Ramsey County. Assessor s Report

Transcription

1 Ramsey County 219 Assessor s Report This report includes preliminary estimated market values for the 219 assessment, taxes payable in 22. Value estimates are subject to review and change until the conclusion of the Special Board of Appeal and Equalization in mid June 219.

2 219 Ramsey County Assessor s Report Table of Contents Market Summary....3 Estimated Market Value Totals Total Countywide Estimated and Taxable Value vs. Median Residential Value Trends Ramsey County Residential Median Property Value Trends....8 Ramsey County Apartment Median Property Value Trends....9 Ramsey County Commercial/Industrial Median Property Value Trends...1 Residential Property Median Estimated Market Value % Change Map Single Family Residential Property Median Estimated Market Value % Change Map Apartment Property Median Estimated Market Value % Change Map..13 Commercial/Industrial Property Median Estimated Market Value % Change Map Ramsey County Breakdown of Estimated Market Value (less Added 15 Median Estimated Market Value of Residential..16 Median Estimated Market Value of Single Family Homes Median Estimated Market Value of Apartments Median Estimated Market Value of Commercial/Industrial Property EMV Percent Changes (Single Family Ramsey County) EMV Percent Changes (Single Family City of Saint Paul) EMV Percent Changes (Single Family Suburban Ramsey County) Apartment Growth Rates (Ramsey County) Apartment Growth Rates (City of Saint Paul) Apartment Growth Rates (Suburban Ramsey County) Commercial/Industrial Growth Rates (Ramsey County) Commercial/Industrial Growth Rates (City of Saint Paul) Commercial/Industrial Growth Rates (Suburban Ramsey County) Change In Assessed Value from Previous Assessment High Point (27 Assessment) Change In Assessed Value from Assessment Low Point (212 Assessment) Glossary of Assessment Terms

3 March 2, 219 Dear Ramsey County Community, We are respectfully submitting the 219 Payable 22 Ramsey County Assessor s Report. The valuation notices mailed to each Ramsey County property owner on March 18, 219 included the assessor s proposed 219 estimated market value, the proposed taxable market value, and the proposed property classification for 219 payable 22. Total growth in the 219 assessed value of Ramsey County real property was $3.46 billion, with $2.76 billion of the growth in value coming from residential property. The total assessed estimated market value of Ramsey County property for 219, taxes payable 22, is $56.25 billion, up from last year s $52.78 billion (notincluding personal property, utilities and railroad). The total countywide increase in market value of $3.46 billion, included $475 million of value from new construction. As of the 219 assessment, total estimated market value is now $6.51 billion above the pre recession 27 peak estimated market value. The 219 total estimated market value is also up $17.61 billion from the most recent low point in the real estate cycle (212 assessment). In many areas of Ramsey County, growth in 218 was steady compared to 217. The Homestead Market Value Exclusion benefits the majority of homesteaded residential property in Ramsey County, but it also continues to exaggerate the impact of rising property values on residential property taxes. Due to the nature of the homestead benefit, which declines as the value rises, many homestead property owners are experiencing a greater increase in taxable market value than in their estimated market value. This pattern is established by law and is not scheduled to change. 219 Assessment The percentage changes in 219 aggregate value by property class for the City of Saint Paul, and for all the suburbs taken together and countywide are as follows: Overall Residential Commercial/Industrial Apartments City of Saint Paul +6.6% +7.5% +2.% +7.9% Suburban Ramsey +6.5% +8.% +2.4% +5.1% Countywide +6.6% +7.8% +2.2% +6.8% Median Values for 218 and 219 are as follows: Residential Commercial/Industrial Apartments City of Saint Paul 218 $184,4 $492,75 $819,55 City of Saint Paul 219 $198,8 $525, $878,1 Suburban Ramsey 218 $236,9 $925,15 $1,599,6 Suburban Ramsey 219 $256,4 $982,7 $1,736,4 Countywide 218 $214,4 $622,9 $91,4 Countywide 219 $232,7 $654,5 $964,2 3

4 Residential Market Summary Ramsey County experienced steady growth in the 218 residential real estate market. According to NorthstarMLS, the median sale price for residential property in Ramsey County was $233, at the end of 218, up from $217, at 217 year end. With continued job growth, positive wage increases, attractive rates, and rising rental rates, a healthy real estate market should continue. A historic low supply of homes for sale and high demand are resulting in increasing sale prices and market values. In Ramsey County, foreclosures and short sales continue to fall. In 218, foreclosures make up very little of the market. Median values of single family homes increased most significantly in the Saint Paul neighborhoods of Dayton s Bluff, Thomas Dale, and Payne Phalen. In the suburbs, the most significant value increases were in the cities of North Saint Paul, Maplewood and Mounds View. The townhome and condo markets continue to show steady growth in value and strong sale volume. Townhomes in the Thomas Dale, Summit University, North Saint Paul and Lauderdale neighborhoods had the largest percentage increase in median value. Condos in the Payne Phalen, North End, North Saint Paul and Little Canada neighborhoods had the largest percentage of increase in median value. In 218, new home construction in Ramsey County was strong once again. Notable developments included the last phase of Rapp Farm in North Oaks and Wheaton Woods in Roseville. We are awaiting the development of the Ford Plant and the vacant land in Arden Hills. The assessor s office continues to actively track all market activity and will continue to follow the prices determined by the market in 219 for our 22 assessment. Commercial Market Summary Apartment The Ramsey County apartment market remains very strong. The investment market continues its strong pace with properties commanding high prices. Rent growth continues, and vacancies remain at record lows despite the construction of many new complexes. Apartment development continues to be at high levels countywide. Most new apartment buildings have enjoyed rapid rates of absorption without granting rent concessions. In addition, many large, much needed, affordable housing projects are under construction in Saint Paul. Retail In spite of the changing retail landscape, the Ramsey County retail market is holding steady. Overall, vacancies are trending lower and rents are trending slightly higher. The most active retail properties are well located smaller single and multi tenant properties. Saint Paul and suburban Ramsey County continue to attract new grocery stores. Properties with more internet resistant tenants are performing well. Malls are expanding their tenant mixes with more service retailers such as medical office, financial services, and cell phone stores. Demand continues to be strong for breweries and food halls. Vacated department stores are being marketed for adaptive reuse or redevelopment. Rosedale Mall has benefited from its recent major interior mall remodel and opening of a new Von Maur department store. Rosedale Mall also recently added a food hall and plans to add more experiential retail to ensure its continued strong sales performance. In addition, Rosedale Mall has redeveloped, and plans to continue redeveloping, underutilized surface parking lots. Industrial The Ramsey County industrial market is performing well with strong absorption. The bulk warehouse market is benefiting from the continued growth of e commerce and the heightened importance of last mile logistics. The strong local economy also has resulted in increasing prices for older and smaller 4

