Residential Ratio by Zones~ ....................: ............................................................ i ............................ 17 Residential Tax Changes Examined ..................................................................................... . ........... 18 ADDENDA ......... '. ........................................................................................................................ : ...... 19 Statutes ............... -. ........................................... ~ ..................................................................... : ............ 20 Appraisal Terminology ........................................................... .. .......................................................... :43 Appeals Procedure ............................................................................................................................ 49 Sample Market Value Notice ............................................................................................................ 51 Minneapolis Area Association of Realtors® 2003 Residential Real Estate Activity Report .......... 53 Articles reprinted from the Mineapolis StarTribune with their permission ...................................... 64 -1- City of Columbia Heights 2004 Board of Review Agenda i) 2) 3) 4) s) Call the Board of Review to Order Roll Call Read Official Notice of the Board of Review Board Chairman (Mayor) explains purpose of the Board of Review -'q-he 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." 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 the Assessor's Office to review the properties where information is needed to make a decision. 6) Recess Meeting. If needed, the meeting will be reconvened at'a date to. be' determined. 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 [aken subsequent to such date shall be valid. -2- City of Columbia Heights ' Assessment Calendar 2004 January 2 February 1 February 1 March 1 March 19 April 19 April 30 May 1 May 15 May29 June 4. June 14 July 1 July 1 July 1 August 15 August 31 September 1 October 15 November 15 December 15 2004 Market Valu es 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 Ap31ication for 2004 -3- City of Columbia Heights' The 2004 Assessment 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. 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 eqL~alization. As of January 2, 2004, there were 7,285 parcels in the City. That is an increase of 0% over the 2003 parcel Count. This total includes: 6,579 .residential parcels .287 exempt parcels 6 forfeit parcels 254 commercial and industrial parcels 0 agricultural parcels 157 apartment parcels utility parcels DISTRIBUTION OF PARCELS BY CLASS Current state law mandates that 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 1561 properties reviewed including 9 new homes built in 2003. A map illustrating the pay 2004 quintile plus the planned pay 2005 area is presented on the folio .wing page. -4- City of Columbia Heights Section Lines 2004 Assessment Area 2005 Proposed Assessment Area City of Colbmbia Heights Reassessment 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 Columbia Heights 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 befieves 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. Market Value Market value'has been defined many different ways. One way used by' many appraisers is the following: The most probable price that a property should bdng 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 sa.le as of a specified date and the passing of title from. seller to buyer under conditions whereby: (1) buyer and seller are typically motivated: (2) both parties are well informed or well advised, and acting in what they consider their own best interests; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; (5) the price represents the normal consideration for the property sold unaffected b y special o r creative financing or s ales concessions granted by anyone associated with the sale. -6- City of Columbia Height's Authority of the Local Board of Appeal and Equalization 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. Ifthe burden of local government is to be fairly a nd 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. 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, the 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. Minnesota Statutes Section 274.01 provides that the council of each city shall be or appoint a Board of Appeal 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. 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 (begihning 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.) 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 or before FelSruary 15th of each year. 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. The Board of Appeal and Equalization of any city, unless a longer period is approved by the Commissioner of Revenue, must complete -7- City of Columbia Heights its work and adiourn 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. 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 wil 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. The authority of the local Board extends over the individual assessments of real a nd personal property. The 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. 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 lowe- th~ 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. 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. 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. When a Local Board of Appeal and Equalization convenes, it is necessary that a majority of the members be in attendance 'n order that any valid action may be taken. The local assessor is required by law to be present with his/her assessment books a nd papers. H e/she is required a Iso to take par[ 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 -8- City of Columbia Heights 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 b e p resented of assessments of types of property with previous years and with other assessment districts in the same county. 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. The complaints and objections of persons who feel aggrieve8 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. 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. 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. 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. The Local Board of Appeal and Equalization has the opportunity of making a great contribution to the equality of all assessments of property -9- City of Columbia Heights in a district. No other agency 'n the assessment process has the knowledge of the property within a district that ~s 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 pedormance 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 -10- City of Columbia Heights Market Values 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 407 sales, of which we considered 331 "arms-length" sales. 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. The 2004 assessment that is up for your review has a total unaudited assessed value of $1,120,595,600 ~ excluding exempt and forfeit property. It reflects an approximate valuation increase of 4.5% over the 2003 assessment. The pattern of growth (including new construction) in the City's total value can be seen in the following list of assessment years: Year 2004 '2003 2002 2001 2000 1999 1998 Growth in Property Values 1998 - 2004 (Total does not include utilities, exempt, or forfeit) Commercial & Residential Industrial Total % Chg $1,024,615,900 $95,979,700 $1,120,595,600 4.5% $980,163,700 $92,142,500 $1,072,306,200 9.7% $889,587,300 $88,090,000 $977,677,300 26.8% $684,059,200 $87,007,100 $771,066,300 7.9% $629,421,700 $85,291,700 $714,713,400 8.7% $579,120,800 $78,330,800 $657,451,600 8.1% $536,863,800 $71,120,800 $607,984,600 3.6% GROWTH IN PROPERTY VALUES LU $1,200,000,000- 2004 2003 2002 2001 2000 1999 1998 ASSESSMENT YEAR I [] Agricultural [] Residential [] Commercial & Industrial I See next page -11 - City of Cblumbia Heights 2004 Market Value by Property Class A more detailed breakdown of the 2004 assessment is presented below: 2003 MARKET NEW NET VALUE 2004 NET VALUE CONSTRUCTION CHANGE AGRICULTURAL $0 $0 $0 NA APARTMENTS $65,566,100 $77,757,000 $0 15.68% MFD HOME PARKS $0 $0 $0 NA COMMERCIAL $75,120.400 $78,457,900 $142,100 4.25% INDUSTRIAL $15,272,000 $16,383,700 $996,000 6.79% RESIDENTIAL $914,888,000 $1,021,262,500 $3,353,400 10.42% UTILITY/RAILROAD $1,655.900 $1,530,100 $0 -6,22% TOTAL $1,072,502,400 $1,195,391.200 $4,491.500 10.28% EXEMPT $95,623,000.00 $123,378,700 NA 22.50% FORFEIT $26,400 $31,800 NA 16.98% GRAND TOTAL $1,168,151,800 $1,318,801,700 $4,491.500 11.42% 2004 TOTAL VALUE $0 $77,757,000 $0 $78.608 000 ' $17,379,700 $1,024,615.900 $1,530,100 $1,199,882,700 $123,378,700 $31,800 $1,323,293,200 DISPERSION OF MARKET VALUE BY .CLASS EXEMPT 9.324% UT1L/RR FORFEIT 0.002% / APARTMENTS 1% COMMERCIAL /'- 5.940% INDUSTRIAL 1% RESIDEN~AL_.~..~ 77,429% -12- City of Columbia' Heights Residential Appraisal System 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 va'lue of our residential propertieS: 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. # 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 analysis 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. A comparative market an.aiysis 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. 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 photo.s and a map of comparable properties. City of Columbia Heights Sales Studies 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 pdces to confirm that the law is upheld. Assessors use similar statistics and sales ratios to identify market trends in develqping market values. 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. 100% The only perfect assessment would have a 100% ratio for every sale. This is of course, 'mpossible. 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. 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%. 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. .14- City 'of Columbia Heights Sales Statistics Defined 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: 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. 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. 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. Th'e goal cfa 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. Price Related Differential (PRD): This statistic measures the equality between the assessment of high and Iow valued property. A PRD over 100 indicates a regressive assessment, or the lower valued properties are assessed at a greater degree than the higher. A PRD of less than 100 indicates a progressive assessment or the opposite. A perfect PRD of 100 means [hat both higher and lower valued properties are assessed exactly equal. Current Sales Study. Statistics The following statistics are based upon ratios calculated using 2004 pay 2 005 market values and 2003 sales. These are the ratios that our office' uses for - citywide equal'izations, checking assessment accuracy, and' predicting trends in the market. Statistic 2004 Median Ratio: 94.4 Aggregate Ratio: 94.3 Mean Ratio: 94.2 COD: 6.9 PRD: 100.8 -15- City of Columbia Heights 2004 Anoka County Ratio Study Residential Single Family Sales Ratio History 1997-2004 Assessment Year 1997 Municipality # Median Coeff Anoka Blaine Columbia Heights Coon Rapids Fridley Bethel Centerville ~mle Pines East Bethel Hilltop Lexington Uno Lakes Spring Lake Park St. Francis Bums Columbus · Andover Ham Lake Linwood Oak Grove Ramsay County Total 3,941 94.4 5.4 Pdce Related Differential 100.54 Assessment Year Municipality Anoka 204 94.4 7.2 Blaine 713 94.4 5.1 Columbia Heights 228 94.3 8.2 Coon Rapids 790 94.4 6.3 Fridley 242 94.4 7.0 Bethel 3 94.3 1.8 Centerville 53 94.4 5.0 Circle Pines 58 94.3 6.9 East Bethel 208 94.4 5.9 Hilltop 0 0 0.0 Lexington 17 94.4 7.5 Uno Lakes 295 94.4 5.4 Spring Lake Park 63 94.4 6.0 St. Francis 107 94.4 6.1 Bums 48 94.4 10.4 Columbus 27 94.4 7.9 Andover 565 94.3 7.1 Ham Lake 225 94.4 5.7 D'nwood 50 94.4 6.6 Oak Grove 85 94.4 6.6 Ramsay 318 94.4 5.9 County Total 4,299 94.4 6.1 Pdce Related Differential 100.47 1998 # Median 1999 # Median Coeff 249 94.4 5.9 207 94.3 6.2 240 94.4 6.2 545 94.4 4.6 583 94.3 4.3 810 94.3 4.2 240 94.3 7.4 208 94.3 7.2 225 94.3 5.6 729 94.4 4.8 733 94.3 4.7 799 94.3 5.1 258 94.3 5.8 248 94.4 6.2 293 94.3 5.6 9 92 6.4 5 94.4 8.6 5 94.4 7.2 39 94.4 5.3 53 94.3 5.2 96 94.4 3.5 43 94.7 4.0 50 94.3 4.3 53 94.4 4.4 168 94.4 6.4 168 94.4 6.4 189 94.3 6.7 0 0 0.0 1 95.3 0.0 1 94.2 0.0 15 94.4 5.2 15 94.2 3.6 14 94.4 4.5 277 94.4 5.0 296 94.4 4.6 305 94.3 4.9 67 94.4 4.8 82 94.2 5.0 75 94.5 4.4 56 94.6 3.9 59 94.5 4.2 78 94.5 3.6 34 94.5 7.3 21 94.4 6.3 29 94.5 3.1 41 94.4 6.9 40 94.7 7.1 34 94.4 5.6 465 94.4 5.6 448 94.5 5.2 458 94.3 5.8 196 94.4 5.7 178 94.5 5.7 199 94.3 5.0 67 94.5 6.2 64 94 7.5 76 94.4 5.6 66 94.5 5.4 81 94.5 5.5 79 94.5 4.2 379 94.4 5.4 367 94.6 4.7 458 94.4 5.0 2000 # Median Coeff 218 94.5 7.5 859 94.4 4.7 232 94.5 6.8 947 94.4 6.0 274 94.4 7.8 7 94.5 5.2 92 94.4 5.8 61 94,5 3.4 174 94.4 5.9 0 0 0.0 21 94.5 4.4 324 94.4 4.6 81 94.5 6.0 182 94.4 3.7 48 94.4 4.6 31 94.5 9.9 722 94.5 4.9 227 94.4 5.3 82 94.4 5.7 111 94.5 4.8 407 94.5 4.1 3,907 94.4 5.2 4,516 94.4 5.2 5,100 94.4 5.4 100.41 100.4 100.44 2001 2002 2003 2004 # Median Coeff # Median Coeff # Median Coeff # Median Coeff 206 94.5 6.2 906 94.5 6.7 255 94.4 7.3 811 94.5 514 259 94.4 7.2 8 94.5 2.0 82 94.5 5.8 54 94.5 6.5 186 94.5 8.1 0 0 0.0 12 93.8 4.9 402 94.4 8.8 91 94.5 5.9 157 94.4 7.2 45 94.4 8.7 44 94.2 7.5 683 94.6 7.6 267 94.5 7.8 64 94.4 7.2 100 94.4 9.2 339 94.4 6.3 233 94.5 5.6 845 94.5 4.9 263 94.4 7.0 801 94.4 5.5 260 94.5 6.1 8 94.3 5.4 77 94.5 6.4 58 94.5 7.2 139 94.6 7.3 0 0 0.0 21 94.5 4.9 329 94.4 7.4 77 94.5 4.4 155 94.5 5.9 50 94.4 8.4 32 94.6 7.4 531 94.6 3.2 208 94.4 7.0 88 94.5 7.1 116 94.4 8.5 308 94.4 6.0 213 94.5 5.4 900 94.4 5.4 255 94.3 7.0 793 94.4 5.4 290 94.5 6.5 7 94.4 2.4 74 94.3 5.5 52 94.4 4.1 169 94.7 7.4 0 0 0.0 14 94.6 4.1 264 94.4 7.1 71 94.4 4.3 250 94.4 5.0 77 94.5 9.2 27 94.2 6.7 479 94.4 3.6 232 94.3 5.4 68 94.4 7.4 109 94.6 6.4 351 94.4 6.6 4,971 94.4 6.8 4,597 94.5 5.9 4,693 94.4 5.7 100.66 100.6 100.59 -16- City of Columbia Heights Residential Ratio by Zones CITY OF COLUMBIA HEIGHTS (SINGLE FAMILY RESIDENTIAL SALES RATIO RECAP*) ZONE 2002 AssMT 2003 ASSMT 2004 ASSMT 1 52 94.7 8.3 48 94.5% 7:3 38 94.6 7.4 2 7 95.4 8.5 8 94.5% 9.8 7 94.8 8.4 3 103 94.9 7.0 99 94.9 7.6 105 94.6 7.5 5 54 94.1 7.5 84 94.3 6.5 65 94.1 6.4 6 0 0 0 0 0.0 0 1 93.5 0 7 16 95.3 6.2 17 94.3 6. 