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I <br />41588.8 <br />j�r,� 2 r <br />TO: Mayor and City Council <br />�y�'� <br />FROM: Mark Bernhardson, City Administrator <br />DATE: April 15, 1988 <br />SUBJECT: Board of Review - April 27, 1988 <br />Attachment: A. Relevant Sales Information - Board of Review 1988 <br />B. City of Orono Map - 11:ssessing Quadrants Review <br />by Year <br />ISSUE - <br />l. Providing general background information regarding valuations <br />of 1988 for taxes payable 1989. <br />2. Transmission of comparable sales information in advance of the <br />Board of Review. <br />INTRODUCTION - As you are aware the City's contract Assessors <br />Rolf Eifckson and Dave Wilde annually make adjii--m-�r,ts to the <br />properties to :eflect their best estimate c" the market. <br />Together with physically reviewing 1/4 of the properties in the <br />community. This year they physically reviewed sections 7, 17, 18 <br />and 21. <br />DISCUSSION - The City of Orono is probably one of the most <br />difficult communities to assess, not only in Hennepin County but <br />also in the State of Minnes >ta, given the wide variety of <br />housing, economic and property situations. The Assessors have <br />reviewedall parcels in the City with all lakeshore being raised <br />in response to substantial sales above the market value in that <br />area together with attempting to achieve a market sales ratio <br />between the estimated market and the actual sales that are <br />occuring on similar type properties. This has resulted in a <br />variety of different percentage i„creases on different pieces of <br />property with substantial adjustments particularly to the <br />property value of lakeshore land portion. As indicated these are <br />in response to the market in hopes of avoiding adjustments by the <br />County and State Board of Reviews that would be upward. <br />In addition to <br />the <br />sales ratio perfc ^ <br />nce the other measure of <br />the quality of <br />the <br />assessment <br />is the <br />coefficient of dispersio'l, <br />which measures <br />the <br />degree of <br />variation among properties be, -weer <br />their values <br />and <br />comparable <br />sales. <br />This disparity has been <br />reduced from <br />over <br />17, when the County <br />was doing this, to down <br />under lA which <br />is <br />within the <br />acceptable <br />bounds outlined in the <br />..tate Statute. <br />Council has the authority to ra i s ind lower values as they see <br />fit but no more than 1% of the total City assessed value. Th. <br />Counci 1 can defer a decision on a property to the County of <br />Review. Bath the County and State can raise the aggrega, ues <br />1 <br />