5 industrial properties. Industrial flex buildings continue to be an alternative for office tenants seeking creative space with lower occupancy costs. Mini storage properties continue to be in strong demand with the development of several new buildings. Office The office market continues to benefit from the strong local economy. Overall, office rents and market values in Ramsey County increased during 218. Suburban Ramsey County experienced a strong rate of absorption in 218. Downtown Saint Paul experienced negative 218 absorption partially due to the continued adaptive reuse trend of older, less functional office buildings. Recently two larger office buildings have been remodeled, creating new space options. The Osborne 37 renovation has been very successful at absorbing newly renovated office space. The 428 Building offers premium space and represents a longawaited arrival of a new Class A building. Several buildings near the west section of the Green Line have been renovated and proven successful at absorbing new space at strong rents (including University Centre at 1919 and the Case Building). The medical office market continues to be very strong with demand for new, high quality medical office space. This has come at the expense of some older, less desirable medical office buildings. Hotel The hotel/motel market in Ramsey County continues to perform well with ongoing improvements in occupancy and average daily rates. Three new hotels are currently under construction in Downtown Saint Paul. Two recent sales in Downtown Saint Paul indicate strong sale prices. Revaluation Activities Once again, we will have appraisers out reviewing one fifth of the properties in the county. Thank you in advance for your cooperation with our appraisers as they perform their work. I encourage you to allow them to review the entire property. Our appraisers will always have Ramsey County identification, as well as records describing your property. If you would like additional information, please contact our office at , us at AskCountyAssessor@ramseycounty.us or visit our website at We are happy to provide you with any available information that would be helpful to your research. Sincerely, Luis Rosario, SAMA Ramsey County Assessor CC: Ramsey County Board of Commissioners Ryan O Connor, County Manager City Managers in Ramsey County 5

6 City of Saint Paul 218 pay 219 VALUE TOTALS 219 pay 22 ADDED IMPROVEMENT 219 pay 22 VALUE TOTALS VALUE INCREASE FROM 218 p 219 TO 219 p 22 (Including Added Improvements) VALUE INCREASE FROM 218 p 219 TO 219 p 22 (Without Added Improvements) Total Growth 18 to 19 Asmt (includes AI) RESIDENTIAL 16,37,115,4 82,537, 17,599,48,8 1,228,933,4 1,146,396,4 7.51% AGRICULTURAL HIGH VALUE 4,94,3 4,641,8-262,5-262,5-5.35% APARTMENT 4,512,895,8 99,291,9 4,87,69,1 357,794,3 258,52,4 7.93% COMMERCIAL/ INDUSTRIAL 4,313,289,4 48,445,8 4,397,325,7 84,36,3 35,59,5 1.95% TOTAL 25,21,24,9 23,274,7 26,871,76,4 1,67,51,5 1,44,226,8 6.63% Suburbs 218 pay 219 VALUE TOTALS 219 pay 22 ADDED IMPROVEMENT 219 pay 22 VALUE TOTALS VALUE INCREASE FROM 218 p 219 TO 219 p 22 (Including Added Improvements) VALUE INCREASE FROM 218 p 219 TO 219 p 22 (Without Added Improvements) Total Growth 18 to 19 Asmt (includes AI) RESIDENTIAL 19,174,951,3 13,11,3 2,71,81,3 1,526,13, 1,423,19,7 7.96% AGRICULTURAL HIGH VALUE 35,826,6 3,964,9-4,861,7-4,861, % APARTMENT 2,736,838,6 65,1,5 2,875,13, 138,264,4 73,253,9 5.5% COMMERCIAL/ INDUSTRIAL 5,634,968,8 77,439,9 5,768,478,7 133,59,9 56,7, 2.37% TOTAL 27,582,585,3 245,56,7 29,375,627,9 1,793,42,6 1,547,481,9 6.5% Countywide 218 pay 219 VALUE TOTALS RAMSEY COUNTY VALUE TOTALS SORTED BY PROPERTY TYPE AND CITY/SUBURBAN 218 payable 219 vs. 219 payable pay 22 ADDED IMPROVEMENT 219 pay 22 VALUE TOTALS VALUE INCREASE FROM 218 p 219 TO 219 p 22 (Including Added Improvements) VALUE INCREASE FROM 218 p 219 TO 219 p 22 (Without Added Improvements) Total Growth 18 to 19 Asmt (includes AI) RESIDENTIAL 35,545,66,7 185,647,3 38,3,13,1 2,755,63,4 2,569,416,1 7.75% AGRICULTURAL HIGH VALUE 4,73,9 35,66,7-5,124,2-5,124, % APARTMENT 7,249,734,4 164,32,4 7,745,793,1 496,58,7 331,756,3 6.84% COMMERCIAL/ INDUSTRIAL 9,948,258,2 125,885,7 1,165,84,4 217,546,2 91,66,5 2.19% TOTAL 52,783,79,2 475,835,4 56,247,334,3 3,463,544,1 2,987,78,7 6.56% AI is Added Improvement (Reported Values Exclude Personal Property, Manufactured Homes, and State Assessed Utility & Railroad Property) (All 219 pay 22 Values are subject to review and change until the conclusion of the Special Board of Appeal and Equalization in mid-june 219) (218 p 219 Values extracted from the 218 Spring Mini Abstract run on 3/19/18 (219 p 22 Values extracted from the 219 Value Summary by TAG Report run on 3/11/19 (Total Growth Includes Added Improvement for 217 p 218 and 218 p 219) (Includes Vacant Land for all Property Types) Prepared 3/12/19 TG,JG 6

7 TOTAL COUNTYWIDE ESTIMATED AND TAXABLE VALUE VS. MEDIAN RESIDENTIAL VALUE TRENDS ASSESSMENT YEARS (25 219) MEDIAN RESIDENTIAL VALUE VALUE TAXABLE MARKET VALUE MEDIAN RESIDENTIAL VALUES ('S) TOTAL COUNTYWIDE VALUE (BILLIONS) MEDIAN RESIDENTIAL VALUE VALUE TAXABLE MARKET VALUE *Total Countywide EMV excludes Exempt property value (source dbo_vw_parcelvalues) *Median values exclude added improvement values, leased public property and vacant land 7