25 94.5 5.9 8 8 92.9 9.1 5 94.4 6.8 9 94.1 6.3 9 5 92.5 9.3 2 94.0 17.3 1 82.5 0 TOTAL 245 94.4 7.3 263 94.4 7.0 251 94.4 6.9 ZONE (NEIGHBORHOOD) DESCRIPTIONS Zone 1: West of Central 50-60s midsize lots. Zone 2: DB neighborhood. Zone 3: Small lots - older homes. Zone:5 East of Central larger lots. Zone 6: Lake shore - Long Lake Zone 7: Highland Lake Neighborhood. Zone 8: IVlathaire Neighborhood. Zone 9: ]:nnsbruck Neighborhood * Does not include Patio Townhome, Duplex/Double Bungalow, or Quad sales -17- City of Columbia Heights . Residential Tax Changes Examined 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: · 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 'n assessed market value. · Changes in the classification of the property. A combination of any of these factors can bring about a change ~n the annual property tax bill. If you have questions, please call 763-323-5400. -18- City of Columbia Heights ADDENDA -19- Minnesota Statutes 2003, Table o£ Chacters Table of contents for Chanter _7~ 273.08 Assessor's duties. The assessor shall actually view, and determine the market value of each tract or lot of real property listed for naxation, including the value of all !mprovements and structures thereon, an maximum lntei-vals of five years and shall enter the value oppos!te each description. HIST: (1990) RL s 808; 1945 c 481 s !; 1963 c 799 s 2; 1965 c 624 s 4; .Ex1967 c 32 art 8 s 7; 1975 c 437 are 8 s 9; 1984 c 593 s 14; 2003 c 127 are 2 s 11 Copyright 2003 by the Office of Revisor of Statutes, State of Minnesota. Minnesota Statutes 2003, Table of Chapters 9" Table of contents for Chapter _7~ 273.20 Assessor may enter dwellings, buildings, .or s tz-uc tures. 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 suructure, and view the same and the property therein. Any officer authorized by l'aw to assess property for ad valorem tax purposes shall have reasonable access to land and structures as necessary for the proper performance of their dusies. A property owner may refuse to allow an assessor uo 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 'properqy, the assessor is authorized to estimate the propersy's estimated market value by making assumptions believed appropriate concerning the property's finish and condition. HIST: (1997) RL s 814; 1986 c 444; 1999 c 243 art 5 s 24 Copyright 2003 by uhe Office of Revisor of Statutes, StaGe of Minneso ua . Minnesota Statutes 2003. Table of Chapters Table of contant~ for Chapter 273 273.13 Classification of property. · Subdivision 1. Eow classified. Ail real and personal property subject to a general property tax and hoc subject to any gross earnings or otker in-lieu tax !s kereby classified for purposes of taxation.as prD+ided by this sect!on. Subd. 2. Repealed, 1Sp1985 c 14 art 4 s 98 Subd. 2a. Repealed, 1Sp1985 c 14 art 4 s 98 Subd. 3. Repealed, iSp1985 c !4 art 4 s '98 Subd. 4. Repealed, 1Sp1985 c 14 art.4 s 98. Subd. 5. Repea!ed, Ex197! c 31 'art 22 s 5 Subd...'Sa. Repealed, 1Sp1985 c 14 art 4 s 98 Subd. 6. Repealed, 1Sp1985 c la. art 4 s 98 Subd. Sa. Repealed,-1Sp1985 c 14 art 4 s 98 Subd. 7. Repealed, 1Sp1985 c 14 art 4 s 98 Subd 7a. Repealed, !988 c 719 art 5 s 81 Subd 7b. Repealed, 1Sp1985 c 14 art 4 s 98 Subd 7c. Repealed, 1Sp1985 c 14 art 4 s 98 Subd 7d. Repealed, 1Sp!985 c 14 art 4 s 98 Subd 8. Repealed, Ex1967 c 32 art ~ s 3 Subd '8a. Repealed, ISp1985 c 14 art ~ s 98 Subd. 9. Repealed, 1988 c 719 arc 5 s 81 Subd. 10. Repealed, 1Sp1985 c !4 art 4 s 98 Subd. !1. Repealed, 1Sp1985 c 14 arn 4 s 98 Subd. 12. Repealed, !S~1985 c 14 art 4 s 98 Subd. 13. Repealed, 1974 c 313 s 1 Subd. 14. Repealed, 1984 c 593 s 46 Subd. 14a. Repealed, 1Sp1985 c 14 a~n 4 s 98 Subd. 15. Repealed, Ex197! .c 31 art. 36 s 2 Subd. 15a. Repealed, 1988 c '719 art 5 s 81 Subd. 15b. Repealed, 1983 c '342 art 2 s 30 Subd. 16. Repealed, 1Sp!985 c !~ arc Subd. 17. Repealed, 1Sp1985 c 14 art 4 s 98 Subd. 17a. Repealed, 1SplS85 c 14 art 4 s ~8 Subd. 17b. Repealed, 1Sp1985 c 14 art 4 s 98 Subd. '17c. Repealed, 1Sp1985 c 14 art 4 s 98 Subd. 17d. Repealed, !Sp1985 c 14 'art 4.s 98 Subd. 18. Repealed, 1983 c 222 s 45 Subd. 19. Repealed, 1Sp1985 c 14 arc 4 s 98 Subd. 20. Repealed, !Sp!985 c 14 arm 4 s.98- Subd. 21. Repealed, 1Sp!985 c 14 are ~ s 98 Subd. 2la. Class rate. In this section, wherever the "class rate" of a class of property ms specified withoum qualification as to whether it is the propercy's "net class rate" or its "gross class rate," the "net class rate" and "gross class rate" Qf that property are the same as its "class tame." Subd. 2lb. Tax capacity. (a) Gross tax capacity means the product of the appropriate gross class rates in this section and market values. (b) Net tax capacity means the product Of the appropriate net class rates in this section and market values. 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 h6mestead 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 value of the house, garage, and land. The first $500,000 of market value of class la property has a net class rate of one percent of its market value; and the market value of class la property that exceeds $500,000 has a class rate'of 1.25 percent of its market value. (b) Class lb property includes homestead real esuate or homestead manufactured homes used for the purposes of a homestead by (1) any person who is blind as defined in section 256D.35 or the blind person and the blind person's spouse; or (2) any person, hereinafter referred to as "veteran," who: (i) served in the active military or naval service of the united states; and (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 uo 'preclude motion without the aid of braces, crutches, canes, or a wheelchair; and (iii) has acqu!re~ a special housing unit with special fixtures or movable facilities made necessary by the nature of the veteran's disability, or the s~rvivzhg spouse of 5he deceased veteran for as long as the surviving spouse retains the special housing unit as a homestead; or (3) any person who is permanently and totally disabled. Property is classified and assessed under clause (3) only if the governmenm agency or income-providing source certifies, upon the request of the homestead occupant, that the homestead occupant satisfies the disability requirements of this paragraph. ProperTy is classified and assesse.d pursuanm to clause (1) only if the commissioner of revenue certifies to the assessor that the homestead occupant satisfies the. requirements of this paragraph[ Permanently and totally disabled for the purpose of this subdivision means a condition which is permanen5 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 lb properly has a net class rate of .45 percent of its market value. The remaining market value of class lb properly has a class raLe using the rates for class la or class 2a properly, whichever is appropriate, of similar market value. (c) Class lc pr~perzy 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, ~hich includes a dwelling occupied as a homestead by a shareholder of a corporatibn that owns the resorL, a partner in a part~nership that owns the resort, or a member of a limited liability company that owns 'the resorL even if the title Lo 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 ~esidential 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 percenL, with the following limitation: the area of the properly must not exceed !00 fee5 of lakeshore footage for each cabin or campsite located on the properly up to a total of 800 feet and 500 feet in depth, measured away from the lakeshore. if.any portion of the Class lc resort property is classified as .class 4c under subdivisidn 25, the entire property must meet the requirements of subdivision 25, paragraph (d) , clause (1), to qualify for class lc treatment under this paragraph. (d) Class ld property includes structures that mee5 all of the following criteria: (1) the structure is located on property that is classified as agricultural property under section 273.13, subdivision 23; (2) the structure is occupied exclusively by seasonal farm workers during the time when they work on that farm, and the occupants are ndt 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 propersy from classification under this paragraph; (3) the structure-meets al~ applicable health and safety requirements for the appropriate season; and (4) the structure is not salable as residential property because it does not comp!y with local ordinances relating to location in relation'to streets or roads. The market value of class ld property has the same ciass rates as class la property under paragraph (a) . Subd. 23. Class 2. (a) Class 2a 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'la 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 o~ market value. ~he remaining propermy over $600,000 market value has a class' rate of one percent of market value.~ '(b) 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 escane that is not improved with a structure and is used exclusively for growing trees for timber, lumber, and wood and~ wood products, if the ow~ier has participated or is participating in a ccs~-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 area or public access area of a privately owned public use aim-porE. Class 2b property has a net class rate of one percent of market value. (c) Agricultural land as used in this section means contiguous acreage of men 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 nh~ assessment year 2002 or (ii) in the year prior no its enrollmenu. Contiguous acreage on the same parcel, or contiguous acreage on an immediately adjacent parcel under the same ownership, may also qualify as agricultural land, but only if it is pasture, timber, wasue, 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 non be based upon the market value of any residential suructures on the parcel or contiguous parcels under the same ownership. (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. 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. Classification un'er this subdivision is' not 'determinative for qualifying under section 273.111. The property classification under this section supersedes,! for property tax purposes.only, any locally administered agricultural.policies or land use restrictions that define minmmum or maximum farm acreage. (e) The term "agricultural products" as used in this subdivision includes production for sale of: (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; (2) fish bred for sale and consumption if mhe fish breeding occurs on land zoned for agricultural use (3) the commercial boarding of horses if the boarding ms done in conjunction with raising or cultivating agricultural products as defined in clause (1) ~ (4) property which is owned and operated by nonprofit organizations used for equestrian activities, excluding racing; 5) game birds and waterfowl bred and raised for'use on a shooting preserve licensed under section 97A.115; (6) insects primarily bred to be used as food for. animals; (7) trees, grown for sale as a crop, and not sold for timber, lumber, wood, or wood. products; and (8) maple syrup taken from trees grown by a person licensed by the Minnesoma Department of Agriculture under chapter 28A as a food processor. (f) If a parcel used for agricultural purposes is also used for commercial.or industrial purposes, including but non limited (1) wholesale and retail sales; (2) processing of raw agricultural products or other goods; (3) warehousing or storage of processed goods; and (4) office facilities for the support of the activities enumerated in clauses (1) , (2), and (3~), the assessor shall classify the peru of the parcel used for agricultural purposes as class lb, 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 for the growing of hormicultural or nursery products from seed, cuttings, or roo5s and occasionally as a showroom for the retail sale of those products.. Use of a greenhouse or building only for the ~isplay of already grown horticultural or nursery products does not qualify as' an agricultural purpose. The assessor shall demermine and list separately on the records the marke5 value of the homestead dwelling and the one acre of land on which that dwelling is located. If any farm buildings or strucmures a~e' located on this homesteaded acre of land, their market value shall not be included in this separaEe determination. . (g) To qualify for classification under paragraph (b), clause (4), a privately owned public use alrporn 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 no 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: (i) the land is ~rQpe~!y cleared and regularly maintained- for the pr!mary purposes of the landing, taking off, and taxiing fof aircraft; but that pornion of' t~e'land tha~ contains facilities for servicing, repair, or maintenance of aircraft is not included as a landing area; (ii) the land is perm of the airport property; and (iii) the land is not used for commercial or residential purposes. The land contained in a landing area under paragrkph (b), clause (&), must be described and certified by the commissioner of mransportanlon. The certification is effective until it is modified, or until the airport or landing area no longer mee~s the requiremenns 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 azrport. Subd. 24. Class 3. (a) Commercial and industrial property and utility real and personal property is class 3a. .(1) Except as otherwise provided, each parcel of commercial, industrial, or utility real properny has a class rate of 1.S 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 ~ecfual to the first-mier value of the contiguous parcels qualifies for the. reduced class rane, except that contiguous parcels owned by the same person or entity shall be eligible for the first-tier value class fane on each~ separame business 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 SlS0,000 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. For purposes of this subdivision, parcels are considered no be contiguous even~if they are separated from each other by a road, street, wate~ay, or other similar intervening tlrpe 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 propermy 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. (2) Ail personal property that is: (i) peru of an electric generation, transmission, or.distribution sysnem; or (ii) peru of a pipeline system transporting or distribBting water, gas, crude oil, or petroleum products; and (iii) not described in clause (3), and all railroad opeqating 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 raue. (3) The entire market value of personal property that is: (i) tools, implements, and machinery of an electric generation, transmission, or distribution systemi (ii) tools, implement's, 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 ra~e as provided under clause (1)' for the remaining market value in excess of the first tier. (b) Employment property defined in section ~69.!