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LBAE Agenda 4-28-2025 Local Board of Appeal and Equalization Meeting April 28, 2025 7:00 PM Fridley City Hall, 7071 University Avenue N.E. Agenda CALL TO ORDER NEW BUSINESS 1.LBAE Resolution No. 2025-01, Approving the Equalization of Assessed Valuations of Real and Personal Property in the City of Fridley ADJOURN Accessibility Notice: If you need free interpretation or translation assistance, please contact City staff. Si necesita ayuda de interpretación o traducción gratis, comuníquese con el personal de la ciudad. Yog tias koj xav tau kev pab txhais lus los sis txhais ntaub ntawv dawb, ces thov tiv tauj rau Lub Nroog cov neeg ua hauj lwm. Haddii aad u baahan tahay tarjumaad bilaash ah ama kaalmo tarjumaad, fadlan la xiriir shaqaalaha Magaalada. Upon request, accommodation will be provided to allow individuals with disabilities to participate in any City of Fridley services, programs or activities. Hearing impaired persons who need an interpreter or other persons who require auxiliary aids should contact CityClerk@FridleyMN.govor (763) 572-3450. 1 Jufn!2/ AGENDA REPORT Meeting Date:April 28, 2025 Meeting Type:Local Board of Appeal and Equalization Submitted By:Patrick D. Maghrak, City Assessor Brian T. Northenscold, Appraiser Title LBAE Resolution No. 2025-01, Approving the Equalization of Assessed Valuations of Real and Personal Property in the City of Fridley Background Pursuant to Minnesota Statute §274.01, the Local Board of Appeal and Equalization (LBAE) of the City of Fridley (City) meets annually to determine whether taxable property in the City has been properly valued and classified by the City Assessor (Assessor) and to consider appeals and adjustments as needed.The LBAE examines any appeals from property owners for the current year valuation or classification. Anoka County (County) mailed a notice of valuation to all property owners the week of March 17, 2025,andthe City publisheda public notice on April18,2024,in the Official Publication (Exhibit D) and on the City website. The Assessor communicated with any appellants and attempted to resolve any valuation concerns. If the two parties could not come to an agreement, the property owners were asked to appear before the LBAEand present a formal appeal. If the appellant was unable to attend the LBAE, they may enter a written appeal into therecord and preserve their right to appealto the County Board of Appealand Equalization (CBAE). An appeal must be substantiated by facts, along with the property owners being prepared to answer questions posed by the LBAE. If the Assessor had a chance to review the property prior to the meeting, the Assessor can present facts and information after the property owner, along with a recommendation. At that time, the LBAE may decide based on the information presented. Three possible courses of action may be taken: 1) affirm, 2) reduce,or3)increase the 2025Estimated Market Value (EMV). If the Assessor has not reviewed the property prior to the meeting, the LBAE should ask the Assessor to review the property and present their findings to the LBAE at a reconvened meeting. If the LBAE does not resolve their concerns of the appellant(s), they may appeal to the CBAE, which will be held on June 16, 2025,at 6:00 p.m.at the Anoka County Government Center. As of April 22, 2025,staff has identified 2 properties requiring action by the LBAE totheirEMVs (Exhibit A), of which 1 propertyrequested anappeal to the CBAEas of that date. Staff havebeen receiving phone calls and staff are available to discuss appeals until 4:30p.m.on April 28. After that, anyone Vision Statement We believe Fridley will be a safe, vibrant, friendly and stable home for families and businesses. 2 Jufn!2/ The LBAE may modify these exhibits after holding their public hearings. Staff also preparedthe annual LBAE report (Exhibit B), which includes sales data, a map of the reassessment area, performance measures and other information related to the property assessment process. Recommendation Staff recommend the approval of LBAE Resolution No. 2025-01. Focus on Fridley Strategic Alignment Vibrant Neighborhoods & Places Community Identity & Relationship Building X Financial Stability & Commercial Prosperity Public Safety & Environmental Stewardship Organizational Excellence Attachments and Other Resources Local Board of Appeals and Equalization Resolution No. 2025-01 Exhibit A: Estimated Market Value Changes/ County Board of Appeal and Equalization Acknowledgements Exhibit B: LBAE Report Exhibit C: Affidavit of Publication Vision Statement We believe Fridley will be a safe, vibrant, friendly and stable home for families and businesses. 3 Jufn!2/ Local Board of Appeals and Equalization Resolution No. 2025-01 Approving the Equalization of Assessed Valuations of Real and Personal Property as Recommended by the Local Board of Appeal and Equalization for 2025 Whereas, the Local Board of Appeal and Equalization (LBAE) convened and conducted a public hearing on April 28, 2025 to consider appeals to the classification and/or estimated market value (EMV) assessment of properties located within the City of Fridley (City); and Whereas, the EMV is an overview of the 2025 assessments and informs the LBAE of the compliance with State laws and regulations pertaining to the reappraisal and analysis of market conditions; and Whereas, the property owners listed in Exhibit A either resolved their respective appeal regarding their property with the City Assessor or attended the LBAE meeting on April 28, 2025 to appeal the classification and/or EMV assessment of their properties within the City; and Whereas, following the completion of its hearings, the LBAE fixed and approved the assessed EMV to each property listed in Exhibit A and submitted the same to the City Clerk; and Whereas, the LBAE was unable to reach consensus regarding those appeals listed in Exhibit B, preserving the right of those appellants to appeal to the Board of Appeal and Equalization for Anoka County; and Now, therefore be it resolved, that the Local Board of Appeal and