8 Ramsey County Residential Median Property Value Trends $28, $26, 256,4 245,5 247,8 $24, 23,8 236,6 236,9 232,7 MEDIAN PROPERTY VALUES $22, $2, $18, 226,4 225,4 214,3 21,2 198,4 196,5 183,2 182, 222,4 213,4 24,7 199,7 189,7 182,1 168,1 174,7 194,8 176,1 172,8 22,6 214,4 198,8 28,1 198,8 199,4 186,7 184,4 172, 177,7 159,4 $16, 155,5 149,3 156,6 156,5 143,6 149,9 $14, SUBURBAN COUNTYWIDE CITY $12, 131,8 129, ASSESSMENT YEAR *Median values exclude added improvement values, leased public property and vacant land 8

9 Ramsey County Apartment Median Property Value Trends $2,, $1,8, 1,736,4 $1,6, 1,599,6 MEDIAN PROPERTY VALUES $1,4, $1,2, $1,, $8, 1,2, 1,2, 1,5,6 926,8 881,4 817,4 792,4 941,6 799,5 983,4 1,255,7 1,37,35 723,6 983,4 964,2 91,4 878,1 589,1 819,55 $6, $4, 6, 6, 612, 65, 55, 556,2 566,5 52, 549,8 5, 572,1 589,1 62, 55,4 54, 495, 51,3 517,95 531, 465,5 462, 44, 65,95 517,95 Suburban Countywide City $2, *Median values exclude added improvement values, leased public property and vacant ASSESSMENT land YEAR *Median values exclude added improvement values, leased public property and vacant land 9

10 $1,1, Ramsey County Commercial/Industrial Median Property Value Trends $1,, 982,7 925,15 $9, 84, 829, 725, MEDIAN PROPERTY VALUES $8, $7, $6, $5, $4, 714,75 473, 367,6 792, 767,6 736,25 567, 569,5 54, 525, 54,45 444,45 442,6 424,6 398,1 399,9 756,2 729,2 725,95 714,75 498,8 476,8 48, 475, 385, 375, 368,4 361,2 772,2 733,2 361,2 513,1 482,8 475, 397,1 372,15 622,9 492,75 654,5 525, $3, SUBURBAN COUNTYWIDE CITY $2, ASSESSMENT YEAR *Median values exclude added improvement values, leased public property and vacant land 1

11 BLAINE BLAINE SPRING LAKE PARK MOUNDS VIEW WHITE BEAR TOWN SPRING LAKE PARK MOUNDS VIEW WHITE BEAR TOWN NORTH OAKS NORTH OAKS NEW BRIGHTON ARDEN HILLS SHOREVIEW WHITE BEAR TOWN WHITE BEAR LAKE NEW BRIGHTON ARDEN HILLS SHOREVIEW WHITE BEAR TOWN WHITE BEAR LAKE VADNAIS HEIGHTS GEM LAKE VADNAIS HEIGHTS GEM LAKE ST. ANTHONY ST. ANTHONY LITTLE CANADA LITTLE CANADA ROSEVILLE MAPLEWOOD NORTH ST. PAUL ROSEVILLE MAPLEWOOD NORTH ST. PAUL LAUDERDALE LAUDERDALE FALCON HEIGHTS PAYNE-PHALEN FALCON HEIGHTS PAYNE-PHALEN ST ANTHONY PARK COMO NORTH END GREATER EAST SIDE ST ANTHONY PARK COMO NORTH END GREATER EAST SIDE HAMLINE-MIDWAY THOMAS DALE DAYTON'S BLUFF SUMMIT- MERRIAM DOWNTOWN UNIVERSITY HAMLINE-MIDWAY THOMAS DALE DAYTON'S BLUFF SUMMIT- MERRIAM DOWNTOWN UNIVERSITY MACALESTER- GROVELAND SUMMIT HILL WEST SEVENTH WEST SIDE SUNRAY-BATTLECREEK MACALESTER- GROVELAND SUMMIT HILL WEST SEVENTH WEST SIDE SUNRAY-BATTLECREEK HIGHLAND HIGHLAND 217 to to 219 Ramsey County Median Estimated Market Value % Change: Residential Property Miles $ % Change by Jurisdiction No Data 1-15 Sources: Ramsey County Assessor's Office Ramsey County GIS 11 Map Produced March 19, 219

12 BLAINE BLAINE SPRING LAKE PARK MOUNDS VIEW WHITE BEAR TOWN SPRING LAKE PARK MOUNDS VIEW WHITE BEAR TOWN NORTH OAKS NORTH OAKS NEW BRIGHTON ARDEN HILLS SHOREVIEW WHITE BEAR TOWN WHITE BEAR LAKE NEW BRIGHTON ARDEN HILLS SHOREVIEW WHITE BEAR TOWN WHITE BEAR LAKE VADNAIS HEIGHTS GEM LAKE VADNAIS HEIGHTS GEM LAKE ST. ANTHONY ST. ANTHONY LITTLE CANADA LITTLE CANADA ROSEVILLE MAPLEWOOD NORTH ST. PAUL ROSEVILLE MAPLEWOOD NORTH ST. PAUL LAUDERDALE LAUDERDALE FALCON HEIGHTS PAYNE-PHALEN FALCON HEIGHTS PAYNE-PHALEN ST ANTHONY PARK COMO NORTH END GREATER EAST SIDE ST ANTHONY PARK COMO NORTH END GREATER EAST SIDE HAMLINE-MIDWAY THOMAS DALE DAYTON'S BLUFF SUMMIT- MERRIAM DOWNTOWN UNIVERSITY HAMLINE-MIDWAY THOMAS DALE DAYTON'S BLUFF SUMMIT- MERRIAM DOWNTOWN UNIVERSITY MACALESTER- GROVELAND SUMMIT HILL WEST SEVENTH WEST SIDE SUNRAY-BATTLECREEK MACALESTER- GROVELAND SUMMIT HILL WEST SEVENTH WEST SIDE SUNRAY-BATTLECREEK HIGHLAND HIGHLAND 217 to to 219 Ramsey County Median Estimated Market Value % Change: Single Family Residential Miles $ % Change by Jurisdiction No Data 1-15 Sources: Ramsey County Assessor's Office Ramsey County GIS 12 Map Produced March 19, 219