~, during the period provided in section 469.170, shall constiuuue Glass 3b. The class rates for class 3b property are determined under paragraph~ (a) · Subd. 24a. Repealed, 1Sp2001 c 5 art 3 s 96 Subd. 25. Class 4. (a) Class ~a is residential real estate containing four or more units and used or held for use by the owner or by the nenants or lessees of the owner as a residence for rental periods of 30 days or more. Class &a also i~cludes hospitals licensed under sections l&&.50 no other than hospinals exempt under secnion 272.02, and contiguous property used for hospital purposes, wlthoun regard no whether the properny has been platted or su3odivided. The market value of class &a 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 &a property consisting of a structure for which consnructlon commenced afner June 30, 2001, has a class rate of 1.25 percenn of ~arket value for taxes payable in 2003 and subsequent years. Cb) Class 4b includes: (1) residenmial real esnate containing less than four units than does non qualify as class ~bb, other than seasonal residential recreational property~ -- (2) manufactured homes not classified under any other provision; (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 (4) unimproved property that is classified residential as determined under subdivision 33. The markem value of class ~b property has a class rate of 1.5 percent for taxes payable in 2002, and 1.25 percenm for taxes payable in 2003 and thereafter. (c) Class &bb includes: (1) nonhomestead residential real estate containing one unit, other than seasonal residential recreational properny; and (2) a s!ngle family dwelling, garage, and surrounding one ac're of property on a noD_homestead farm classified under subdivision 23, paragraph (b) . Class ~bb property has nhe same class rates as class la property under subdivision 22. 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 non qualify for class ~bb. (d) Class ~c property includes: (!) except as provided in subdivision 22,. paragraph (c), real property devoted to temporary and seasonal residential occupancy for recreation purposes, including real propermy 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 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 buslness conducted during 90 consecutive days .and either (i) at least 60 percent of all paid bookings by lodging, g~ests~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 ~c also includes commercial use real property used exclusively for recreational purposes in conjunction with cla~ss &c 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 commercial recreational use for more than 250 days'in the year preceding ~e year of assessment and .is located within two miles of the class.~c property with which it is used. Class &c property classified in this clause also includes the remainder of class lc resorts provided that the entire property including that portion of the property Classified as class lc also meets the requireme.nts for class &c under this clause; otherwise 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 devoted to commercial purposes for not more. than 250 days in the year preceding the year of assessment desiring classification as class lc or ~c, 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 l'and on which they are located will be designated class lc or ~c as otherwise provided. The remainder of nhe cabing or units and a proportionate share of the land on which they are located will be designated as class 3a. The owner of property desiring designation as class lc or ~c properny ~usn provide guesn registers or other records demonstrating that the unins for which class lc or ~c designation is sought were non occupied for more than 250 days in the year preceding nhe assessmenn 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 lc or ~c; (2) qualified property used as a golf course if: (i) it is open mo the public on a daily fee basis. It may charge membership fees or dues, but a membership fee may not be required in crder to use the property for golfing, and its green fees for golfing mush be comparable mo green fees t!rpically charged by municipal courses; and (ii) it meets the recfuirements~ of section 273.112, subdivision 3, paragraph (d). A structure used as a clubhouse, restaurant,, or place of refreshment in conjunction with the golf' course is classified as class 3a prope~ny; (3) real property up to a maximum of one acre of land owned by a nonprofit community serv!ce 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 properny ms not used for res!dential purposes on ei'ther a temporary or permanent basis. For purposes of this clause, a .,nonprofit community service oriented organization" means any corporation, society, association, foundation, or institunion organized and operated exclusively for charitable, religious, fraternal, civic, or educational purposes, and which is exempt from federal income 5axation 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" shal~ include but not be limited to properEy or that portion of the properly than is used as an on-sale intoxicating liquor or 3~2 percent malt liquor establishment licensed under chapter 3~0A, a resnaurant open to the public, bowling alley, a retail store, gambling conducted by organizations licensed under chapner 349, an insurance business, or offzce or other space leased or rented mo a lessee who conducns a for-profit ennerprise on the premises. Any portion of the property which is used for revenue-producing activities for more than six days in nhe calendar year preceding the year of assessmenn shall be assessed as class 3a. The use of the property for social events open exclusively to members and-their guesns for periods of less than 24 hours, when an admission is not charged nor any revenues are received by the organization shall not be coDsidered a revenue-producing activity; (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; (5) manufactured home parks as defined in section 327.14, subdivision 3; (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; (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 l'ocated, provided that: (i) the land is on an airport owned or operated by a city, town, counuy, Metropolitan Airporus 'Commission, or group thereof; and (ii) the land lease, or any ordinance or signed agreement restricting the use of the .leased premise, prohibits commercial activity performed at the hanga'r. If a hangar classified under this clause is sold after June 30, 2000, a bill of sale musm be filed by the new owner with the assessor of uhe county where the property is located within 60 days of the sale; and (8) residential 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: ~ (i) rooms are provided for ten5 to transient guests tha~ generally shay for periods of 14 or fewer days; (ii) meals are provided to persons who renn rooms, the cost of which is incorporated in the basic room rase; (iii) meals are not provided to the general public except for special evenms on fewer' than seven days in tke calendar year preceding the year of the assessment; and (iv) nhe owner zs the operanor of the property. The market value subject to the ~c classification under this clause is limited to five rental units. .Amy rental units on the property in excess of five, must be valued and assessed as class 3a. The Dormion of the property used for purposes of a homestead by the owner must be classified as class la propermy under subdivision 22. Class ~c property has' a class rate of 1.5 percent of market value, except that (i) each parcel of seasonal residential recreational proper~y not used for commercial .purposes has mhe same class rates as class 4bb property, (ii) manufactured home parks assessed under clause (5) have the same class fane as class ~b 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 percen5 for mhe remaining market value/ (iv) the market value of property described in clause (4) has a class rate of one percenm, (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 zn clause (8) qualifying for class 4c property has a class fane of 1.25 percent. 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 tenanns 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 real estate may be owned by an individual, partnership, limited partnership, for-profit corporation or nonprofit corporasion exempt from federal income taxation under United States Code, title 26, section 501(c) (3) or related sections. An admzssion or initiation fee may be required of tenants. Mont~!Y charges may include charges for the residential unit, meals, housekeeping, utilities,- social programs, a health care alert sysmem, or any combination of them. On-site health care may be provided by in-house staff or an outside health care provider. The assessor shall classify elderly assisted living facility propermy, depending upon the properny's ownership, occupancy, and use. The applicable class ranes shall apply based on its classification, if taxable. S~bd. 26. Repealed, 1987 c 268 art 6 s 53 SL~bd. 27. Repealed, 1987 c 268 arm 6 s 53 Subd. 28. Repealed, 1987 c 268 arn 6 s 53 Subd. 29. Repealed, 1987 c 268 art 6 s 53 'Subd. 30. Repealed, 1988 c 719 arm 5 s 81 Subd. 31. Class 5. Class 5 property includes: (1) unmined iron',ore and low-grade iron-bearing formations as defined in section 273.14; and '. "(2) all other property not otherwise' classified. Class 5 properny has a class 'rate of 2.0 percent of market value. Subd. 32. Repealed, 1998 c 389 arm 2 s 21 Subd. 33. Classification of unimproved property. (a) All real property them is not improved with a structure must be classified according to its curren5 use. (b) Real property that is not improved with a structure and for which there is no identifiable curren~ use mush 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 mo the highes~ 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 mn proxim!ty to the unimproved land. HIST: (1993) 1913 c 483 s 1; 1923 c 140; 1933 c 132; 1933 c 359; 1932 c 365 s !; Ex1937 c 86 s 1; 1939 c 48; 1941 c 436; 1941 c 437; 1941 c 438; 1943 c 172 s !; 1943 c 648 s 1; 1945 c 274 s 1; !945 c 527 s 1; 1947 c 537 s !; 1949 c 723 s 1; 1951 c 510 s 1.; 1951 c 585 s !; 1953 c 358 s 1,2;. 1953 c 400 s i; 1953 c 747 s 1,2; 1955 c 751 s 1,2; 1957 c 866 s 1; 1957 c 959 s 1; 1959 c 40 s 1; 1959 c 338 s !; 1959 c 541 s 1; 1959 c 562 s 3; Ex1959 c 70 arm 1 s 2;. 1961 c 243 s 1; 1961 c 322 s 1; 1961 c 340 s 3; 1961 c 475 s 1; 1961 c 710 s 1; 1963 c 426 s !; 1965 c 259 s 1; 1967 c 606 s !; Ex1967 c 32 art 1 s 2-4; art 4 s !; art 9 s 1,2; 1969 c 251 s 1; 1969 c 399 s 49; 1969 c 407 s 1; 1969 c 417 s 1; 1969 c 422 s 1,2; 1969 c 709 s 4,5; 1969 c 760 s 1; 1969 c 763 s 1; 1969 c 965 s 2; 1969 c 1126 s 2; 1969 c 1128 s 1,2; 1969 c 1132 s !; 1969 c 1137 s 1; 1971 c 226 s 1; 1971 c 427 s 3-12,16,17; 1971 c 747 s 1; 1971 c 791 s 1; 1971 c 797 s 3,4; Ex1971 c 31 art 9 s 1; are 22 s 1,2,4,6,7,8; Ex1971 c 31 art 36 s 1; 1'973 c 355 s 1,2; 1973 c 456 s 1; 1973 c 492 s 14; 1973 c 582 s 3; 1973 c 590 s !; 1973 c 650 arm 14 s 1,2; art 20 s 3; are 24 s 3; 19.73 c 774 s !; 1974 c 545 s 3; 1974 c 556 s 16; 1975 c 46 s 3; 1975 c 339 s 9; 1975 c 359 s 23; 1975 c 376 s 1; 1975 c 395 s 1; 1975 c 437 art 1 s 25,27,28; 1976 c 2 s 96,159-161,170; 1976 c 181 s 2; 1976 c 245 s 1; 1977 c 319 s 1,2; 1977 c 347 s 43,44; 1977 c 423 art 3 s 5-8; 1978 c 767 s 7-11; 1979 c 303 arm 2 s 11-17; art 10 s 5; 1979 c 334 arc 1 s 25; 1980 c 437 s 5; 1980 c 562 s 1; 1980 c 607 are 2' s 7-15; are 4 s 4; 1981 c 188 s !; 1981 c 356 s 248; 1981 c 365 s 9; !Sp1981 c 1 art 2 s 7-11; art 5 s 2; 15p1981 c 3 s 1; 15p1981 c 4 are 2 s 27; 25p1981 c 1 s 6; 35p!98! c 1 are 1 s 2; 1982 c 523 art 6 s 1; arc 14 s 1; are 23 s 2; 1982 c .642 s 9; 1983 c 216 art 1 s 43,44; 1983 c 222 s 11-13; 1983 c 342'art 2 s 9-18; .are 8 s 1; 1984 c 502 art 3 s 9-14; art 7 s 1,2; 1984 c 522 s 2; 1984 c 593 s 22-28~ 1984 c 654 arm 5 s 58; 1985 c' 248 s"7.0; 1985 c 300 s 6; 15p1985 c 14 arc 3 s 5-12; art 4 s 45-56; 1986 c 444; !Sp1986 c 1 arm 4 s.18-21; 1987 c 268 art 5 s 4; are 6 s 18,20-23; 1987 c 291 s 208-209; 1987 c 384 arm ! s 25~ '1988 c 719 art 5 s 13-19; 1989 c 277 art 2 s 28,29; 1989 c 304 s 137; 15p1989 c 1 are 2 s 1-8,11; 1990 c 480 are 7 s 7; 1990 c 604 arn 3 s 16-19; 1991 c 249 s 31; 1991 c 291 art 1 s 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 arn 3 s 16; are 5 s 23-26; 199'4 c 416 art 1 s 18,19; 1994 c 483 s 1; 1994 c 5'87 are 5 s 10,11; 1995 c 264 are 3 s 9,10; 1996 - c 471 are 3 s 10-12; 1997 c 231 art 1 s 6-10; art 2 s 20,21; 35p!997 c 3 s 28; 1998 c 254 art 1 s 74; 1998 c 389 are 2 s 8-12; 1999 c 243 art 5 s 15-20; 1999 c 248 s 18.; 1999 c 249 s 22; 2000 c 490 are 5 s-!2,13; 1Sp2001 c 5 are 3 s 32-36; 2002 c 377 art 4 s 16,17; art 10 s 6; 2003 c 127 are 2 s .13,i4; art 5 S 17; 2003 c 128 art 3 s 45; !Sp2003 c 21 arm 4 s 4 * 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, ckapEer 127, ~article 2, section 13, the effective date. * NOTE: The amendmenm to subdivfsion 25 by Laws 2003, First *Special Session chapter 21, article 4, section 4, is effective *beginning with the 2004 assessmenu, for property Eaxes payable *in 2'005. Laws 2003, First Special Session chapter 21, article *4, section 4, the effective date. Copyright 2003 by the Office of Revisor of Statu~es, State of Mi.uneso~a . Mhnnesota Statures 2003. Table of Cha-~ters Table of contents for Chapter 274 274.01 Board of appeal and equaliza-tion. Subdivision 1. Ordinarlz board; meetings, deadlines, grievances. (a) The town board of a town, or the council or other governing body of a city, zs 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 uransferred its local board of review power and duties ~o 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 co the contrary, a city board of equalization shall be referred co 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 uhe 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 leash ten days before the date 'of the meeting. The board shall meet ac 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 correcu errors in judgmenu by the county assessor may be made by the councy assessor after the board has adjourned in those cities or uowns that hold aloca} board of rev!e~; 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 mainnained in the assessor's office and must be available for revlew 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 senn co the county board no later than December 31 of the assessmenu year. (b) The board shall determine whether the taxable properu~. in the town or city has been properly placed on the lisc and properly valued by the assessor. IT real or personal properuy has been omitted, the board shall place it on the list with ins market value, and correct the assessmen~ so tha~ each ~ract or lot of real property, and each article, parcel,' or class of personal property, is entered on the assessmenu list at its market value. No assessment of the property of any person may be raised unless tke person has been duly notified of the inuenu of the board co do so. On application of any person feeling aggrieved, the board shall review the assessment oF classification, or both, and correct it as appears just. The board may hoc 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. (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 shall correct any clerical errors or double assessments discovered by the board Without regard to the one percent limitation. (d) A local board does not have authority to grant an exemption or to order property removed from the tax rolls. (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.'ska!l 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 assessmen5 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.