Equalization of the City of Fridley hereby accepts and approves the 2025 report of the City Assessor; and Be it further resolved, that the Local Board of Appeal and Equalization hereby approves the adjustments in estimated market value outlined in Exhibit A; and Be it further resolved, that the Local Board of Appeal and Equalization hereby acknowledges and affirms those properties outlined in Exhibit B, preserving the rights of those appellants listed therein to proceed to the Board of Appeal and Equalization for Anoka County. th Passed and adopted by the City Council of the City of Fridley this 28 day of April, 2025. _______________________________________ Dave Ostwald Mayor Attest: Melissa Moore City Clerk 4 Jufn!2/ Exhibit A Estimated Market Value (EMV) Changes/ County Board of Appeal and Equalization Acknowledgements Parcel Property Property Identification Original Adjusted No. Owner(s) Name Address Number 2025 EMV 2025 EMV 1 YELLOW BRICK ROAD 6499 University INVESTMENTS LLC Ave. NE 14-30-24-31-0101 $3,440,800 $2,650,000 2 KLMB TRANSPORTATION 8201 Hickory St. INC NE 03-30-24-14-0009 $3,020,600 No change 3 4 5 6 7 8 9 10 5 Jufn!2/ 2025 Board of Equalization Meeting Fridley, Minnesota April 28, 2025 6 Jufn!2/ Board of Equalization Meeting Fridley, MinnesotaApril 28, 2025 Table of Contents Assessment Calendar 2025..................................................................................................................................2 Assessment & Valuation Timeline Roll 2025/Pay2026.............................................................................3 The 2025Assessment.............................................................................................................................................4 2025Quintile Map...................................................................................................................................................5 Reassessment............................................................................................................................................................6 Market Value.............................................................................................................................................................6 Authority of the Local Board of Equalizatio7-9 Market Values........................................................................................................................................................10 CREV Breakdown for Roll 2025Study11-12 Monthly Sales During the Sales Study..........................................................................................................13 thrd Monthly Sales 4Qtr 20233Qtr2024..................................................................................................14 2024-2025Market Value Comparison..........................................................................................................15 Residential Appraisal System...........................................................................................................................16 Sales Studies...........................................................................................................................................................16 Residential Appraisal System...........................................................................................................................17 Sales Statistics Defined.......................................................................................................................................17 Appeals Procedure...............................................................................................................................................18 Informal Appeal.....................................................................................................................................................18 Local Board of Equalization..............................................................................................................................18 County Board of Appeal and Equalization..................................................................................................18 Minnesota Tax Court...........................................................................................................................................19 Sample Valuation Notice...................................................................................................................................20 Minnesota Statutes........................................................................................................................................21-23 1 7 Jufn!2/ Board of Equalization Meeting Fridley, MinnesotaApril 28, 2025 Assessment Calendar 2025Market Values for Property Established January 2 February 1Final Day to File for an Exemption from Taxation March 1Final Day to Deliver Assessment Records to County March 172025Valuation Notices Mailed April 28Local Board of Appeal and Equalization (7:00 PM) April 30Final Day to File a Tax Court Petition for 2024Assessment May 15First Half Payable 2025Taxes Due May 15Final Day to pay first half of personal property taxes First Date for Manufactured homes assessed as personal property to May 29 establish homestead June 16County Board of Appeal and Equalization (6:00 PM) July 12025Assessment Finalized July 1Date by which taxable property becomes exempt August 15Final Day to File for 2024Property Tax Refund August 31Final Day to Pay the First Half Manufactured Home Taxes October 1Final Day to File for 1b (Blind/Disabled) with Commissioner of Revenue October 152025Abstract to the Department of Revenue November 15Second Half Pay 2025Taxes Due November 24Anticipated Day to mail 2025Proposed Tax Notices December 31Last Day to Establish Homestead for Roll 2025assessment 2 8 Jufn!2/ Board of Equalization Meeting Fridley, MinnesotaApril 28, 2025 Assessment &Valuation Timeline Roll 2025/Pay2026 October 1, 2023,through September 30, 2024 Sales are analyzed and then qualified for the sales ratio study.Qualified sales will be used to determine