13 BLAINE BLAINE SPRING LAKE PARK MOUNDS VIEW WHITE BEAR TOWN SPRING LAKE PARK MOUNDS VIEW WHITE BEAR TOWN NORTH OAKS NORTH OAKS NEW BRIGHTON ARDEN HILLS SHOREVIEW WHITE BEAR TOWN WHITE BEAR LAKE NEW BRIGHTON ARDEN HILLS SHOREVIEW WHITE BEAR TOWN WHITE BEAR LAKE VADNAIS HEIGHTS GEM LAKE VADNAIS HEIGHTS GEM LAKE ST. ANTHONY ST. ANTHONY LITTLE CANADA LITTLE CANADA ROSEVILLE MAPLEWOOD NORTH ST. PAUL ROSEVILLE MAPLEWOOD NORTH ST. PAUL LAUDERDALE LAUDERDALE FALCON HEIGHTS PAYNE-PHALEN FALCON HEIGHTS PAYNE-PHALEN ST ANTHONY PARK COMO NORTH END GREATER EAST SIDE ST ANTHONY PARK COMO NORTH END GREATER EAST SIDE HAMLINE-MIDWAY THOMAS DALE DAYTON'S BLUFF SUMMIT- MERRIAM DOWNTOWN UNIVERSITY HAMLINE-MIDWAY THOMAS DALE DAYTON'S BLUFF SUMMIT- MERRIAM DOWNTOWN UNIVERSITY MACALESTER- GROVELAND SUMMIT HILL WEST SEVENTH WEST SIDE SUNRAY-BATTLECREEK MACALESTER- GROVELAND SUMMIT HILL WEST SEVENTH WEST SIDE SUNRAY-BATTLECREEK HIGHLAND HIGHLAND 217 to to 219 Ramsey County Median Estimated Market Value % Change: Apartments Miles $ 13 % Change by Jurisdiction No Data 1-15 Sources: Ramsey County Assessor's Office Ramsey County GIS Map Produced March 19, 219

14 BLAINE BLAINE SPRING LAKE PARK MOUNDS VIEW WHITE BEAR TOWN SPRING LAKE PARK MOUNDS VIEW WHITE BEAR TOWN NORTH OAKS NORTH OAKS NEW BRIGHTON ARDEN HILLS SHOREVIEW WHITE BEAR TOWN WHITE BEAR LAKE NEW BRIGHTON ARDEN HILLS SHOREVIEW WHITE BEAR TOWN WHITE BEAR LAKE VADNAIS HEIGHTS GEM LAKE VADNAIS HEIGHTS GEM LAKE ST. ANTHONY ST. ANTHONY LITTLE CANADA LITTLE CANADA ROSEVILLE MAPLEWOOD NORTH ST. PAUL ROSEVILLE MAPLEWOOD NORTH ST. PAUL LAUDERDALE LAUDERDALE FALCON HEIGHTS PAYNE-PHALEN FALCON HEIGHTS PAYNE-PHALEN ST ANTHONY PARK COMO NORTH END GREATER EAST SIDE ST ANTHONY PARK COMO NORTH END GREATER EAST SIDE HAMLINE-MIDWAY THOMAS DALE DAYTON'S BLUFF SUMMIT- MERRIAM DOWNTOWN UNIVERSITY HAMLINE-MIDWAY THOMAS DALE DAYTON'S BLUFF SUMMIT- MERRIAM DOWNTOWN UNIVERSITY MACALESTER- GROVELAND SUMMIT HILL WEST SEVENTH WEST SIDE SUNRAY-BATTLECREEK MACALESTER- GROVELAND SUMMIT HILL WEST SEVENTH WEST SIDE SUNRAY-BATTLECREEK HIGHLAND HIGHLAND 217 to to 219 Ramsey County Median Estimated Market Value % Change: Commercial/Industrial Property Miles $ 14 % Change by Jurisdiction Sources: Ramsey County Assessor's Office Ramsey County GIS Map Produced March 19, 219

15 219 Ramsey County Breakdown of 219 Estimated Market Value and Percent Change from 218 % 219 Residential Change Est. Market Value in Resid. Less Added Value '18 Improvement* to ' Apartment Est. Market Value Less Added Improvement* % Change in Apt. Value '18 to ' Commercial / Industrial Est. Market Value Less Added Imrovement* % Change in Comm'l Value '18 to ' Agricultural Est. Market Value Less Added Improvement* % Change in Ag Value '18 to ' Total Real Property Est. Market Value (Excludes Added Improvement, Utility, Leased Public, Manuf Homes and Railroad) % Change in Total Value '18 to '19 Arden Hills 957,767, 7.89% 6,245,6 4.9% 36,875,9 3.87% - 1,378,888,5 6.68% Blaine - - 5,46, 1.19% - 5,46, 1.19% Falcon Heights 399,892,4 6.54% 6,873,7 6.48% 28,729,1 2.4% - 489,495,2 6.28% Gem Lake 9,785,4 9.33% - 26,821,1 1.62% 1,819, % 119,426,3 6.37% Lauderdale 139,582,9 6.5% 47,51,5 6.29% 23,39,7.39% - 21,484,1 5.74% Little Canada 687,236,7 6.9% 181,733,2 6.65% 285,556, 2.97% 1,248,5 1.34% 1,155,774,4 5.85% Maplewood 2,814,62,2 8.21% 476,516,3 3.41% 1,16,487,9 -.49% 5,773,9.% 4,312,84,3 5.48% Mounds View 783,689,3 1.1% 147,571,9 4.15% 331,44,8 5.69% - 1,262,36, 8.2% North St Paul 799,42, % 118,194,1 5.5% 95,97,2 1.52% - 1,12,711,9 1.77% New Brighton 1,81,539,7 7.82% 292,667,1 3.29% 458,996,5 4.51% 1,778,1.% 2,554,981,4 6.67% North Oaks 1,294,263,1 3.84% 54,746,3 5.78% 5,971,3 2.41% 12,17,2.44% 1,411,997,9 3.83% Roseville 3,32,672, 5.64% 517,387,1 4.25% 1,499,163,8 2.1% 172,5.% 5,49,395,4 4.39% Shoreview 3,21,9,3 7.42% 21,655,1 8.4% 37,84, 1.27% 762, % 3,594,312,3 6.68% Spring Lake Park 14,588,1 9.9% 795,6 9.% 582,4 6.61% - 15,966,1 9.73% St Anthony 147,94,2 6.3% 169,629,2 5.64% 66,294,2 -.2% - 383,17,6 4.76% St Paul 17,516,511,8 7.4% 4,771,398,2 6.84% 4,348,879,9 2.32% 4,641,8-5.35% 26,641,431,7 6.2% Vadnais Heights 1,24,766,9 6.44% 112,977,3 5.33% 419,719,3 2.1% 2,449,4-1.64% 1,739,912,9 5.26% White Bear Lake 2,45,472, 8.69% 359,285,1 3.45% 424,38,3 3.2% 2,829,137,4 7.11% White Bear Town 1,364,48,2 6.57% 8,34,4 3.% 181,664,3 3.9% 4,942,6.% 1,558,959,5 6.11% Suburban 2,597,971, 7.35% 2,81,92,5 4.64% 5,691,38,8 2.14% 3,964, % 29,13,67,2 6.% Countywide 38,114,482,8 7.21% 7,581,49,7 6.1% 1,39,918,7 2.22% 35,66, % 55,771,498,9 6.1% * 219 values are from the 219 Value Summ. report and are subject to review and change until mid -June at the conclusion of the 219 Special Board of Appeal and Equalization **The 218 values used to calc % change have been updated since our previous report in March