~ (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 notif, ied 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 classificationr 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 afmer the local board . meeting, as provided in section 273.01, or if the person can establish not having received notice of market value am least five days before the local board meeting. (g) The local board must complete its work and adjourn within 20 days'from the tim~ of convening stated in the notice of the clerk, unless a longer period is approved by the commissioner of revenue. No action taken after tha~ date is valid. A_ll complaints about an assessment or ~classification made after the meeting of the board mush be heard and determined by the county board of equalization. A nonresident may~ at any time, before the meeting of the board file wri~sen objections to an assessmenm or classification with the county assessor. The objections must be presented to the board at its meeting by the counsy assessor for its consideration. 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 spedial 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 Lerm of office of each member. At least one member of the special board of review must be an appraiser, realtor, or other person familiar with property valuations in the assessment district. Subd. 3. Local board duties transferred to county. The town board of any town or the governmng body of any home rule charter or statutory city may transfer its powers and duties under subdivision 1 to t~e counny board, and no longer perform the function of a local board. Before the town board or ' the governing body of a city mransfers the powers and duties to the county board, the town board ~r 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 13D.04, subdivision 2. A transfer of duties as permitted under this subdiviszon must be communicated ~o 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 them the transfer cannot be for less than three years. Its length must be stated in writing. A town or city may renew its option mo transfer. The option to transfer duties under this subdivision is only available mo a town or city whose assessment is done by the counny. HIST: (20G4) RL s 847; 1941 c 402 s 1; 1945 c 402 s !; 1949 c 543 s !; 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 I; 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; 198'7 c 268 art 7 s 37; 1988 c 719 ar~ 7 s 8; 1990 c 480 are 7 s 14; 1995 c 264 ar~ 3 s 13; 1997 c 231 art 2 s 23; 1998 c 254 arn 1 s 77; 1999 c 243 art 5 s 25; 1Sp2001 c 5 art 7 s 21; 2003 c 127 arm 5 s 22 .Copyrigh~ 2003 by the Office of Revisor of S~a=uues, S~ate of M~nneso~a . Minnesota Statutes 2003. Table of Chapters Table of contents for Chapter 274 274.014 Local boards; appeals and equalization course and meeting requirements. Subdivision 1. ~an~book 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 fai~ and impartial appeal and equalizatio.n 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. 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 co~rse developed or approved by the commissioner. within the last four years, as certified by the commissioner. The course may bs' 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. Subd. 3. proof of compliance; transfer of duties. kny city or town that does not provide proof to the .county assessor by December 1, 2006, and each year thereafter, that it is in compliance 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 or.appeal and equalization powers to the county under section 274.01, subdivision.3, for the following year's assessment. 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 r~view of the assessments, including, but not limited to, Open book meetings. This alternate review process shall take place in April and May. 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 with the requiremenms of subdivision 2. The resolution and proofs must be provided 5o the counmy assessor by December 1 mn order to be effecmive for the following year s assessment. HIST: 2003 c 127 arc 2 s 16 Copyright 2003 by ~he office of Revisor of S~a~uUes State of Mirineso~a. City of Columbia Heights Appraisal Terminology 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. .CLASSIFICATION RATES The class ra'te assigned to a particular classification of property.. Classification rates are established by the state legi.slature. Class rates are the same upon the same class of property throughout Minnesota. COEFFICIENT OF DISPERSION Average deviation of a gro'up of numbers from the median, expressed as a percentage of the median. COEFFICIENT OF VARIATION Standard deviation expressed as a percentage of the mean. 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. 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. 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 improv.ement to land from time of purchase to the time of resale. 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. 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. City of Columbia Heights 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. 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. PHYSICAL INCURABLE DEPRECIATION Physical deterioration which in terms of market conditions as of the date of the appraisal is not feasible or economically justified to correct. The cost of correcting the condition or effecting a cure ~s 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. 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 'n 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. FUNCTIONAL CURABLE DEPRECIATION Functiona 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. 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.- ECONOMIC OBSOLESCENCE Impairment of desirability or useful life arising frQm factors external to the property, such as economic forces of 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. EASEMENT A right held by one person to use the land of another for a specific purpose such as access to other property.. 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. City of Columbia Heights 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. GRADING OF PROPERTY The process used by an appraiser to identify the quality of construction in the physical structure. 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. 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. · IMPROVED LAND Land having either on-site improvements, off-site improvements or. both. IMPROVEMENT A structure or bUilding permanently attached to the land. INCOME APPROACH That procedure in appraisal analysis which conver[s 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. INDEX OF REGRESSION Mean assessment ratio divided by the sales weighted-aggregate ratio. LEGAL DESCRIPTION A statement containing a designation by which land is identified according to a system set up by law or approved by law. 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. MARKET APPROACH Traditionally, an appraisal procedure in which the market value estimate is predicated upon prices paid in actual market transactions and current City of Columbia Heights listings, the former fixing the lower limit of value in a static or advancing market (price wise), and fixing the higher limit of value 'n a declining market; and the latter fixing the higher limit in any market. It ~s a process of analyzing sales of similar recently sold properties n 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. 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. MEAN ASSESSMENT RATIO Total of ratios divided by number of properties. MEDIAN ASSESSMENT RATIO Middle assessment ratio or the average of the two middle terms when the ratios are lined up from Iow to high. 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. 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. MODE Assessment-ratio that appears most frequently. NET TAX CAPACITY New for payable 1990. Is used to extend taxes in accordance to multiplying the market value by the appropriate class rate. 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. PARCEL A piece of land, regardless of size in one ownership. PROPERTY CLASS -Fhe class that has been assigned to the property based upon the use of the property. 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 - City of Columbia Heights 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. RANGE Difference between the high sales ratio and the Iow sales ratio. REVALUATION The mass appraisal of all property within an assessment jurisdiction to obtain equalization of estimated market values. Reappraisal of a former assessment. SALES ASSESSMENT RATIO The ratio derived by dividing the estimated market value by the selling price. AGGREGATE RATIO The ratio determined by dividing the total estimated market value of all sales by the total selling prices. AVERAGE MEAN The total of all the ratios in a given set divided by the number of items in the set. 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 i s a positional average a nd is n ct affected by the size of extreme values. SALES WEIGHTED AGGREGATE RATIO Total of assessment values divided by total of selling price. SAMPLE SUFFICIENCY GAUGE Square root of half the range divided by the number of properties. 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. STANDARD DEVIATION Square root of total of squared deviations from mean divided by number of properties. 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. TOPOGRAPHY The contour of land 'surface, i.e., flat, rolling, mountainous, etc. 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. UNIMPROVED LAND Land without buildings, in its natural state. - 47 - City of Columbia Heights VACANT LAND Land without buildings. May or may not have improvements such as grading, sewer, etc. 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. City of Columbia Heights 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 governments (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 determines 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 concerns about their market value, classification of the property, or the assessment process. Almost all questions can be answered during this informal 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. - 49 - City of Columbia Heights The County Board of Appeal and Equalization follows the Local Board of Appeal and Equalization in the assessment a:)peals process. Their role is to ensure equalization among individual assessment districts and classes of property. The board meets during the Final ten working days in June. A taxpayer must first appeal to the local board before appealing to the county board. Decisions of the County Board of Appeal and Equalization can be appealed to tax court. Minnesota Tax Court 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. 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. 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. 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. The principa office for the Tax Court is located in St. Paul. However, the Tax Court ~s 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. The petitioner must file in tax court on or before April 30 of the year in which the tax is payable. - 50 - Property Owners Notice Of Valuation and Classification --- County of Anoka --- This is NOT a bill .... This form is to notify you of the market value and classification of your property for a. rsessment year 2004. The property ts-res you will pa3, in 2003 {next year) will be ba~ed on this vaduadon and cla. rsification. . 'Property Class: Payable 2004: Payable 2005: RES FiSTD RES KSTD 1. E§timated Market Value la. Limited Market Value 2. Green Acres/KG Preserve/Open Space Value . 2a. Limited Green Acres/AG Preserve/Opes space value 3. Value 9f New Improvements 4. This Old House Exclusion 5. Plat Deferment 6. ' Taxable Nlaxket Value Payable2004 Pay~le2005 $ 1fi8,300 $ !67,300 $ la-8,300 $ 0 $ $ $ 0 $ $ 0 $ 0 $ o .$ o $ o' $ .o $ !48,300 $. 167,300 Your. property's payable 2005 market value shown 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 .ab-DOVER CITY HALL .~OK-~ COLrNTY Gev CENTER. 3_PP..XL 19, 2006 AT 7:00 PM JUNE la., 2004 .AT 9:00 AM TO APPEAl{ CALL LOCAL ASSR TO APPEAR CALL . _aT (763) 323-5452 (763) 323-5475 PRELIMINARY REVIEW If you feel the valuation or classification is incorrect or ffyou have any questions concermng this notice, you may wish to contact your assessor's office ac 2100 THIRD A.V'ENUE NO., ANOKA, ~ 55303 - You may contact your Assessor at the phone ambers listed?oder the Board of Appeal and Equalization meeting information. PLEASE NOTE: This preliminary review/s provided as a service to property owners, .it is DOt a formal part of the review process law. If you do not feel there has been a satisfactory reopens9 to your concerns you may still use tho appeals process. See back of this form for forms] appeal process. Please read the back of tads notice for del'tuitions and imoortant appeal information. ~IPORTANT INFORMATION ABOUT YOUR PROPERTY TA31 STATE1YEENT Only one tax statement per parcel is mailed per year, statements axe ma/led in mid to late March. A change in the ownership . recorded ffter 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 taxpayer. Mortgage refinance and/or satisfaction, and sale are common reasons for a change in the current year uz'~payer and reqmre a request for a duplicate tax statement. If you have pa/d off or refinanced your mortgage and were escrowing your tax payment, you axe responsible for paying me tmxes due. Failure to timely pay your taxes due to not receiving or having a mx stamment will not forgive the imposition of penalty and interest. If you have not received your tax statement(s) by April 1~t of any year, please call (763] 323,5400 and request a duplicate. HOMESTEAD: Property currendy classified as homestead will not be mailed a homestead verification card and ~Li continue ~o be classified as homestead ms long as the property is occupied by the owner or qualifying relative as their principal place of residence. Any change in the occupancy status of homestead property requires notification to the County Assessor. Appea~ing the vaJue or classification of your property Informal appeal options - Contact your assessor If you disagz~-with the claasffica~on or estimamd mm-k~r vaiue for your ; property 'for 2004, please contact your assessor's office first to discuss your concerns. O~en your issues can be resolved at this level Contact information .for your assessor's office is on. the other side of ~ nodce. Some jmisdictions choose to hum open book meetin~ to allow pmperv/ownem to discuss their~oncems with the assessor. If this is an option available ~o you, the meeting th'ar(s) and location(s) will