the changes needed to reach the targetlevel of assessment. April 30, 2024,through September 30, 2024 Quintile Inspection of 20% of the city, and property data cards updated to reflect current condition and any new construction. October 1, 2024,through December 30, 2024 Inspection of prior permit work for the current year. Ratio reports are run to determine the current level of assessment and the percentage changes needed in the land and improvements to meet the target level of assessment. January 2, 2025 The estimated value is effective as of this date. March 17, 2025 Tax Statement and Value Notices sent. Staff fields calls from owners at this point as the first step in the appeal process. April 28, 2025 The Local Board of Appeal and Equalization meets to hear owner appeals of valuation or classification. June 16, 2025 The County Board of Appeal and Equalization meets to hear owner appeals unresolved at the local level. July 1, 2025 The 2024valuation and classification are certified. November 24, 2025 Truth in Taxation notices aresent. Staff fields calls from owners and directs them to the appropriate taxing authority. 3 9 Jufn!2/ Board of Equalization Meeting Fridley, MinnesotaApril 28, 2025 The 2025Assessment The 2025assessment should reflectthe 2024market conditions. Sales of property are constantly analyzed to chart the activity of the marketplace. 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 equalization. As of January 2, 2025, there were 10,482parcel/accounts in the City of Fridley (City).This total includes: 8718residential parcels. 585non-taxable parcels. 500commercial and industrial parcels. 197apartment/nursing home parcels. 404manufactured home accounts. 31personal property accounts. 17railroad parcels. 26tax forfeit; and 4utility parcels. Current state law mandates that all property must be re-assessed each year and physically reviewed once every five years. The City also inspects all properties with new construction each year.During 2024, the City reviewed 1,763taxable properties and verified appraisable items that determine value. Where staff did not receive a response to a requestfor interior inspection, an estimate of value was made based on what was found to be typical for the neighborhood. A map illustrating the areas recently reviewed by the cityand those areas to be visited in the future may be found on the following page. The area in yellowis under review this year, while the area shaded in purple 4 10 Jufn!2/ Board of Equalization Meeting Fridley, MinnesotaApril 28, 2025 2025Quintile Map 5 11 Jufn!2/ Board of Equalization Meeting Fridley, MinnesotaApril 28, 2025 Reassessment State Statute reads: "All real property subjectto 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 Anoka County 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 byitself, and at such sum or price as the assessor believes the same to be fairly worth in money." The statute says all property shall be valued at market value, not may be valued at market value. This means that no factors other than market factors should affect the assessor's value and the subsequent action by the Board of Appeal and Equalization. Market Value Market value has been defined many ways. One way used by many appraisers is outlined below. The most probable price that a property should bring in a competitive and open market under all requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by any undue stimulus. Implicit in this definition are the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1.Buyersand sellersare typically motivated. 2.Both parties are well informed or well advised, and actin 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; and 5.The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. 6 12 Jufn!2/ Board of Equalization Meeting Fridley, MinnesotaApril 28, 2025 Authority of the Local Board of 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.If the burden of local government is to be fairly and justly shared among the owners of all property of value, it is necessary that all taxable property is listed on the tax rolls and that all assessments are 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 shouldbe 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 (Local Board). The charter of certain cities provides for the establishment of a Local Board.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 (beginning in 2006) who has attended an appeals and equalization course developed or approved by the Commissioner of Revenue within the last four years. Section 274.01 states the county assessor shall fix a date for each Local Board 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 February 15thof each year. These meetings are required to be held between April 1st and May 31st; and the clerk of the Local Board is required to give published and posted notice at least ten days before the date set for the first meeting. The Local Board of any city, unless a longer period is approved by the Commissioner of Revenue, must complete its work,and adjourn within twenty days (20) from the time of convening specified in the notice of the clerk.No action taken aftersuch date shall be valid. A request for additional time tocomplete the work of the Local Board must be addressed to the Commissioner of Revenue in writing.The Commissioner's approval is necessary to legalize any procedure afterthe expiration of the twenty-dayperiod. The Commissioner of Revenue will not, however, extend the time for Local Boards to meet beyond the time when the County Board of Equalization meets, which is in the first two weeks of June. 7 13 Jufn!2/ Board of Equalization Meeting Fridley, MinnesotaApril 28, 2025 The authority of the LocalBoard extends over the individual assessments of real and personal property.The Local Board does not have the power to increase or decrease by percentage all 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 has the authority to increase or reduce individual assessments, the total of such adjustments must not reduce the aggregate assessment made by the Assessor by more than one percent of