16 Median Estimated Market Value Of Residential** In Ramsey County* 218 Assessment Payable 219 to 219 Assessment Payable 22 Sorted by St. Paul Planning District or City '18 p '19 '19 p '2 MUNI % Chg % Chg Jurisdiction Median Median # #Parcels #Parcels #Parcels Median Value Value Sunray-Battlecreek 1 4,847 4,848.% 181,9 193,3 6.3% 2,993 Greater East Side 2 7,12 7,18.1% 165,9 172,7 4.1% 172,375 West Side 3 3,718 3, % 158,6 171,6 8.2% 182,45 Dayton'S Bluff 4 3,971 3, % 128,1 146,9 14.7% 149,82 Payne-Phalen 5 6,768 6,773.1% 144,9 162, 11.8% 163,148 North End 6 4,45 4,43.% 131,2 149, 13.6% 155,328 Thomas Dale 7 2,84 2,83.% 129,9 154,1 18.6% 153,766 Summit-University 8 3,78 3, % 213,8 23,2 7.7% 289,154 West Seventh 9 3,364 3, % 176,25 195,65 11.% 213,298 Como 1 4,867 4,865.% 217,7 234,7 7.8% 242,926 Hamline-Midway 11 3,299 3,299.% 178,8 187,9 5.1% 197,319 St Anthony Park 12 1,688 1,688.% 295,35 319,7 8.2% 343,763 Merriam 13 3,861 3, % 31,2 324, 7.6% 361,398 Macalester-Groveland 14 6,274 6,272.% 329, 35, 6.4% 378,465 Highland 15 6,489 6,486.% 313,6 334,95 6.8% 372,419 Summit Hill 16 1,828 1,82 -.4% 381,5 42,45 5.5% 474,24 Downtown 17 1,836 1, % 169,5 179,5 5.9% 224,894 Airport 2 Arden Hills 25 2,577 2,584.3% 319,7 345,55 8.1% 369,264 Blaine 29 Fairgrounds 3 Falcon Heights 33 1,294 1,294.% 273,35 29,6 6.3% 38,695 Gem Lake % 283,8 38,25 8.6% 463,949 Lauderdale % 2,5 213,1 6.3% 215,922 Little Canada 53 2,677 2, % 229,5 25, 8.9% 254,572 Maplewood 57 11,199 11,23.% 212,6 235, 1.5% 247,863 Mounds View 59 3,143 3,162.6% 215,3 237,5 1.3% 244,98 New Brighton 63 6,237 6, % 251,4 268,6 6.8% 285,743 North Oaks 67 1,772 1,81 1.6% 596,9 625,2 4.7% 693,24 North St. Paul 69 3,621 3, % 183,6 213,2 16.1% 22,219 Roseville 79 1,812 1,818.1% 245, 261,4 6.7% 272,475 St. Anthony % 217,4 224,9 3.4% 242,12 Shoreview 83 9,442 9,45.1% 275,9 297,35 7.8% 316,723 Spring Lake Park % 181,6 192, 5.7% 211,422 Vadnais Heights 89 4,47 4,424.4% 24,6 261,75 8.8% 27,327 White Bear Lake 93 7,69 7,688.% 219,2 239,3 9.2% 264,598 White Bear Town 97 4,418 4,424.1% 262,25 281,45 7.3% 35,869 Suburbs 7,783 7,873.1% 236,9 256,4 8.2% 286,679 City of St. Paul 7,739 7,71 -.1% 184,4 198,8 7.8% 245,91 Countywide 141, ,574.% 214,4 232,7 8.5% 265,91 *Excludes: added improvement in 219 values, leased public property, exempt property, and vacant land. **Residential property includes single-family, duplexes, triplexes, condos and townhomes. 16 '19 Average Value

17 Jurisdiction Median Estimated Market Value Of Single-Family Homes In Ramsey County* 218 Assessment Payable 219 to 219 Assessment Payable 22 Sorted by St. Paul Planning District or City MUNI # Sunray-Battlecreek 1 4,372 4,381.2% 184,8 195,6 5.8% 24,744 Greater East Side 2 6,577 6,596.3% 166, 172,3 3.8% 171,63 West Side 3 3,38 3,52.5% 157,2 169,7 8.% 18,643 Dayton'S Bluff 4 3,22 3,222.6% 13,5 147,3 12.9% 148,494 Payne-Phalen 5 5,758 5,786.5% 147,9 163,1 1.3% 163,754 North End 6 3,691 3,717.7% 134,1 151,6 13.% 156,783 Thomas Dale 7 2,187 2,27.9% 129,2 154,3 19.4% 152,982 Summit-University 8 1,897 1,97.5% 26,2 227,9 1.5% 297,266 West Seventh 9 2,382 2,46 1.% 172,1 19,3 1.6% 196,424 Como 1 4,539 4,546.2% 219,9 236,65 7.6% 245,786 Hamline-Midway 11 2,911 2,92.3% 177,9 185,5 4.3% 194,445 St Anthony Park 12 1,94 1,95.1% 348,8 377,2 8.1% 385,921 Merriam 13 3,255 3,255.% 3,9 324,2 7.7% 366,3 Macalester-Groveland 14 5,649 5,651.% 333,3 354,1 6.2% 39,574 Highland 15 5,73 5,736.1% 327,25 348,75 6.6% 39,98 Summit Hill 16 1,137 1,141.4% 444,3 462,9 4.2% 544,29 Downtown % 46,5 452,8 11.4% 614,536 Airport 2 Arden Hills 25 2,148 2,156.4% 346,9 372,4 7.4% 45,817 Blaine 29 Fairgrounds #Parcels Falcon Heights 33 1,138 1,138.% 281,1 33,45 8.% 319,652 Gem Lake % 283,8 31,6 9.4% 465,513 Lauderdale % 26,3 218,3 5.8% 23,433 Little Canada 53 1,739 1, % 255,8 277,8 8.6% 312,164 Maplewood 57 8,954 8,963.1% 222,5 245,4 1.3% 263,451 Mounds View 59 2,857 2,856.% 219,1 241, 1.% 249,895 New Brighton 63 5,11 5,112.% 264,5 28,65 6.1% 35,13 North Oaks 67 1,584 1, % 585,65 69,4 4.1% 696,639 North St. Paul 69 3,375 3,379.1% 185,2 214,3 15.7% 222,124 Roseville 79 8,569 8,574.1% 254,9 272, 6.7% 297,988 St. Anthony % 289,95 38,55 6.4% 384,295 Shoreview 83 6,618 6,628.2% 33,8 326,3 7.4% 366,39 Spring Lake Park % 215,75 243,7 13.% 236,538 Vadnais Heights 89 2,919 2,928.3% 269,4 293,2 8.8% 314,739 White Bear Lake 93 6,383 6,384.% 222,5 243,1 9.3% 271,524 White Bear Town 97 3,443 3,455.3% 265,9 287, 7.9% 32,782 Suburbs 55,677 55,762.2% 251,4 271,4 8.% 31,137 City of St. Paul 57,452 57,651.3% 186,2 199,8 7.3% 248,946 Countywide 113, ,413.3% 225,4 244, 8.3% 279,32 *Excludes: added improvement in 219 values, leased public property, exempt property, and vacant land. ** Single-family includes twin homes (LUC: 51, 545) 219 #Parcels % Chg #Parcels 17 '18 p '19 Median Value '19 p '2 Median Value % Chg Median '19 Average Value