be indicted on the other side of this nodce. Formal appeal options If your quashoas or concerns are not resolved after meeting with your assessor, you have [wu formal appeal opdous: Option 1 - The Boards of Appeml and Equat~afion You may appear before the Boards of Appeal and Equal/zation in pemo~ through a leer. or through a representative authorized Dy yom The meeting d.m~s and facet/oas are on the other side of th/s notice. You must have presented your case to the Local Board of Appeal and Equalization B EiFORE going to the County Board of Appeal arid Equalization. Step 1- Local'Board of Appeal and Equalization If you believe your value or classification is inconecr, you may bring your case m the Local Board of Appeai and ¢Eq~ mlimHon. Please contact your assessor's' office for more information. I~your community no longer has a Local Board of Appeai and Eq,,aliT-~tion (as indicated on the uther side of this notice) you may appeal directly to the County Board of Appesl and Equalization. Step 2- County Board of Appeal and Equalization If the Local Board of Appeal and Equalization did not resolve your concerns, you may bring your case to the County Board of Appeal and Equnli:,nrlom You must call in advance to get on the agenda. Please contact the county assessor's office tc get on the agenda or for more infomfiom Option 2 - Minnesota Tax Court Small Claims Division You may take your case directly to the Small Claims Division of Tax Court i~. · The assessor's estimated market value of your property is less than $300,000; or · The enfi_m parcel is classi.fied as a residential homestead (la or lb) and the parcel contains no more than one dwelling ua/l:: or · The entire property is classified as an agricultural homestead ~.a or lb); or · You am appealing the den/al of a currant year application for homestead classification of your property. Regular Division Regm'dless of your property type or the uaV. a-e of your claim, you always have the option to file directly with the Regular Division of Tzx Court. You have anti Apffi 30, 200.5, to file an appeal with the Small Claims Division or the Regular Division of Tax Court for this year's valuation notice. For more infotraation~ contact the Mirmesota Tax Courc 25 Rev. Dr. IVlardn Luther I(.ing, Jr. Blvd. Room 245, S[ Paul, !yiN55115 Phone: 651-296-2806 Web site: w,Arw.taxcoult..star~.mn, us , e-ma/h infot~taxcourLstare.mn.u.~ For mare information on appeals check out the Department of Revenue web xite: Definitions Propemj CIasshScation - The statutory ul~sificadon that h~ b~a ~ed m yo~ pmpe~ b~ed ~On yo~ ~e of ~e pmpe~. A c~ge M cl~c~n of yo~ p~e~ c~ Mvea ~i~c~ ~t on ~e ~ ~ payable. Ple~e co~ ~e 2003 ~d 2004 c~cadom ~md on ~ o~er h~ of ~ mme~ Commercial/Industrial Prope~ - ~h "p~" c~ ~ ua ~ ~ tier of mt ($150,000).~ a "aongm&m~' ~ ~ ~e m~ · mt vfl~, ~xcept~ ~ ~e ofcond~o~ p~ need by ~e see pemon or e~. Contiguous pmpeMm ~ cl~s~ at ~e "aon-pmfe~" ~. PI~e ~ yo~ ~r for &~ ~d excepfiom. Estimat~ Manet Value - ~ v~ ~ what ~s~sor asmams yo~pmpe~ wood ~ety see for oa ~e ~n m~IreL S~ l~w mq~s ~s~so~ to 7~ue pmpe~ ar 1~ pemear of m~ket v~ue. Value of New lmpmvemen~ - ~ ~ ~e ~se~or's · ~mam of~e v~ue utnew or 2~d ~mvemenm ~u ~ve ~de ~ yom pm~. ~e improvem~ ~e not ~igible for li~ted ~ket 'United Market Value- L~m how much .~e excephoa of new ~pmvemen~, ~ v~ue ~ ~md .;t0 ~e ~ter of: 1-) ~ pe~ent~m over ~ye~'s ~d v~ue or 2) ~ ~meat o¢ ~e ~emnca ~ o~y appfies te a~cul~ residential - or ~nco~e~ se~on~ mc~adon~ midenfi~ (d~bin) pmpe~. G~n Acres - Oily appHm to a~c~ · ~t is fang ~cre~g vflues due m development pmasums not mlamd te ~e a~calm~ vflue ~f .1~ ~e ~s~ur ~v~ ~ ~ lower ~ue by loo~ at w~t compmle a~c~ l~d is se~g form m where ~ere M not ~wlopmem pmas~e. ~e ~s on ~e ~r ~ ~ defend mfl ~e pmpe~ ..~ sold'o(no longer q~es for ~e pro~ "~at Oe~erment- Fur l~d ~ h~ been recently pla~ed {~ded into ~ffividu~ lam) but nor yet due.tO pla~g is ~d over a ph~e-M .pedo& ~ ~uns~fion be~ ~m ~e e~k~on of ~e ph~e- ~.~e ~ ~sessmen~ ~is Old House ~clusion - AppH~ o~y m homm~ pmpe~ 45 y~ ofa~ oro~r md v~u~ sum of~e v~ue e~e~te~ O~7 ~provemenm mdc bffore Jan. 2, 2003, and ~ed during ~e 2003 ~ment wffi q~ for ~ ~d~on. V~ ~th~ b~ defemd ~r 10 y~ wffibe~ te ~ ph~ed h ~ ~a 20~ Taxable Market Value - ~s is ~e v~ue yo~ pmpe~ tees am acm~y b=ed om ~r ~ mducfio~. ~mfiom, ~xempfions ~d Yo~ 20~ v~ue, ~ong ~ ~e fii~s ma ~d ~e budgem ofyo~ loc~ gove~ent, ~ how much you ~1 pay m t~es. hav://tcares.state.rnn.u~lta, res/arooerrvloublica.qonslfact sheetx/htrnl canrentlavnealine aront~J onscreetr.rhtml ~¥~Ti~e-Minneapolis Area Association or REALTORS® has · :?~:j-~published monthly and annual housing sales reports .~:.z :.:since 1960. The scope and detail of reports have ii.~'~ .'_-expanded over time as home sales have grown :!r":":.'.t.~;brougnout the reg ~on and computer technology has ~,~:]~.'~-p:rovided uswi~ more reporting opEions. f,:..': ~::Early reports, only included property sales in Minn~polis :: "a'ha western suburbs. Some previous repor~ combined .z:~ -~.all-sal~ ~ogether in a cac~o~ ~lled "all prop~? types." .:.'z .:..'Even ~oday, ~e repo~ does not distinguish between ~_??]:existi.~g':home sales and new cons~rucLion reported to ?:':~MLS. 7-' ::During .mos[ or..~e 1990's this repo~ i~cluded only single .::.- z.Fam 'ly detached-homes. Beginning in ~e year 2000, ':':z .single Fami y. has b~n de~ned as single Family de~ached, ]~?~:¢~.~domi.niu.ms,' t0wnhouses and twin houses and ~e '??~' ::/~po~ on'l~ imcl~des sales reposed from ~e 13 county :~?-'~T~is informationis published on our web site at ~;:.: .Z':~- . 5750 Lincoln Drive, Minneapolis :~:'-: Minnesota 55436 :-.. 952.933.9020 :~-? '~;' www mplsrealtor,com www. m m lsrea Ito r.co rn R EALTO RS' DISTRICT TOTAL BEDROOMS DOLLAR AVERAGE MEDIAN NUMBER & NAME SALES 1 2 '3 4+ VOLUME PRICE PRICE Division Ill .... ~ingeap~lis, ............. 306 Mpls-Northeast 505 22 155 258, 70 $85,123,172 $168,561 5182,000 307 Mpls-Phillips 62 4 14 26 18 $7,817,796 $126,093 $129 950 308 Mpls-Powderhorn 350 14 86 175 73 $55,438,435 $158,396 $157,000 309 Mpls-Southwest g09 20 214 509 166 $246,589,439 $271,806 2237,000 310 Mpls-University 89 18 31 26 14 $17,213,404 $193,¢09 $17g,000 - Suburban and otherareas 362 New Hope 269 8 26 157 78 $48,544,730 . $180.464 $153,000 363 Brooklyn Center 436 4 100 246 86 $68,608,440 $152.359 $157,800 364 Brooklyn Park 1.331 20 289 563 459 $243,070,g85 $182.623 $178,500 365 Maple GroveJOsseo 1,288 13 356 452 467 $304,507,638 5236,419 $20C ,O00 366 Cham plin 434 3 82 190 159 $8g.482,$19 $206.181 $183 700 367 ,in-No rth 395 I 67 188 14-1 857 380 Bloomington-West 846 39 210 334 263 $196,070,360 ' 5231,762 $202.000 381 Lake Minnetonka 933 28 149 351 405 5430,531,206 .$46,1.448 .... $340,000 385 Edina 830 65 185 282 296 $292,461,809 "$352.363 $285,000 386 Hopkins 239 44 84 61 30 $41,770,761 ..' .$~1.74,~'73 5155,000 387 Minne{onka 796 37 196 287 276 $237,967,493 $298,954 $241,750 Division II 600 West St. Paul 256 10. 68 134 46 $45,702.223 $178.524 $165,250 602 South St. Paul 296 2 76 167 51 $47,913,865 $161,871 $159,675 604 Mendota/Lilydale/Mendota Heights 153 2 39 60 52 $45,201,226 $295,433.. $262,000 805 Sunfish Lake 7 0 I 0 6 $7,440,000 $1,062,857 .I;600,000 ~624-Fa~m~on ...................... 5'?T ...... 3 .... ~86'~-- ....... 2~0 ........ 626 Lakeville 940 4 84 338 536 5247,285,420 $263,070 5239,g00 6~ ~u~em Dako~ Coun~ 27 0 3 8 16 $5,410,785 $200,399 5180,000 6~ Nodhfield 265 0 81 119 85 $54,172,837 $204.426 $184,900 632 Rice Coun~ 334 8 75 162 89 $54,895,729 $164,358 $1~,750 ~0 Shakop~ 675 1 238 '238 198 $138,397,521 5205,033 $1~ 755 ~2 Prior Lake 506 5 .5g 210 232 $1~ 393 241 $285 362 $2~'950 UlVlSlOn ] ' 702 Falcon Height~Lauderdale/Roseville 408 29 101 174 104 $84.351,310 $206;~43 5194,000 Z05 Ling Lak~dHugolCentanille fig1 & 14C 331 216 5165,70C,155 5239,798 5216,500 706 Nodh Cen~al Suburban 388 10 132 130 116 5103,768,623 5267,~5 5194,000 707 Ham Lake lg2 1 9 88 g4 550,82g,694 $264,738 $252,185 708 White Bear Area 751 16 197 311 ~7 5186,705,661 $248,609 $19g,900 709 For~t Lake Ares 415 5 80 189 141 598,g60,181 71~ No~heast Anoka Coun~ 121 3 24 62 32 ~27 ~D 5~ ~2~7 19a ~ooq nnn ~;~:"': '"~"",",~-'~".-': ...... ,,'' :.". ',,,~:z~,~.-~z~,&~,~JJ~!~-':~ .;~,~t~,~ ~i~;~::~,'"'~'"-' ~--...~F~)~C~':.. :,,., 721 Lakelan~A~on/Denmark 95 I lg 41 34 533 15g,9~ 5349.052 5260,000 7~ Newpo~St. Paul Pa~Coffage Grove 639 83 294 261 $124,2~.848 .$194,436 5179.900 725 Pine Springs/Lake EimolOakdale 554 6 162 209 177 511~ 804,7~ $216,254 5189350 726 Woodbu~ 1,314 9 482 314 509 $325,758,896 5247,914 $227,250 2 ' 2003 ~esidential Activit~ ~eDort - February2004 DISTRICT TOTAL BEDROOMS DOLLAR AVERAGE MEDIAN NUMBER & NAME SALES 1 2 3 4+ VOLUME PRICE PRICE Division 111 306 Mpl~Nodheast ' 504 15 155 261 73 294,509,039 $187,518 $179,950 307 ~pls-Phillips 85 11 15 33 26 $12,517,875 $147,269 , $1~,000 308 Mpl~Powde~orn 358 27 105 1~ 80 $58,576,176 ' $163,621 - $166,500 309 Mpls~o~hwe~ 1,025 24 229 587 185 $308,585,596 $301,059 $257,500 310 ~pls-Univem~ 122 20 ' 31 ~ 23 $26,357,698 $216,047 $210,500 361 Crystal 401 362 New Hope 283 363 Brooklyn Center 567' 364 Brooklyn Park 1,430 365 Maple GroveJOsseo ; 1,432 549 4 8g 251 57 9 25 138 91 5 120 342 100 10 325 583 512 18 421 496 497 3 110 223 213 $71,680,0zl8 $178,753 551,848,296 $197,142 $g5,963,361 $169,248 $$gT,163,59g 5208,506 $364,700,768 $254,679 5124 $174,g00 $201,480 $169,900 5196,200 2212,000 379 Bloomington-East 364 380 Bloomington-West 844 361 Lake Minnetonka li020 385 Edina 914 386 Hopkins 338 387 Minnetonk~ 811 15 66 205 78 571,337,864 $195,983 45 228 294 277 2207,709,764 ,$246¢102 37 193 .380 ¢30 $493,477,879 :'.~ ~-$483;802 .,-.' 77' 230 .305 302 $362,206,505 ..:.. ':$396,287 89 113 101 35 . $64,667,904 '?. $19.1,917 29 207 303 . 272 $255,751,105 :".~ :..~3-15,353 $19¢,900 $220,000 $34g,950 $295,500 $175,000 $255,000 Division 11 '; 600 West St. Pa ul 265 5 71 136 53 $51,478,013 ' $194,257 .$183,340 602 South St. Paul 291 10 61 175 45 $51,942,584 $178,497 5175,000 604 Mendota/LilydalelMendota Heights 146 6 34 58 48 $48,226,767 c '.$330,320 ' $305,750 605 Sunfish Lake 6 0 0 4 2 $4,129,000 $688,167 $672,000 608 laver Grove Heights 490 1 170 188 131 2115238 172 $235 180 $198 250 - 626 Lakeville 1,106 6 142 398 560 $310,800,386 $281,013 $24g,~0 6~ ~u~em Dakota County 29 0 ¢ 9 16 27,629,821 ¢ $263,097 $260,000 630 Nodhfield 323 4 86 -139 94 $66,g02,9~ 2207,130 $187,500 632 Rice County 419 8 104 205 102 $72,~9,904 $172,959 $151,300 ~0 Shakop~ 761 6 270 273 212 $164,193,1¢ 2215,760 $189,000 ~2 Pdor Lake 628 20 115 224 269 - $194,378,016 $309,519 $255 000 702 Falcon H eights/La uderdale/Roseville 524 42 120 2~ 118 $117,209,828 $~3,683 $212,000 705 Linc Lake~Hugo/Cente~ille 636 ' 4 1~ 275 213 2159,700,900 - $251,1U2' $225,000 7~ Nodh Con.al Surbu~an 437 13 163 126 135 $123,013,5~ $281,496 $210,000 707 Ham Lake 205 0 21 89 95 $63,~8,408 2309,602 $298,000 708 Wh~e Bear Area 818 15 221 324 258 $223,006,206 $27~,624 $223,500 709 Forest Lake Area 565 9 116 270 170 $137,~3,559 $243,298 $224,000 710 No~ea~Anoka Coun~ 102 1 18 54 . 29 $24,230,354 2237,552 2225,900 721 Lakeland/Aftan/Denm ark 96 I 22 32 41 $35,651,156 5371,366 $293,750 722 Newport/St. Paul Park]Cottage Grove 705 ' 4 109 302 290 $147,255,667 $208,873 5194,900 725 Pine Springs/Lake ElmolOakdale 600 4 191 231 174 $134,578,311 '$224,297 $19g,g00 726 Woodbury 1,269 10 431 331 497 $335,g25,4-17 5264,717 ' $24.5,000 ~,~tilJwaterlBay go ~ .............. ~;~.=,,==~? ,~?..;,~:e564-~. ....... ~;I,~ ~=. ..... ~... ......... ~ .~?~.2_~1:~ ~!,~.~ 02~ ~ ~.. ~ ~= ~18,1,2::~3~5.g.~.~_~= ~.32-.1~ 336~..= ~ r~.~.~$26Q~g5 C~ 2003 Residential Activity Report · February2004 - 3 DISTRICT AND NAME LNFHA LNDVA CONVE ASSUM ADJGP CONFD CDASS SPEFU CASH OTHER ~ No~om~s .... 243 ~0 ~5 No~h 157 7 3~ 0 1 2 ~6 Nodhea~ 141 ~ ~9 0 0 2 307 Phillips 20 0 g7 0 0 1 388 Powderhom 130 2 311 1 .. 0 1 ~9 So~t 147 4 752 0 0 1 :310 University 19 0 79 0 0 0 ' 0 0 14 4. ~ Suburban anc[,other, areas = ~ ~ 362 New Hope 76 5 176 0 I 0 0 1 4 7 3~ Br~yn Center 177 10 2~ 0 1 1 0 1 10 11 3~ Brook~n Park 427 17 8~ 1 0 3 2 6 36 42 ~5 Maple Grove/Os~ ~g 11 9~ . 1 0 4 0 1 41 36 ~ ~ampl:n~ -__ 134 7 2~ 1 0 1 0 1 9' . 8 ~t H nnepm~o No~ 97 5 2~ 0 0 0 0 '0 13 7 380 Bloomin¢on- We~ 183 11 6~ 2 2 2 0 0 40 28 ~1 Lake Min~tonka 116 5 711 1 1 9 1 O I~ 80 385 Edina ~5 2 5~ 0 0 3 0 0 84 22 ~6 Hopkins . 65 I 142 O 0 0 0 0 ..,..:, 20 16 ~7 Minnetonka I02 7 5~. i 0 1 O 0 68 47 391 St; Louis Park 194 7 5~ 1 · 1 1 Division II 6~ we~ st. Paul 69 g 1~ 0 0 0 I 0 21 8 602 ~h SL Paul 87 3 212 0 0 2 I 1 18 g 6~ Mendota -Lilydale-Mendota Hts 17 0 124 0 0 0 0 0 .. 6 8 605 Su~ish Lake 0 0 6 0 0 0 0 0 - =1 · - 0 608 InverGrove Heights 88 3 2~ 0 0 1 0 0 23 20 610 Eagan 249 16 8~ 1 2 0 0 2 36 17 628 Sou*hem Dakota County ¢ 1 26 0 0 0 0 0 4 630 Northfield 35 3 223 0 1 0 0 0 13 3 632 Rice County 66 5 269 0 0 7 I 0 29 12 640 Shakopee 221 8 422 0 0 0 0 0 35 10 642 Prior Lake 183 5 702 Falcon Hts-Lauder~ale-Roseville 53 6 297 0 0 1 O, 0 '53 12 705 Lino Lakes-Hugo-Centarville 115 ~ 521 0 0 I ~ 0 23 38 706 North Central Suburban 83 2 282 1 0 0 0 0 28 16 707 Ham Lake 4.1 ,~ 149 0 0 1 0 0 27 12 708 White BearArea 123 ~ 557 I 1 3 0 0 55 35 709 Forest Lake Area 87 1 294 0 O I 0 0 32 18 710 Northeast Anoka Coumy 23 0 102 0 ._~.~_7,,1.%.Southem. Chisago. Coun~y ~ ~[37 . ZI_ 552 1 C I ' ' 0 1 11 1 ,~ "%~'"',"'.'", ................ ~':":",,. ~,,,r''-~,, ........ ~¢~-.-'..~'~,.- ~ ~:........~.?~ ~,,....~ ~=,~, , .~ ......... .~ .... 83 aZ 721 Lakeland-A~on-Denma~ fl5 0 70 n ~ . ~ ' .... . ....... ~- '-' &~,~< 7= Nwpod~tPaulPk-Co.ageGrove 160 19 ~1 ~ ~ ~ ~ ~ ¢~ 1~ 725 Pfne Spring. Lake Elmo-Oak~le 115 9 393 ~ 0 0 0 0 36 18 726 Woodbu~ ~0 10 1.014 0 1 0 0 1 54 55 727 Stil~ater-Baypo~ 76 0 ~ 0 ~ 7 0 1 - 57 26 r 4 · 2003 Residential Activit), Report · February2004 DISTRICT AND NAME LNFHA LNDVA CONVE ASSUM ADJGP CONFD CDASS SPEFU CASH OTHER 304 Mpls-Nokomis 188 7 821 0 0 0 0 0 305 Mpls-North 86 1 386 0 0 1 0 . 0 306 Mpls-Northeast 131 4 473 0 0 1 0 307 Mpls-Phi[fipe -. 26 0 97 0 1 ' 0 1 3 308 Mpls-Powderhom 89 I 334 0 0 0 0 0 309 Mpls-Southwest 125 3 884 1 0 i 0 0 310 Mpis-U niversity 15 0 114 1 0 0 0 0 Suburban and 30 1 38 3 31 2 9 8 14 3 34 4 10 0 362 New Hope 49 2 208 0 0 0 0 I 9 1 363 Brooklyn Center 127 4- 4-11 0 1 1 0 8 10 8 364 Brookyn Park 324 14 1,038 1 5 3 ' 1 9 33 . 10 365 Maple Grove/Os~eo 284 10- 1,060 1 2 I 0 2 32 3 366 Champlin ~ 110 · 8 408 1 1 2 0 -2 12 4 379 Bloomington-East ' 89 4- 258 0 0 1 0 0 380 Bloomington-West 162 5 619 1 0 3 0 0 381 Lake Minnetenka 100 7 745 1 1 4 1 1 385 Edina 209 0 591 2 0 0 0 1 386 Hopkins 64 2 244 0 1 1 0 0 13 3 .43 0 .114 2 · 99 2 · 21 .. 1 398 Victoria 19 '.' 0 85 0 0 0 0 0 ,-.9 0 Division II 600 West st. Paul 45 3 .204 3 0 1 0 0 17 0 602' South St.. Paul 70 ', 7 231 0 0 1 0 0- ..' 21 0 604 MendotalLilydale/Mendota Heights 8 -0 121 0 0 0 0 ' 0 14 0 605 Sunfish Lake 1 0 5 0 0 0 0 0 1 0 618 Eastern DakoteCounty . 