18 Jurisdiction Median Estimated Market Value Of Apartments In Ramsey County* 218 Assessment Payable 219 to 219 Assessment Payable 22 Sorted by City MUNI # 218 #Parcels 219 #Parcels % Chg #Parcels '18 p '19 Median Value '19 p '2 Median Value % Chg Median '19 Average Value Sunray-Battlecreek % 8,727, 9,418,6 7.9% 9,837,113 Greater East Side % 87,95 923,25 6.% 1,982,669 West Side % 391,8 45,45 15.% 1,934,349 Dayton'S Bluff % 416,2 455,9 9.5% 1,428,755 Payne-Phalen % 38, 427,9 12.6% 1,253,619 North End % 1,285,5 1,266,8-1.5% 1,845,28 Thomas Dale % 369,4 418,1 13.2% 1,,834 Summit-University % 668,45 731,35 9.4% 1,596,854 West Seventh % 58, 633,4 9.2% 5,883,467 Como % 961,5 1,19,2 6.% 4,74,963 Hamline-Midway % 53,25 574,5 8.3% 1,71,114 St Anthony Park % 1,29, 1,151,7 11.9% 4,475,622 Merriam % 62,6 672,9 8.4% 1,486,496 Macalester-Groveland % 926,3 98,95 5.9% 1,393,478 Highland % 1,547,2 1,64,2 6.% 4,41,417 Summit Hill % 946, 1,12,3 7.% 1,413,238 Downtown % 6,144,8 6,51,4 5.9% 13,177,426 Airport 2 Arden Hills % 7,133,6 7,347,7 3.% 13,883,8 Blaine 29 Fairgrounds 3 Falcon Heights % 927,3 1,1,7 9.% 2,626,983 Gem Lake 37 Lauderdale % 1,318,7 1,437,4 9.% 2,79,782 Little Canada % 453, 453,.% 4,719,167 Maplewood % 2,73,4 2,788,9 2.1% 4,94,598 Mounds View % 524,35 595,4 13.6% 2,272,6 New Brighton % 2,34,35 2,372,8 1.4% 4,561,689 North Oaks % 7,674,45 8,134,9 6.% 14,996,25 North St. Paul % 494,7 494,7.% 1,768,847 Roseville % 1,733,4 1,744,.6% 4,74,759 St. Anthony % 1,687,6 1,839,4 9.% 6,775,184 Shoreview % 7,362,9 7,786,3 5.8% 9,862,315 Spring Lake Park % 729,9 795,6 9.% 795,6 Vadnais Heights % 1,761,2 1,736,4-1.4% 3,714,35 White Bear Lake % 3,732,2 3,8, 1.8% 6,456,12 White Bear Town % 8,62,5 8,34,4 3.% 8,34,4 Suburbs % 1,621,5 1,736,4 7.1% 4,536,822 City of St. Paul 1,835 1,853 1.% 821,1 878,1 6.9% 2,574,287 Countywide 2,446 2, % 92,1 964,2 6.9% 3,67,498 *Excludes added improvement in 219 values, and leased public property and vacant land.. 18

19 Median Estimated Market Value Of Commercial/Industrial Property In Ramsey County* 218 Assessment Payable 219 to 219 Assessment Payable 22 Sorted by City / District Jurisdiction MUNI # Sunray-Battlecreek % 919,45 1,45, % 1,86,14 Greater East Side % 316,1 345,4 9.27% 88,321 West Side % 487,3 52,9 3.2% 1,244,726 Dayton'S Bluff % 25,7 27,2 7.78% 911,274 Payne-Phalen % 264, 283,7 7.46% 919,833 North End % 365,4 44,7 1.76% 769,479 Thomas Dale % 489,95 521,5 6.35% 1,49,276 Summit-University % 46,5 463,9.74% 725,98 West Seventh % 59,9 557,3 9.3% 1,55,894 Como % 396,9 41, % 1,832,941 Hamline-Midway % 525, 548,6 4.5% 1,19,392 St Anthony Park % 971,95 966,5 -.61% 2,28,311 Merriam % 579,9 614,8 6.2% 1,4,257 Macalester-Groveland % 53,85 565,3 6.49% 759,63 Highland % 789,2 79,45.16% 1,771,91 Summit Hill % 8,65 829,6 3.62% 1,346,88 Downtown % 565,8 58,6 2.62% 3,543,72 Airport 2 Arden Hills % 2,15,45 2,256, % 3,759,354 Blaine % 1,247,1 1,333,3 6.91% 1,819,279 Fairgrounds #Parcels 219 #Parcels % Chg #Parcels '18 p '19 Median Value '19 p '2 Median Value % Chg Median Falcon Heights % 876,15 919,95 5.% 1,371,533 Gem Lake % 577,6 621,7 7.64% 99,593 Lauderdale % 878,9 84, % 1,313,13 Little Canada % 473,1 497,3 5.12% 1,18,275 Maplewood % 994,2 1,53,5 5.96% 2,486,428 Mounds View % 1,11,5 1,253,5 13.8% 4,13,237 New Brighton % 915,95 946, % 2,28,12 North Oaks % 2,654,75 2,388,25-1.4% 3,557,857 North St. Paul % 45, 454,4.98% 859,318 Roseville % 1,633,65 1,676,5 2.62% 3,422,24 St. Anthony % 1,11,8 1,166,3 5.% 1,612,495 Shoreview % 1,19,4 1,21,2.91% 2,865,361 Spring Lake Park % 255,6 273,65 7.6% 273,65 Vadnais Heights % 1,68,7 1,95, % 2,24,564 White Bear Lake % 498,15 541,3 8.66% 1,23,212 White Bear Town % 1,44,55 1,66, 2.5% 2,28,422 Suburbs 2,43 2, % 922,9 982,7 6.48% 2,285,13 City of St. Paul 3,16 2, % 495,45 525, 5.96% 1,429,8 Countywide 5,446 5, % 624,9 654,5 4.66% 1,811,515 *Excludes added improvement in 219 values, leased public property, exempt property, and vacant land. 19 '19 Average Value