3 0 5 0 0 1 0 0 2 0 624 Fa~in~on 137 11 ~7 0 0 0 0 1 15 1 626 Lakeville , 175 14 863 0 1 5 0 0 30 2 628 Southern Dakota County 3 0 25 0 0 1 1 0 7 0 630 Nodhfield 39 4 274 . I 0 2 0 1 22 2 650 Belle Plaine 47 8 145 1 1 I I 0 21 0 658 Lesueur Courtly 41 2 151 0 2 I 0 0 33 1 660 Goodhue Coun~ 86 15 325 0 0 7 0 2 ,~1 3 Division I 702 Falcon HtslLauderdale/Roseville 54 3 413 0 0 2 0 0 ~ 0 705 Linc Lakes/Hugo/Cente~ille 102 9 496 0 0 2 0 0 23 1 706 Nodh Central Su~u~an 75 7 317 1 0 0 0 0 28 2 2003 Residential Activity Report · February 2004 · 5 DISTRICT AND NAME LNFHA LNDVA CONVE ASSUM ADJGP CONFD CDASS SPEFU CASH OTHER 756 Elk River g6 4 309 1 I 4- 2 2 33 20 758 NorthwestemAnoka County 109 6 243 I 1 4 0 1 ' 18 18 760 Ramsay 93 7 276 0 0 2 0 1 10 13 762 Andover 122 13 380 1 1 1 0 0 14- 20 764 Blaine 270 19 '56t 2 5 - 0 0 I 30 20 765 Arden Hiils-Shoreview ~ 78 5 ' 35~t ' 4 0 0 0 0 36 25 772 Laxmg-ton-C~rcle Pines 38 2 77 780 Sherburne County 293 21 627 2 0 12 1 4 115 38 F82 Isanti County 164 11 266 0 0 11 0 I 55 24 783 Cambridge 8~- 5 100 0 0 0 0 2 11 2 784 Northern Chisago County 40 2 75 0 0 5 0 0 33 8 813 NorthwestMinnesota g 1 22 0 - 0 3 0 0 15 0 814 West Central Minnesota 74- 6 433 1 0 24 0 0 106 57 815 Southern Minnesota 32 2 135 I 0 1 0 0 12 7 816 Southeast Minnesota 255 12 737 0 C 4 0 4 82 34 817 Central Minnesota 331 38 1.151 2 0 4.1 7 0 294-' ' 91 · 840 North Dakota 13 3 17. 0 0 0 0 -0 - . 6 1 860 Western iowa 0 0 0 0 0 0 1 0 0 2 861 Eastern Iowa 2 0 0 0 . 0 0 0 0 0' 3 LNFHA- FHA · LNDVA- DVA - CONVE - Conventional · ASSUM- Assumable · ADJG.P- Adjus[anle rata/Gr Payment · CONFD- Contract for Deed - I CDAS$ * Contract/Deed w/AsSUmDUons - SPEFU - Soecial Funding - Cash - Cash · Other - Other DISTRICT AND NAME ~FHA LNDVA CONVE ASSUM ADJGP CONFD CDASS SPEFU CASH OTHER 748 SL Anthony/Midway 56 1 22~ 0 0 0 0 0 17 748 Town & Country/Merdam Park 12 3 123 0 0 1 0 0 5 1 750 MacJGroveland/River Road Area 17 3 267 0 0 0 0 0 29 2 752 Highland Area 32 0 280 C 0 D I 1 27 2 754 Big LakeTownship 112 6 255 1 0 0 0 0 29 1 756 Elk River 1~1 9 361 2 0 1 0' .0 20 1 767 Coon Rapids 420 24 864 1 I I 2 2 57 788 Fddley 102 ~t 288 0 0 0 0 0 15 0 769 Anoka 73 3 184 0 0 0 0 2 18 2 770 Hilltop/Columbia Heights 85 3 234 0 0 0 0 0 , 22 2 771 Spring Lake Park 30 2 74 0 0 0 0 0 . 2 0 772 Lexington/Circle Pines 30 I 104 0 0 2 0 0 2 0 803. Eastern Wisconsin 0 1 0 0 0 0 I 0 0 0 804 Central Wisconsin 0 10 0 0 0 0 28 1 0 1 805 Western W~scensin 21 2,602 52 2 5 7 912 336 4 353 811 Northeast Minnesota 8 370 16 0 3 1 155 17 0 19 812 Northern Minnesota 1 97 5 0 O 1 70 6 0 6 813 Northwest Minnesota 0 23 0 . O 0 0 15 2 * 0 2 861 Eastern iowa O 2 0' 0 0 2003 Residential Activity Report ' FebruaO, 2004 · 7 Listings Total Dollar Unit Average Processed Volume Sales Sales Price 1998 64,280 7,048,448,631 4-7,836 1999 57,573 7,620,974,435 46,675 2000 59,618 8,754,809,444 48,208 2001 71,861 10,217,347,550 50,298 2002 73,940 11,331,943,390 51,212 2083 86,378 13,478,897,819 56,528 147,346 163,277 181,605 203,136 221,275 238,446 1995 1996 ;~'i~'~'i~;i ~ ~¢~i~;~¢~i;ii~!:~;~ 1997 1998 1999 20~ 2~1 ' 2002 ~:~+~'~i~:~;~:;i~a;l~ ...... ~:~'~;'~:~'~:~ 301 Camden 62,859 70,029 79,724 93,216 113,612 130,626 , 145,436 304 Nokomis ;':. 87,633 93,807 302 Cenbal 113,221 1~,011 156,853 200,293 217,375, 270,763 275,497 305 Nodh ~,568 47,793 303 Longfellow 87,~8 95,665 112,882 130,985 155,226 175,457 188,073 306 Nodheest 72,361 76,685 304 Nokomis 97,652 106,728 122,473 142,080 170,~66 191,543 207,649 307 Phillips : 35,962 47,865 305 Noah' 52,578 58,471 64,~8 78,102 99,~ 122,211 142,153 3~ Powde~om 58,~7 61,700 . 306 Nodheast 80,518 92,328 110,983 128,335 1~,796' 168,561 187,518 ~;;~.~e~i¢;~¢;~~~"*,',a;*m:",-~",,~",:"~";~*"a*,,m",,~,,,,,"~,,:"~?.,-?-r~i~, ¢,i!;5i 307 Phillips a,598 50289 59,086 87,570 117,363 126,093 1 ~7,269 f~!,~,~.~'?'~';~'~">:~'~':'~"%~74' ~'~'?"'~'"~i~ ~¢';'t?'"~'~l~-!V~¢~;~:;~ ~ 9.~ ~! ~¢?~ 3~ Pow~om 63,8~ 73,010 88,048 105,359 134,2~ 158,396 163,621 ~SuBu~an~an~t~[~s~(¢~:~~;~.~¢~¢~;~:~i~i~¢iii~4~:~i~'~(~¢~&i~i~i~i~ 3~ So~we~ 153,032 163,434 198,231 219,038 2~,128 271,606 '301,059 ~'~j ~'~ ~'[~ ~jl~ ~i:;~ 88 ~¢~ ~ ~ 310 Univem~ 102,507 118,239 121,016 1~,263 181,312 193,~9 216,04T ~2 Hutchinson 94,521 100,184 ~0 Bu~lo 123,323 133,514 1~,802 169,647 176,167 187~93 207~08 ~3 McL~d 82,519 76,301 341 WdghtCoun~ 119,875 123,720 142,231 1~,416 179,0~ 192,047 204,680 360 Robbinsdale 84,796 89,933 ~2 H~chinson 108,399 110,720 117,513 119,572 129,042 137,415 147,905 ~1 Cwstal ~,911 89,841 ~3 McLesd 84,394 96,016 109,609. 109~231 126,988 128,969 131 286 362 New Hope 108,3~ 112,352 360 Robbinsdale 93,014 101,072 114,578 131,249 152,150 164,166 178,~0 363 Brooklyn Ce~er 82,562 85,072 ~1 Cwstal 96,034 103,096 113,106 129~017 153,720 163,9~ 178,753 3~ Brooklyn Park 109 632 ' 115 912 362 New Hope 113,556 118,~7 130,235 1~,715 161,770 ' 180,~4 197,142 ;~6,~i~M~ ~G~4~;~;l:~gz~(~;62~5; 363 Brooklyn Center 85,597 94,362 110,822 124,~5 142,706 157,359 169~ -~566~,'C~;' ~,',,',~?. ~;~,,~;;;~,~:~¢~[?~Bjmi;~[~f(r~,SO~l;28:::1:5~,;i~~P~.'r*: ~,+ ~(~?~f~* ~? :~ 3~ Brooklyn Park 110,~6 118,892 134,8~ 151,298 169,395 182,623 208,508 ?,r-,,, ,'¥~,-,;~>*; ~;¢, ' ~,~+~ ~. ~i '370'"SIble~ Co u nC-'" ~',611 ~ ~;*~=¢:: ~:~"~:~'~i~ ~= ~='~*~:~'67;83~' 367 Hennepin Co No 167,589 184,638 174,515 206,833 217,317 ~9,857 251,558 373 Golden Valley 137,388 141,432 368 Hennepin Co NW 238,230 236,187 263,8~ 310,009 ~,611 396,888 ~,263 374 Plymouth 203,651 208,258 370 SibleyCoun~ 104,890 83~ 93,5~ 99,849 112,158 135,357 121,962 378 Richfield 96,095 100,855 373 GoldesValley 139,936 150,858 1~,5~ 196,321 219,014 2~,111 268,~5 379 Blmington- E 99,179 103,313 374 Plymouth 185,867 192,689 215,180 ~6,656 252;473 265,829 287,~9 380 Blmin¢on-W 161,256 162,771 378 Richfield 104,285 111,959 127,766 141,573 160,~01 182,728 195~71 ~,'~ ~' ~a '"".,..~,..~,~,~,~22~2¢~50~,s~ ~;~ ~ '" ~*~'~ , ,~. 379 Blmin¢on- E 109,135 113,733 127,656 1~,184 165,828 177,5~ 195,983 ~ ~ ~¢~ ~ ;~ ~¢~i~i~4i~i~i}~G~ ~2~!~8~¢~;~ 3~ Blmi~on - W 154,137 160,297 174,290 198,693 213,478 231,762 246,102 ~;:~.~,~Mt~;~~ 381 Laka~kaN 274,~26 . 297,861 351,529 391,826 4~,298 ~1,~ ~3,802 ;~i~ ¢~;~¢~¢~:~ ~;~"~ 385 Edina 217,592 247,019 278,355 298,5~1 328,204 352,383 396,287 ~38~H~[~s~¢F~;~1~6~2~I~28~95~ji~~?:~`~`~r;;~7~+~ ~: ~:~ ~,~. 386 Hopkins 97,494 105,506 126,980 130,129 159,910 174,~3 191,917 387 Minnetonka 189,050 193,887 219,510 247,102 265,938 298,954 315,353 387 Minnetonka 194,061 207,265 391 St Louis Park 112,345 120,049 141,235 156,214 179,190 194,758 215,910 391 St Louis Pa~ 111,008 119,~2 392 Eden Praide 200,285 206,091 228,812 265,131 305,008 309,090 325,661 392 Eden P~irie 218,497 225,056 394 Ca~erCou~y 124,278 134,932 394 Ca~erCoun~ 137,933' 143,582 156,776 172,728 ~05,973 212,136 ~4,526 ,=395=.,W~t e ¢~.o nt.,, ==r.~gZ ~030,.,,. ,.,~=~O 8,gB7., 396 Chanha~en 205,974 207,250 ~4,760 256,7~ 285,722 300,812 317,921 ~{~ ~ ~ ~*~?~*~;~ ~:~ ~4~ (~ ~; 397 Chaska 157,549 165,175 188,103 208,377 237,662 243,324 254,163 398 Victoda 234,514 239,756 253,538 ~4,411 285,423 317,607 367,2~ ~ Lake MinneIonka area ~mbined in 1995 8 · 2003 Residential Activity Report - February 2004 1995 1996 1997 1998 1999 2000 2001 ' 2002 2003 610 Eagan 184,618 187,104 142,860 150.423 162,157 184.979 206,104 214,270 229,843 612 BumsviMe 146,482 149,399 131.784 140,061 151,500 164.506 18%752 200.197 217,112 614 Apple Valley 153,879 163.774 141,666 151,669 163,609 175,929 195.302 205,731 ,219,874 616 Rosemount 127.559 139,055 135,711 141,773 155.505 171,871 212,366 228.492 245,721 617 Hastings 114,849 116.869 115,620 126,827 133,072 153.298 177.393 202,616 221,145 ~2 Prior Lake 157.878 188,241 183,382 184.364 203.497 242.838 282,396 285,382 309,519 ~ ~vage 139,183 1~.018 1~.039 158.509 179,825 205,987 235,027 250,091 261,389 ~6 Jordan 117.151 123,030 133,837 142;758 155.478 196,780 195,913 202.9~ 238,691 .=_.~8....New..Prague...~ ~ ~. -r~ .... .1~2 693 ..... ~.~8 313 139,423 _ ~ .t45 972 1~015 ~8~ 3~ ZlC 508 2~ 1~ .23C ,.18~ 70S Lind Lake~Hugo~en{e~i[le 132225 1~,083 1~,587 158,425 174,82~ 191,278 218,316 239,798 251,102 706 No~ Ce~I Suburban 195,478 194.050 172.124 {8<,278 194,043 228,976 259,~3 267.~ 281,496 707 Ham Lake 130,079 134,991 1~.275 159.879 1H3,285 216.438 242,855 264,738 309,602 708 WhRe Bear Area 140,324 742.381 1~,143 163,717 173,973 201.038 ~2,~5 2~.609 272,624 709 Fore~ Lake Area 123,035 138,498 142,0~ 152,327 166,198 187,490 206,693 238,~8 243,298 ' 710 No~heast.Anoka County 117785 12~ 360 124,~6 1~.241 149 519 1~ 513 187,068 ~7 129 237,552 '= ~, ~' '" .......... ' .......... ~==~ ....... M-~-~ ..... ~ ['5~s;=~~ ",' ~ :' ' ~ =,~9~ ............ '"'"' -=" ~"' ................ "~ ' ~ ................ -~2T 'E~R~ ~-Aff ~:D~'~'~ ....... ~I5'~'20:~ .......... ~'d3'~= ....... i0~ ...... ~'~'H 5~=~'"~3~"d~ ....... ~'d~nT'~'~'~'""2~ g0'E ..... < 3~9';05~- ~=37~ 3~ 7~ NwpN-St Paul Pk-Co~age Gwe 111,159 114,851 113,742 126,043 143,071 160,202 178.737 194,436 208,873 725 PineS=Hngs-LkElmo-Oakdale 129,149 1~.252 128,989 1~.973 162,427 183,8~ 205,8~ 216,254 ~4,297 726 Woodbu~ 183,276 185.076 170.564 178,633 195,509 217.~8 228,497 247,914 264,717 727 Stillwate>Baypo~ 156,5~ 175.985 182.212 195,633 205.761 2~.0~ 268.318 283,508 321,336 7~ Rive~iew~heroke 62.699 66,6~ 69,750 ~.90: 88,491 105,093 128,990 1~,858 .' 161~72 750 Mac~roval~-RiverRoadArea 117,595 133,274 135,471 1~.193 168,8~ 195.494 ~7,913 25~,299 2~,691 752 Highland Area 129,972 149089 1~,715 158,373 176,473 189,~0 ~9,321 249,981 277,868 7~ Big LakeTownship 93,319 104,278 108,~7 117,357 134,110 142,~3. 167,123 173,982 193,~4 756 Elk ~ver 109,028 121.201 126,287 135,519 1~,~5 168,769 187,731 209,824 ~5,580 7~ Nodhwastem Anoka Coun~ 115,298 119,783 126,4~ 135,435 1~,911 157,729 185,810 201,049 ~1,~5 760 Ramsey 124,806 125.657 132,817 1~279 151,524 166,~6 185,919 198,996 232,674 770 Hil~op-Columbia Heig~s ~,960 82,019 85,8~ 92,~24 108,171 120,264 143,207 · 154,711 1~8,864 771 Spring Lake Park 97,225 97,346 102,42~ 113,854 124,214 1~,165 , 153,230 166,915 180~75 772 Lexin¢on4ircle Pines 100,536 111,676 104,426 113,339 120,0¢ 139,651 158,731 167,g73 187,174 780 She~u~ County 88,192 g8,985 106,283 113,032 125,542 139,347 158,014 168,232 183,593 782 I~nfiCounty 89,772 g7,355 111,088 , 119,954 126,155 131,978 152,671 169,372 '' 174,655 850 South Dakota 880 Western Iowa 861 .Eastern Iowa 90,000 45,000 · 110,000 56,250 80,250 2003 Residen{cial Activity Report · February 2004. 9 January 3,257 3,148 3,110 3,782 3,681 3,838 5,524 5,237 8,62g $190,517 $205,838 $227,307 February 2,222 2,607 2,776 4-,228 4-,007 4-,183 4,837 5,110 ' 5,94-7 $185,828 $204,492 $226,614 ~.,~ 5,.~3 5,657 5,2.~ 5,015 5201 6,653 6,~52 ~,,s~ ~,72. $210,~ $230,35~ $2¢1,115 August .5,502 5,03~ . 6,272 5,291 5,036 5,715 7,162 7,298 7,718 $210,160 $2B3,948 $24-7,396 TOTAL 50,298 51,212 56,528 55,381 55,002 60,458 71,861 73,940 ~6,378 $203,136 $22%275 $238,4-48 Rice, Scott, Sherburn, St Croix, Washington and Wright. Pending Sales - The pending listings counts are based on when listings actually en[ered [he pending s[atus. North Ch~go~unty DMsion I 702 Falcon Heigh~uder~le~ose~lle 70~ LMo L~cdHugo/Ccnte~e % 706 Sou~ Cen~l Sub~b~ 754 756 NOTICE Average and median sale prices are included in pordons of this report. According to Webster'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 d~e two middle 'values if there is no one middle number." An average is determined by dividing the total dollar volume by unit number. 707 Ham Lake 708 White Bear .Area 709 Forest Lake 710 Northeast Anoka County 711 Southern Chisago County 712 Maplewood/North St. Paul 713 Bethel 714 Phalen 716 HillcrestJDaytun's Bluff/Hazel Park 720 Southeast St. Paul ' 721 Lakeland/Alton/De nmark 722 NewportJSt. Paul Park/Cottage Grove 725 PineSpings/Lake Elmo/Oakdale 726 Woodbury 727 Stillwater/Bayport 728 River'view/Cherokee 738 HomecrofrJWest 7th St. 740 Crocus Hill 741 Downtown/Capitol Heights 742 Central 744 Como 746 St. Anthony/Midway 748 Town and CounLry/Merriam Park 750 Mac/Groveland/River Road Area 752 Highland Area ,. 754 Big Lake Township 756 EI~ River 758 NorthwestemAnoka County 760 Ramsey 762 Andover 764 Blaine 765 Arden Hills/Shore,hew 766 Moundsview/New Brighton/St. Anthony Village 767 Coon Rapids 768 Ffidley 769 Anoka 770 H/lit op/Columbia Hei o.~nts 771 Spring Lake Park -- 772 Lexington/Circle Pines 780 Sherbume County 782 [sand County 783 Cambridge 784 Northern Ckisago County 805 Western Wisconsin 10 · 2003 Residential Activity Report February 7004 Division II 630 Northfield 600 West St. Paul 632 Price County 602 South St. Paul 640 Shakop~ 604 MendotafLilydale/MendotaHts 642 PriorLake 605 Sunfish Lake 644 Savage 608 Inver Grove Heights 646 Jordan 610 Eagan 648 New Prague/Scott County 612 Burnsvflle 650' Belle Plaine 614 Apple Valley 658 LeSueurCounty 616 Rosemount 660 Goocthue County 617 Hastings. 618 Eastern Dakota County 624 Farming[on 626 Lakevitle 628 South Dakota County 640 Shakopee 610 608 616 Rosemount 617 646 642 626 Jordan Prior Lake Lakevil}~ 618 Eastern Dakota Co 650 '..-.. 648 Belle Plaine New Prague/Scott County 658 Le Sueur County 632 Rice Count' 630 Nor Ih fie ld 628 S o~/them Dakota Co'unty 660 Goodhue County DISTRICTS PRIOR TO 1993 ALL DMSIONS Division I Division II Division III 702 Falcon HeighLs/Lauderdale/Roseville 752 H. ignland Area 600 West St. Paul 549 Downtown 705 Li_no Lakes]Hugo/Centerville 754 Big Lake Towuship 602 South St.'Peril 550 Calhoun/Harriet 706 North Central Suburban 756 E~River 604 Mendota~Lflydale- 551 Cedar/Isles/Loring 707 Ham Lake 758 NorthwestemAnokaCounty Mendota Hts 552 North 708 White BearArea 760 Ramsey 605 Sunfish Lake 553 Northeast 709 Forest Lake Area 762 Andover 608 Inver Grove Heights 554 Parkway, West 711 Southern Ch/sago County 764 Blaine 610 Eagan 555 Parkway, Central 712 Maplewood/North St. Paul 765 ArdenHills/Shorevie'w 612 Bumsville 556 Parkway, South 713 Bethel 766 Moundsview/New Brighton, 614 Apple Valley 557 South 558 South C. ent~'al 714 Phalen St. Anthony Village 616 Rosemount 559 Southeast 716 Eastside 767 CoonRapids 617 Hastings 570 Sibley County 720 Southeast St. Paul 768 Spring Lake Park/Fridley 618 Eastern Dakota County 571 Brooklyn Center/BrooklynPark 721 Lakeluncl/A..fton/Denmark 769 Anoka 624 F~Lr'm_ington 572 Wright County 722 Newport/St. Paul ParldColXage Grove 770 Hi/ltop/ColumbiaHeighLs 626 Lakev/lle 573 OoldenValleyffyrol Hills 725 Pine Spings/Lake Ekno/Oakdale 772 LexLngton/Circle Pines 628 South Dakota County 574 Plymouth ' 726 Woodbury 780 Sherburne County 640 Northern ScottCounry 575 New Hope/CrystaURobbinsdale 727 Stillwater/Bayport 782 Isanti County 645 Southern ScottCounry 576 Dayton/Champlin/Maple Grove/Osseo 728 Rivarview/Cherokee 783 Cambridge 650 LeSueur County 577 M.~o Suburban Northwest 738 HomecrofffWest 7th St. 784 Northern Chisago County 655 Rice County 578 Richfield 740 Crocus Hill 785 SouthwesternWiscormm 660 Goodhue County 579 Bloomington Easl 741 Downtown/Capitol Heights (Pierce County) 580 Bloomington West 742 Central 786 Wes/Central Wisconsin 585 Edina 744 Como (St. CroLx County) 587 Minnetonlca/Hopldr,.