20 VALUE PERCENT CHANGES FROM 218 TO 219 ASSESSMENTS (SINGLE FAMILY - RAMSEY COUNTY) 7, 6, 59,94 5, 4, 32,87 3, 2, 1, 1,643 6,144 2,21 1, % Change -4% to - -3% to - -2% to - -1% to - % to - % to 1% to 2% to 3% to 4% to 5% or <=-5% 5% 4% 3% 2% 1% 1% 2% 3% 4% 5% More Number of Parcels ,643 2,21 59,94 32,87 6,144 1,

21 VALUE PERCENT CHANGES FROM 218 TO 219 ASSESSMENTS (SINGLE FAMILY - CITY OF SAINT PAUL) 35, 3, 29,834 25, 2, 15, 14,375 1, 6,389 5, 3,93 1,183 1, % Change -4% to - -3% to - -2% to - -1% to - % to - % to 1% to 2% to 3% to 4% to 5% or <=-5% 5% 4% 3% 2% 1% 1% 2% 3% 4% 5% More Number of Parcels ,389 1,183 29,834 14,375 3,93 1,

22 VALUE PERCENT CHANGES FROM 218 TO 219 ASSESSMENTS (SINGLE FAMILY - SUBURBAN RAMSEY COUNTY) 35, 3, 3,7 25, 2, 17,712 15, 1, 5, 4,254 2,241 1, % Change -4% to - -3% to - -2% to - -1% to - % to - % to 1% to 2% to 3% to 4% to 5% or <=-5% 5% 4% 3% 2% 1% 1% 2% 3% 4% 5% More Number of Parcels ,254 1,18 3,7 17,712 2,

23 APARTMENT GROWTH RATES 218 TO 219 ASSESSMENTS (RAMSEY COUNTY) 1,4 1,323 1,2 1, % Change -4% to - -3% to - -2% to - -1% to - % to - % to 1% to 2% to 3% to 4% to 5% or <=-5% 5% 4% 3% 2% 1% 1% 2% 3% 4% 5% More Number of Parcels ,

24 APARTMENT GROWTH RATES 218 TO 219 ASSESSMENTS (CITY OF SAINT PAUL) 1, % Change -4% to - -3% to - -2% to - -1% to - % to - % to 1% to 2% to 3% to 4% to 5% or <=-5% 5% 4% 3% 2% 1% 1% 2% 3% 4% 5% More Number of Parcels

25 APARTMENT GROWTH RATES 218 TO 219 ASSESSMENTS (SUBURBAN RAMSEY COUNTY) % Change -4% to - -3% to - -2% to - -1% to - % to - % to 1% to 2% to 3% to 4% to 5% or <=-5% 5% 4% 3% 2% 1% 1% 2% 3% 4% 5% More Number of Parcels

26 COMMERCIAL/INDUSTRIAL GROWTH RATES 218 TO 219 ASSESSMENTS (RAMSEY COUNTY) 2, 1,8 1,6 1,67 1,761 1,4 1,2 1, % Change -4% to - -3% to - -2% to - -1% to - % to - % to 1% to 2% to 3% to 4% to 5% or <=-5% 5% 4% 3% 2% 1% 1% 2% 3% 4% 5% More Number of Parcels ,67 1,

27 COMMERCIAL/INDUSTRIAL GROWTH RATES 218 TO 219 ASSESSMENTS (CITY OF SAINT PAUL) 1, % Change -4% to - -3% to - -2% to - -1% to - % to - % to 1% to 2% to 3% to 4% to 5% or <=-5% 5% 4% 3% 2% 1% 1% 2% 3% 4% 5% More Number of Parcels

28 COMMERCIAL/INDUSTRIAL GROWTH RATES 218 TO 219 ASSESSMENTS (SUBURBAN RAMSEY COUNTY) 1,2 1,64 1, % Change -4% to - -3% to - -2% to - -1% to - % to - % to 1% to 2% to 3% to 4% to 5% or <=-5% 5% 4% 3% 2% 1% 1% 2% 3% 4% 5% More Number of Parcels ,

29 12 YEAR CHANGE IN ASSESSED VALUE Change 27 to Assessment 27 Assessment City of Saint Paul Assessed value change since the 27 assessment 219 pay 22 VALUE TOTALS Pecentage Value Change '18 to '19 Asmt 27 pay 28 Est. Market Value Totals Pecentage Value Change '7 to '8 Asmt RESIDENTIAL 448,886,2 17,599,48,8 7.51% 17,15,162,6-7.31% AGRICULTURAL HIGH VALUE -698,2 4,641,8-5.35% 5,34, -.56% APARTMENT 2,593,19,4 4,87,69,1 7.93% 2,277,499,7 1.82% COMMERCIAL/ INDUSTRIAL 298,685,5 4,397,325,7 1.95% 4,98,64,2 5.25% TOTAL 3,34,63,9 26,871,76,4 6.63% 23,531,642,5-4.26% Suburbs Assessed value change since the 27 assessment 219 pay 22 VALUE TOTALS Pecentage Value Change '18 to '19 Asmt 27 pay 28 Est. Market Value Totals Pecentage Value Change '7 to '8 Asmt RESIDENTIAL 1,39,224,5 2,71,81,3 7.96% 19,31,856,8-4.7% AGRICULTURAL HIGH VALUE -43,756, 3,964, % 74,72, % APARTMENT 1,414,498,9 2,875,13, 5.5% 1,46,64,1 -.98% COMMERCIAL/ INDUSTRIAL 49,976,4 5,768,478,7 2.37% 5,358,52,3 4.78% TOTAL 3,17,943,8 29,375,627,9 6.5% 26,24,684,1-2.6% Countywide Assessed value change since the 27 assessment 219 pay 22 VALUE TOTALS Pecentage Value Change '18 to '19 Asmt 27 pay 28 Est. Market Value Totals Pecentage Value Change '7 to '8 Asmt RESIDENTIAL 1,839,11,7 38,3,13,1 7.75% 36,461,19,4-5.93% AGRICULTURAL HIGH VALUE -44,454,2 35,66, % 8,6,9-15.6% APARTMENT 4,7,689,3 7,745,793,1 6.84% 3,738,13,8.72% COMMERCIAL/ INDUSTRIAL 78,661,9 1,165,84,4 2.19% 9,457,142,5 4.98% TOTAL 6,511,7,7 56,247,334,3 6.56% 49,736,326,6-3.38% Per capita value change (27 to 219) in 1-3 unit 3,356 residential property- The previous high total EMV for Ramsey County was the 27 assessment. Recently surpassed by the 218 assessment. U.S Census Population estimates, July 1, 217, (V217)* 547,974 *218 Census figures not available at the time this report was created. 29

30 7 YEAR CHANGE IN ASSESSED VALUE (212 was value low point of current real estate cycle) Change 212 to Assessment 212 Assessment (Low Point for Total Value) City of Saint Paul Assessed value change since the 212 assessment 219 pay 22 VALUE TOTALS Pecentage Value Change '18 to '19 Asmt 212 pay 213 Est. Market Value Totals Pecentage Value Change '12 to '13 Asmt RESIDENTIAL 5,494,65,8 17,599,48,8 7.51% 12,14,398, -.48% AGRICULTURAL HIGH VALUE -691,2 4,641,8-5.35% 5,333, -5.94% APARTMENT 2,596,29,3 4,87,69,1 7.93% 2,274,399,8 6.21% COMMERCIAL/ INDUSTRIAL 885,78,7 4,397,325,7 1.95% 3,511,545, -.66% TOTAL 8,976,3,6 26,871,76,4 6.63% 17,895,675,8.33% Suburbs Assessed value change since the 212 assessment 219 pay 22 VALUE TOTALS Pecentage Value Change '18 to '19 Asmt 212 pay 213 Est. Market Value Totals Pecentage Value Change '12 to '13 Asmt RESIDENTIAL 6,3,361,8 2,71,81,3 7.96% 14,4,719,5.91% AGRICULTURAL HIGH VALUE -6,617,3 3,964, % 37,582,2 2.6% APARTMENT 1,368,338,5 2,875,13, 5.5% 1,56,764,5 5.86% COMMERCIAL/ INDUSTRIAL 972,562,9 5,768,478,7 2.37% 4,795,915,8.72% TOTAL 8,634,645,9 29,375,627,9 6.5% 2,74,982, 1.23% Countywide Assessed value change since the 212 assessment 219 pay 22 VALUE TOTALS Pecentage Value Change '18 to '19 Asmt 212 pay 213 Est. Market Value Totals Pecentage Value Change '12 to '13 Asmt RESIDENTIAL 11,795,12,6 38,3,13,1 7.75% 26,55,117,5.27% AGRICULTURAL HIGH VALUE -7,38,5 35,66, % 42,915,2 1.6% APARTMENT 3,964,628,8 7,745,793,1 6.84% 3,781,164,3 6.7% COMMERCIAL/ INDUSTRIAL 1,858,343,6 1,165,84,4 2.19% 8,37,46,8.14% TOTAL 17,61,676,5 56,247,334,3 6.56% 38,636,657,8.81% Per capita value change (212 to 219) in 1-3 unit 21,525 residential property- The total estimated market value for 212 was the lowest point in current market cycle for Ramsey County. U.S Census Population estimates, July 1, 217, (V217)* 547,974 *218 Census figures not available at the time this report was created. 3

31 Glossary of Assessment Terms Absorption Absorption measures the change in occupied space from one market period to the next. In this measurement, it is important to distinguish that a building may be available, but not vacant (often the case in a sublease situation, for example). Added Improvements (AI) This is the assessor's estimate of the value of new or recently identified improvements made to a property in the last year. Electronic Certificate of Real Estate Value (ecrv) Buyers of real property must file an Electronic Certificate of Real Estate Value (ecrv) in the county where the property is located if the sale price or other consideration is more than $1, and the deed is one of the following: warranty deed, contract for deed, quit claim deed, trustee deed, executor deed, probate deed. ecrvs are filed electronically through the Minnesota Department of Revenue's ecrv web portal. Estimated Market Value (EMV) The value determined by the assessor as the price the property would likely sell for on the open market. State law requires assessors to value property at 1 percent of market value as of January 2nd of the current assessment year. Homestead Market Value Exclusion (HMVE) The Homestead Market Value Exclusion (HMVE) excludes a portion of a parcel's Estimated Market Value from taxation. Qualifying properties must have an Estimated Market Value under $413,8 and meet the homestead ownership and occupancy requirements. The HMVE credit is calculated using the following methodology: For a homestead valued at $76, or less, the exclusion is 4 percent of market value, yielding a maximum exclusion of $3,4 at $76, of market value. For a homestead valued between $76, and $413,8, the exclusion is $3,4 minus nine percent of the valuation over $76,. For a homestead valued at $413,8 or more, there is no valuation exclusion. Market Conditions Adjustment The purpose of market condition adjustments is to determine what the sale price would have been if it occurred at the same point in time as the assessment date. By adjusting each sales price based on a market condition trend, the Assessor and the Department of Revenue can more accurately measure a county's assessment level because the two values used to calculate the final ratio are representative of the same point in time. Some of the factors that can influence the market condition adjustment are changes in interest rates, supply and demand, employment rates, or the availability of financing. When all sale prices are adjusted to the same point in time, the median ratio better reflects the overall assessment level of that jurisdiction. Median Value Median value is the center value of an ordered set of data. For example, in a set of five properties valued at $3,, $35,, $4,, $55,, and $6,, the median value would be $4,, and the average value would be $44,. When reviewing a neighborhood's property values, the median value is usually a better reflection of a typical property value, since it is less affected by a few high value or low value properties in the sample set. 31

32 Property Classification The statutory classification that has been assigned to your property based upon your use of the property. A change in classification of your property can have a significant impact on the real estate tax payable. (M.S classification of property) Ratio Studies / Sales Ratio Analysis This term refers to the process the assessor uses to measure market conditions by comparing the assessor's estimated market value with the sales prices. The Minnesota Department of Revenue also uses the sales ratio analysis to measure assessor's performance. Department of Revenue annually supplies the County with a summary of criteria to be used for their next ratio study. Copies of said criteria can be found on the Department of Revenue's website. State Assessed Property Property which the assessed value is set by the Minnesota Department of Revenue. This is primarily Utility Properties and Railroads Properties. Taxable Market Value (TMV) Taxable market value (TMV) refers to the amount of value that is used in calculating taxes. It may differ from the estimated market value since there are several features of the property tax system that will change the share of value that is taxable when they are applied. Veteran's Market Value Exclusion The Veteran's Market Value Exclusion (officially known as the "Market Value Exclusion on Homesteads of Disabled Veterans" program) was enacted in 28. It provides a market value exclusion for property tax purposes for the homestead property of an honorably discharged veteran who has a service connected disability rating of 7 percent or higher, as determined by the United States Department of Veterans Affairs. (M.S Subdivision 34) 32