~ 746 St. Anthony/Midway 787EastemWiscormm 589 Lake Mirmetonka 591 St. Louis Park 748 Town and Counccy/Memam Park (Polk County) 750 Mac/Groveland/g/ver RoadArea 592 Eden Pm/tie 593 Eastern Carver County 594 Western Carver County 2003 ResidentialActivit:tReport · February 2004 · 11 3~0 Buffalo 367 Hennepin County North 366 341 Wr/ght County 394 Carver County 370 Sibley .County 12 · 2003 Residential Activity Report · 368 Hennepin County NW 365 364 374 Plymputh 373 Golden Valley 381 391 LakeMinnetonka S t Louis Park, 308 3 87 304 396 3 85 ~gx[^;~o~' 398 Ch anh ass en Edina ' 397 Chaska M/nneapolis 300 Calhoun - Isles 301 Camden 302 Cenl:ral 303 Longfellow 304 Nokomis 305 North 306 Northeast 307 Phillips 308 Powderhom 309 Southwest 310 University .392 Eden Prairie 3 79. 380 Bloomington West Suburban and oth~ areas 340 Buffalo 341 Wright County 342 Hutchinson 343 McLeod'County 360 Robbinsdale 361 Crystal 362 New Hope 363 Brooklyn C~ter 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 Rich. field 379 Blo0rn/ngton East 380 Bloom/ngton West 381 .Lake Miunctonka 385 Edina 386 Hopkins 387 Minnetonka 391, St. Louis Park 392 'Eden Prairie 394 Carver County 396 Chanhassen 397 Chaska 398 Victoria February 2004 City of Columbia Heights Articles reprinted frOm the Minneapolis StarTribune with their permission. February-home sales sar record pace news - free[line- travel homezone buying & sellMg - rent. lng. financing- nome & garden F ortgage t ,otes , cars -snopping - working How Low Las,'_ update: March 10, 2004 al 9:13 PM February home sales set record pace Neal Gendler, Star Tribune Welcome, No[ you? Click here Member Center Loq out bUying & selling tools find a home advertise a nome find an agent inside real estate: for real 'estate professionals demographic profiles school profiles renting tools find an apartment calculators mortgage calculator remodeling calculators .~ home & garden homestyle gardenin, g improve it birding collecting contact us COFrections feedback talk March 11. 2004 .REAL031 ~ 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 sig~ed were 2.24 percent above the month's record, set last year. A _ 1 ._~ 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 right now," said Decldyrm Thei-sen, 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 dbeide instead to buy existing homes, she smd. 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%' .. record 2,776, reflecting a slow December and Jannary; sales normally cI6se 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 halfsold 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 fi_rst-time buyers and enabled home own&rs 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 Page 1 of: Subscribe to the pap r Home delivery and sedition Utilities ~ Email [his story - .,-~AIM this story 9 Print this story 3 Make us your nomepage Search More search options Waiqreens Druq Store-. Walgreens Drug Store Schneiderman!s Furniture -'. Spdng Fashions On'Sale[' ;' Restwell Mattress ' ~Bdy Of The Cent~'ry"I New Day Weioht Mqmt ' Grouo Inc.~d;i . You take the first step. bom mday[s paped Sears Cleanihq- ' ~nter Sale ~um todays paper! ALL AMERICAN MORTGAGE OF MN- 4.375% 15 Yr. Fixed First Lutheran Church- Johann Seba~ian Bach Caroet Kinq - Ca.et $79 [nstafl Chart House Restaurant and Banquet Faciliw - Easter Bunny Breakfast from today's paped Little Blind Soo~- Free Fabric-Covered - . Headmil Browse all ads ~FopJobs Featured home M..: . -~l rttp ://ww~v. startrib uno. c om/stories/417/46-56945 .html 0.~/_4/2004 February home sales set record pace afford a median-pr/ced 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, rrfigration from other states and abroad, and move ofminor/ty ethnic groups into home oWnersh/p. "According to a Harvard study, .minor/ty 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 prosper/ty and to industry efforts to reach them. Neal Gendler is at ~dndler(~_ startribune, com. Page 2 ol I Northeast - $215,000 View all HomeZone properties Jobs Shoooinc~ Advertiser Links IGet There First - Leads Fresh new homeowner leadsl Weekly updates for new prospects. www.bizjournals.com House Pribes Have your say on the housing marke[ and property prices in your.area. www.asserranome.com Ads by Google WANT. TO Return to top © CoCyriqht 2004 Star Tribune. All rights reserved. iwm Ultles nome sakes set record tl~rougn iNovemOer news - freetime - travel homezone cars - shopping - working buying & selling - renting - financing - home & garden 'home i Twin Cities home sales set record through November Neal G.endler, Star Tribune Staff Writer Welcome, Not you? Click here Member Center Loq out index find a home advertise a home find an agent inside real estate: for real estate ...... professionals ..... buying & selling. basics communities 'real estate ':l:ransactions demographic profiles school profiles talk Published December 1I ~>003 Tw/n Cities home sales .have set a third consecutive annual record -- and it's n0.t even the end of the year. Through November, 52,390 home sales were closed in the 13- county metropolitan area,t surpassing the 51,231 homes sold in all of last year and the 50,298 homes sold in 2001, the fn-st year . sales reached 50,'0001 '." - A O V E:R TI Ei~ S r.,~ T - REAL11 The figures were. released Wednesday by the four metro-area Reattor associations that own the Regional Multiple Listi_ng Servicel This yem-'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 of the , 'SoutKern Twin CRies 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 Gr/ll, president or,he Minneapolis Area Association of Realtors. The' benchmark 30-year loan rate hasn't hit 7 percent this year. Page Related content Median home sale price takes a one-month plunge B A fall bounty for builders, buyers D Median income is enough to buy median-priced house ¢ Gallery: What the .median price buys Cities' cores become high · spots for big real estate gains RMLS 2002' home sales and median prices Latest interest rates Utilities Email this story.. :. ~AIM this stoq Print ~his story Make us your homepage Search More search options A boom in new construction also helped drive home sales this'year, said Jerry Koch, president of the North Metro Realtors Association. Most of those new-home buyers have ex/sting homes to .sell, creating what I-Ieinzerling called a domino effect, sometimes several homes tong. 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 w/ll be hard for the marke~ to continue at the pace it has th/s year. That is also what realtors though? at the beginning of this year. The Twin Cities real estate markets mirrors what has happened nationally th_is year. The National Association of Realtors said last week http ://W-WW.StZrbfbune. com/stor/es/836/42 d 1222 .html Waloreens Omo Store - Walgreens Drug Store Schneide,'man's Furniture Spring Fashions On Salel · Restwell Ma~rass Factory - Flooring Etuy Of The Centu~ New'D~v Weiqht Mamt Grou[~ ~ the first step. from (oday'_~ Sears Cleanina Winter Sale from f. ada¥;% paperl AL_._j AM E..=d C.'!N MORTGAGE OF MN- 03/24/2004 Twin Cities home sales set record through November that it expects a national record of 6.'07 million exasting-home sales this year, 9.1 percent up from last year's record 5.57 million. "If you would have asked me at the begd2nn~ng 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 Keel[ors. "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 gowing because the market is expanding, said John Lockner, president-elect of the St. Paul association. He said the population is growing, and waves of irate[greats are buying their 15rs[ houses and less-recent irnmJgrants are getting the prosperity to buy their second. "A year or two ago, I almost never saw 14_roerig families buying homes in Washington County," he said. Now, they are, moving from homes they own in St. Pard. 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 sliglxtly. "The decreases so small they're really meaningless,"' said Decklyrm The[sen, premdent-elect of the Southern Twin Cities Association of R:ealtoi-s. 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, The[sen said. "I just put on a listing at $224,900 in Bumsville 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 2002. The peak was $207,500 in August. Neal Gendler is at n~ endle~xtartrib une. com. Advertiser Links WarrJor'$ Govo Modem Martial Arts Training Free introductory Classes Weekly[ WarriorsGove.com Page 2 et 4.375% 15 Yr. Fixed First. Lutharan Chur~ - Johann Sebastian 8ach Carom Kinq - Carpet 279 Install Charl House Restaurm'~t and Banouet Fadhh, - Easter Bunny Breakfast from today's paped Little Blind Soot- Free Fabric-Covered Headrail Browse ail ads Too Jobs Standard Heating & AC Twin Cities Metro Residents Only[ Service Installation Free Estimates www.sta nde rd n eating.ce m Ads by Google Tw/n Cities home sales set record through November Re:turn to top © Co0vriqh[ 2004 Star Tribune. All dghts reserved. Page http.//w-ww.startnbune.com/stones/8_~6/4_61 ?22 html 03/24/200~ Market update: A fall bounty for builders, buyers news - freetime- travel homezone cars - shopping - working buying & selling - renting - financing - home & garden. ome Market update: A fall bounty for builders, buyers Neal Gendler, Star Tribune Welcome, Not you? Click here Member Center Loq 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 3rofiles talk Published October 25, 2003 October brou~_.ht a sunny outlook for people looking to build, buy or rent a home, but sellers and landlords noticed deepening shadows. MKT25 Low morrgage-_interest rares kept home : building strong, and those rares, 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 di£IScult.to raise rents and often had to of£er concessions to attract tenants. The flip side of happy buyers, of course, is sellers who are finding that many exJst/ng 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 JSve-year average for September. That means sellers who priced too ag~essively most likely have two options: wait, perhaps until spring, or reduce the pr/ce. Twin Cities-area home sales closing lastmonth had a median price -- halfselling for more, half for less -~ o£$200,500, up 6.1z[ 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 of the Min_neapolis 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 re get ahead ofsli~-~tly increased interest rates. Page Related content ~ Median home sale price takes a one-month plunge l~ Median income is enough to buy median-priced house ~ Gallery: What Ihe median price .buys B Cities' cores . become high spots for big real estate gains D RMLS 2002 home sales and .median prices © Latest interest rates . Utilities ~ Email this story ~AIM this story 9 Print this story ~ Make us your homepage. Search !'News More search options ~ ~'~'~,~...~--. tlWaiqreens Drue Si'ere Walgreens Drug Store Schneiderrnan'-~. Furniture - Spdng Faehions On Sale! Restwe I Mattress Fac[on,,. ~ Buy Of The Century New Day Weiahl Mqmt ~;rouB iRC- ~ou lake the first step. from today's paper! pears-Cleaninc~. Winter Sale ~rom loday',~ Paped ALL AMERICAN MORTGAGE C¥¢ MN - 4.375% 15 Yr. Fixed First Lutheran Church- ~p ://w-Ww.startrib une.com/stor/es/836/4171788.htm] Market update: A fall bounty for builders, buyers Sellers, seem unaware of the size and effect of the extra inven~tory, Grill said. However, he added, "I think we're going to start seeing price reductions fairly quickly at a fah:ly heavy pace." Tkis already is occurring w/th upper-bracket homes, especiaily for sellers with a deadline. Through September, 42}955 metro-area homes have sold th/s year -- 12.12 percent ahead of the 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 10 days to 25. "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 ro buy just to buy, and they're going to be much more selective," taking time to fred iust 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 Realtor and use the Internet to arm themselves wifh market information" Sellers "need to be patient. Their house has a good chancb 6f selling tiffs year if they price it realistically. They and their 'agents need to reexamine where the house stands in relation to irs 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 w/th a total value of $2.26 billion. In the f]_rst nine months of last year, the totals were 7,885 permits for 12,653 units worth $1.99 bill/on. 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 Le-vel Incl of Chaska. "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 rema/ns a major force in the market, accounting for nearly half of al/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 sa/d, but most ~s in owner-occupied town_houses. Attached housing Page 2 cF 5 Johann Sebastian Bach C-=roet Kir:q - Carpet $79 Install Chart House Res[auran[ and Banquet Facilib/- Easter Bunny Breakfast from today's paper! LiRle Blind Soo( - Free Fabric~Covered Headrail Browse all ads Too Jobs tt~p ://www.startribune. corn/stories/836/4171788 .html 0~/24/_~ ? 004 Market update: A fall bounty for builders, buyers can be lower-priced than traditional single-family housing because typically uses less land per unit. 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. Still, high-end buyers keep coming. "In western suburbs, there seem to be a lot of luxury homes of the market right now," he said. He recently talked with a builder who had six lots, and a model on one of them pr/cedar more than $1 milhon. "The model and all five of'the other lots sold." He adv/sed consumers that fall is the best time to start building, saying that while snow can be shoveled our of the way, raN-soaked mater/als take longer to dry. Rising rates Mortgage-interest rates remain near historic lows, even if recent upticks have raised a sense of panic. People who quickly came to expect 5 percent rates for the benchmark 30-year loan with no points and a 1 percent or/~_nation 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 77vhfite Bear Township. "You'll. likely get a better deal now than you would have six months - ago, ' he said. "Even ifin{erest rates have gone up a modest amount, the slowing of the market means smaller mark-ups" on interest rates and loan fees. 'This is one of the reasons rates have stayed so at-tractive." Harrhagton said rates hit bottom from about June 10 to 25, ~vhen he could find 30.,year loans at 4.875 percent for ]mis 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. Among buyers, "everybody's just petrified," said Tom Birch, executive v/ce president ofABN AMRO ha Bloomin~on. But, he said,.'hfI'd have tried to ~ve you 6 percent last year at this time, you'd have been thrille¢." He said he expects rates to remain "about where they're at. I think there's not that much demand. I don't see the economy improving that much." Harrmgton expects rares to be level ro rising, depending on stock market performance. Soaring stocks attract investment money, forcing mortgage-backed securities to pay more ro compete. Birch said people pay/rig interest above the preva/1/n.g rate still can ,~p .//www.st artnbune, corrfston es/8_06/4171788.html Page 3 o 1V[~ket update~ A fall bounty for builders, buyers reiSn, ance, and if they can do 'so without spending equity or c.ash, "it's a good deal. I would just caution,people about taking out too much equity," leaving them vuinerable in a cash crunch, lie .said people thinking of buying should consider this a good time. "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." A renters' market Renters haven't had it so good in years. Lo~ mortgage-interest rates that prompted many renters to buy homes have created a Twin Cities-area vacancy rate of 7 percent - high enou~a to keep most rents from rising and to spur rent-reducing incentives. jan Susee, chairman of the Multi H0us/ng Association (1ViJL~) trade group, said a widely offered incentive is a month's free rent, which results in an 8.5 percent gu-st-year saving on rent; some landlords are offering two months free. Some higher-end buildings have cut rents to attract tenants. Average rent in the third quarter rose ~o $840, up $5 from the 2002 per/od, but the MHA says that's a regult of new, higher-end apartment developments,, not w/despread increases. Learm K/spert, MStA pubhc relations directpr, said higher-end units- have higher vacancy rates because "those tenants are the ones' going out and buying houses." One-bedroom vacancies also are up as young renzers move back home or double up to save money. GVA Marquette Advisors, which tracks 160,000 o7 the area's est/mated 300,000 rental units, reported a 6.9 percent vacancy rate in one-bedroom units for the quarter. The rate for one-bedroom unks and two-bedroom units with.dens was 8.8 percent. Fewer immigrants, Which usually become new renters, meant increased vacancies in older, smaller buildings, said Brent Wittenberg, vice president at GVA Marquette Advisors. "I don't think people are going broke, but there are many owners accustomed to having full occupancy w/th waiting lists" who now have to deal with vacancies of up to 8 percent. Apartments have been added, "but we're not adding jobs." When rents go above $800, tenants start thinldng 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 w/th "for rent" signs. He said more apartment vacancies have not meant less screemng of prospective tenants. Cities are making times tougher for owners of problem properties. Susee, whose Meets & Bounds management company operates 3,000 units, sa.id the number of vacancies in affordable units suggests there's no shortage of units in that market yet. He. expects problems, however, Page 4 of' 5 [ttp ://www.startribune. com/stories/83 6/4171788 .htmJ 03/24/2004 Market update: A fall bounty for builders, buyers because new projects tend to be a~r 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. He advised renters to shop around. Competition is generating landlord flexibility and Lncreasing services and amen/des, from exercise rooms to laundry pickup and high-speed Internet connection. ]Veal Gen dler is at ngendle~startribune, com. Page 5 c Advertiser Links Landlords Tenants Laws High-Quality,' Low-Cost Legal Held Get More Info - No Obligation www.g erring-legal-advice.corn Landlord Dispute Legal advice within 24 hours. Get on the phone with an attorney. legalhelpnow.org Return to top © Cooyriqht 2004 Star Tribune. All dghts reserved. Ads by Google IIJ 5/fedian home sale price takes a one-month plunge, but price remain up for year news - freetime- travel homezone cars - shopping- working buying & selling - renting - financing - nome & garden , ho12'to Median home sale price takes a one-month plunge, but price remain up for year Neal Gendler, Star Tribune Published October 15, 2003 REAL15 Welcome, Not you? Click here Member Center Loq our index find a home advertise a home find an agent inside real : estate: for real.. estate prqfessionals buying & selling: basics communities real estate transactions demographic profiles school profiles talk The median home price, in thc Twin Cities region fell sharply in September, and officials cited a big invemory of available homes, interest rates and a normal start-of- school slowdown for the decline. One expert said the results mean local homeowners may be unable to reap such big gains in the value of Ou.lstandiin g Agents; '0 u. ista riding R-e. sults. their homes/n the future as they have in recent, years, sparked by.low interest rates and hl~ demand for homes. Results from the 13-county Regional Multiple Listing Se~ice (M%S) showed Cae 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. "T~s is not sig-naling a collapse of the housing market," said George Karvel, distinguished chair in real estate at the Urfiversity of St. Thomas. "It is a return to more normal pri~e increases." Officers of the four metro-area Realtor associations said large monthly price sw/ngs 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 faro/lies seeldng larger homes who buy/n t/me 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. "You must look at the trend over t/me: Locally and nationally, 'housing markets continue to experience sig-rfihcant price increases, albeit less than two or three years ago," Kmwel said. Page 1 of Related content E~ Median income is enough to buy median-priced house E~ July: Metro home sales continue red-hot oace B Fall bounty for builders, buyers ~ Gallery: What the median price buys Cities' cores become high 'spots for big real estate gains RMLS 2OO2 home sales are median prices Latest.interest. rates Utilities. Ernail this story ~AIM this story Print this story Make us your homepage Search ,,, ,.: .... ~i."~'.',. More search oetions Outsicle Screen Printinq Sales - Allied Graphic~ Security - Securitas Security Clinical Dietician - Fairview Pharmacy Services Customer Service - Amedcen Guidance Service Beauty, - Madison & Company Customer Service - Abby Bin Human Resource~ '- Schwan Records - Gib/Of Blaine See.,ice Teclmician. Ctp ./ /www.startn b un e.co m~ ston es/ 8_~ 6 / 412 4 7 7_~ .h tml 03/24/2004 Median home sale price takes a one-month plunge, but price remain up for year "School affects the market," said Ann Brock_house, 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 first-time buyers w/th small children or none. "First-time buyers still are in the market." September's drop "might be one of those situations where, with everything on the market, setlers are taking less," said Mike Hefinzerting, president of the Southern Twin Cities Associanon of Realtors. Indeed, several agents this week said they've, seen nmmerous price reductions. Reductions are made for several reasons, including a seller's need to meet a dead/fine, an increase in competition, a ~slowing market or seller overpricing. A client of Coldwell Banker Bumet agent Mark i<2uzm a has reduced the price rw/ce -- a total of $40,000 -- on a five-bedroom, four-bathroom- house in west Bloomfin~on fzrst listed in March ar $339,000. "It went on at a very high price; that was [the seller's] choosing," he said. The house was taken off the market once and relisted for $30,000 less, "and we have reduced since then $10,000. 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 re discuss their feelings in public, but "obviously, nobody likes waiting." Sales 'norma .l/~ sl0w.fin the.saconni.half.of the year, although th/s year July and Aug-asr were unus..:ually stpng, even bringing multiple'offers more common in the spring.[Sea§.onal tapering showed up last month in · the number ef."sales pending" -- purchase a~eements signed for transactions not yet closed. Last month's 4,741 sales pending were 2.11 percent ahead of September 2002, but were down from 5,713 in August. MoFrgage interest rates ticked up a bit this summer, a move that can have opposite effects, knocking some people out of the market but · nud~g undecided people to act lest rates go still higher. Rates for the i benchmark 30-year loan came close to-7 percent in summer, but now have declined to 5.875 percent, Heinzerling said. H_is business was slowed by the increase, but since August, he's been busier than he was all summer, he said. Heinzerlfing said a slowdown in September is not unusual, and "October tends to pick up as people who are buying want to be fin before the holidays." In four of the past six years, more sales closed in October than Sep.tember. He said evidence of price reductions is mostly anecdotal. Agents can obtain a 1/sting history showing previous times on the market and the prices, but with the new M%S system, reductions no longer appear and agents are apt to use an old device to make a longtime 1/sting 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. Aquila, Inc Surveyor - Stram Engineedng Social Services - Rise Page 2 of incorporated Soft'ware / Firmware Braemar. inc. Medical Assistant - Southdale Family Pra~ica ¢iew All Too Jobs Shoooinq 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 dosed through September are 12.12 percent: ahead of the 2002 period, and Brockhouse said "we're on our way to another record year." Weal Gendler is atngendler(Zbxtartribune, com. Page 3 of ~ Advertiser Links MLS Flat Fee Listing List on the MLS & Realtor. corn for a Flat Faa. Free Web Page. $50.00 Off www.Sale ByOwnerRealty.corn Du'nwoody Real Estate Free MLS Search, Market Tips. Data Statist[cs. and Home Value Analys~s www. DunwoodyHomeSeurces.~om Ads by Google Re(urn to top © Conydqht 2004 Star Tribune. All dghts reserved. http ://ww-w.startribune.com/stofies/836/4154773 .btm1 03/24/200L Metro-area home prices rise; sales set record news - freetime - travel homezone cars - Shopping - working buying & selling - renting, financing - home & garden h ue ' Metro-area home prices rise.; sales set record Neal Gendler, Star Tribune Welcome, Not you? Click here Member Center Loq ou£ index find a home advertise a home find an agent inside real estate: for real estate .._ profession als buyihg & selling basics communities real estate transactions demographic profiles school profiles talk Published Januap? 16, 2003 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 associaffons said Wednesday at a news conference in M_in~eapolis. REAL1.6 A year earlier the Realtors crossed the "' 50,000 mark for the drst time, closing 50,298 sales in 2001 in the ~'3- metro counties covered by the Re~onal Multiple.Listing Service. t' A_lthou~ 2002 didn't have the frc~zzied spring o£the three previous years, sales were steady most of the year, and home values rose 9 percent. The median phce for the year -- the pgint with half the sa'les for more, hal£ £or less -- was $185,240, up from $170,_000 in 2001. "Last year was an excking year; it was a tremendous year for 'buyers and sellers," said Todd GriLl, president of the Mirmeapolis Area'Association of Realtors. "We antic/pate 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 fight now, so there's a good selection for the buyer. We sti.ll have increasing/ncomes and a relatively stable economy.' At year's end, !7,618 single-family homes -- including townhouses, condominiums and twin homes -- were listed for sale, up 14.6 percent from the end o£2001. New 1/stings 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 foz: which purchase ageements have been signed but not closed -- were up 12.9 percent from December 2001 and well ahead of the five-year average of 2,g43.- That means closed-sale numbers probably will start tk/s year ahead oT the 2002 pace. Page Utilities Email this story ~AIM this story Print this story Make'~s your homepage Search More search options_ Outside Screen Print/hq _~ales - Allied Graphics SecuriN - Secbribi. s~ ,'~ -i Clinical Dietician,- Fairview. ~harmacy Sarvic~sh ' :[." . Customer~Sen~iCe'. Amed~n Guidance So.ice _B. eau~ - Madison & Company _C. ustomer Service. Abby Blu .Hurnan Resources- Schwan .'.R. ecords. Cib/Of Blaine Service Technician. Aouila. ~ - Strom Engineering _Social Se~,ices - Rise Incorporated :Software / Firmware - Braemar, Inc, _¥edical Assis[ant- Southdale Family Practice View All TooJob~ Browee more ada: Shoooinq rp ://w-w-w. st artr-ib une. corn/st ories/836/3594762 Metro-area home prices rise; sales set record Realtors have been puzzled by the increase in sales, pric~es and listings on the market; normally they don't all move m the same direction. Page Rising prices were reflected in the $11.3 billion value of sales last year, 11 percent ahead of $10.2 billion in 2001. The median price of sales closed in December was $190,000, where it has'been every month since .July except for September's $185~700. The numbers were announced at a news corzt~erence in an house being built on the 1500 bl'ock of Girard Ay. N. on M{~neapolis' North Side, where mayors R.T. Rybak of Minneapolis and Randy Kelly of St. Paul reported progress on adddng housing in the core cities. They stood inside the 1,500-square-foot house, which has four bedrooms, three baths and a list price 0£$204,000. "The market has declared that vMues in this nei~hborhood are going up -- and going up dramatically," Rybak said. 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. As the central cities have become more popular wi.th buy'rs, 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. Rybak said one o£his goals was "rebuilding the 'streetcar City,'" meaning increasing density - also a goal of the Metropolitan Council and the Builders Association of' the Twin Cities during the Ventm:a administration. Rybak' pointed, our that Minneapolis now has 380,000 people, but once had .a population of 500,000. Last year, 3,169 housing units were completed or under construction in the city, of which 1,259 are affordable for farrfilies at or below the median, income, he said. The median household income for the metro. area last year was $76,700. 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 tenn. 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. Peter Bell, the new Metropolitan Council chairman, also spoke favorably cf increasing density, particularly in the core cides, to take advantage of existing infrastructure. The investment value of owning a house was emphasized by North ht-tp ://www.srartribune. com/stor/ss/836/3594762.html 03/24/2004 Metro-area home prices rise; sales set record Metro Realtors Association President Shirlee Heitz, who said: "If you purchased a $150,000 home in 2000, it would be worth close to $183,000 at the end o£2003." That gain is even more impressive compared with stock market losses in the past three years, including a 23 percent decline in the S&P 500 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. St. Paul Area Association of Realtors President Bob Clark pointed out that Ramsey County had the highest percentage increase in median price, lie said the National Association of Realtors expects price pressure to ease this year. 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." -- Weal Gendler is at ~endler~_.startribune. com. Page 3 c Advertiser Links Hand selected Agent . . Pre-qualified Real Estate Agentg in 3 Quicl{, Easy Steps www. R~alEstata.com Dave J. Anderson ' : .... Real estate.agent for the southwest Minneapolis area who listen~ www.davejano erson,comt Ads by Google Return to top © Coovriqht 2004 Star Tribune. All rights reserved.