said aggregate assessment.If the total of such adjustments does lower the aggregate assessment made by the Assessor by more than one percent, none of the adjustments will be allowed.This limitation does not apply, however, to the correction of clerical errors or to the removal of duplicate assessments. The Local Board does not have the authority in any year to reopen former assessments on which taxes are due and payable.It only considers the assessments that are in process in the current year.Adjustmentof prior assessedvalue or classificationcan be made only by the process of abatement or by legal action. In reviewing the individual assessments, the Local Board may find instances of undervaluation. Before it can raise the market value of property, it must notify the owner.The law does not prescribe any formof notice except that the person whose property is to be increased in value must be notified of the intent of the Local Board to make the increase.The Local Board meetings assure a property owner an opportunity to contest any other matter relating to the taxability of their property.It is required to review the matter and make any corrections that it deems just. When a Local Board convenes, it is necessary that a majority of the members be in attendance in order that any valid action may be taken.The local assessor is required by law to be present with their assessment data available.They are also required totake part in the proceedings but haveno vote.In addition to the local assessor, the county assessor or one of their assistants is required to attend.The Local Board should proceed immediately to review the assessments of property.It should ask the local assessor and county assessor to present any tables that have been prepared, making comparisons of the current assessments in the district. The county assessor is required to have maps and tables relating particularly to land values for the guidance of Boards of Appeal and Equalization.Comparisons should be presented 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 Local Board has the duty of making the assessment. The complaints and objections of property owners, trustees or other legal entitieswho feel aggrieved with any assessments for the current year should be considered very carefully by the Local Board.Such assessments must be reviewed in detail and the Local Board has the authority to make corrections it deems to be just.The Local Board may recess from day to day 8 14 Jufn!2/ Board of Equalization Meeting Fridley, MinnesotaApril 28, 2025 until all cases have been heard.If complaints are received after the adjournment of the Local Board, 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 Local 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 their assessment with the county assessor prior to the meeting of the Local Board.Such objections must be presented to the Local Board for consideration while it is in session. Before adjourning, the LocalBoard mustproduce arecord of the official proceedings.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 Local Board.It is the duty of the county assessor to enter changes by the Local Board in the assessment book of each district. The Local has the opportunity of making a great contribution to the equality of all assessments of property in a district.No other agency in the assessment process hasmore knowledge of the property within a district that is possessed jointly by the individual members of the Local Board.The County or State Board of Equalization cannot give detailedattention to individual assessments that is possible in the session of the Local Board.The faithful performance of duty by the Local Board will make a direct contribution to the attainment of equality in meeting the costs of providing the essential services of local government. The 2025 October 1, 2023,through September 30, 2024. These sales represent the motivations of typical buyers and sellers acting in their own best interest,free from undue influence.These sales were measured against assessed values at the time of each transaction and the resulting ratios were used to indicate any changes necessary to achieve the target level of assessment.The final step in the process is to time adjust the sales with Minnesota Department of Revenue trend information and make any needed adjustment to assure compliance with state required levels of assessment. 9 15 Jufn!2/ Board of Equalization Meeting Fridley, MinnesotaApril 28, 2025 Market Values During the 2024study period, the cityrecorded 380sales, of which staff considered 241to be "arms-length" sales used to determine new market value. In accordance with the results of these sales studies, modestadjustmentswere madeto residential propertiesin all areas of the City.Neighborhood developmentswith predominantly starter home styles saw a slightincreaseandupper bracket homes sawslightincreases. The market is still short of inventory by historical standards, but prices remain stableas sellers are seeing fewer qualified or interested buyers in the marketplace.Sales volume for the 12 months studied to develop the 2025assessment was down 3.31%and current conditions suggest similar market dynamics throughout the 2025 real estate market. The 2025assessment that is up for review has a total unaudited assessed value of $4,410,289,300w/o new construction excluding exempt and forfeit property. Residential value increased2.7%, Commercial/Industrial value was down1.65% and apartment value was down .59%. As of March 20, 2025, there were 24homes listed for sale within North Star MLS and of those, sevenhad purchase agreements under contingency. Of the remaining 17homes market times range from 1 day to as high as 91days.Mortgage interest rates for a 30-year mortgage are around 6.75%. Sales in the first six months of the 2026assessment study period there have declined by7.3%. There have been 139saleswith 10in the $100,000 to $200,000 range, 53sales in the $200,000 to $300,000 range, 61sales in the $300,000 to $400,000 range, 13salesin the $400,000to $500,000 range and twosalesover $500,000. When compared with the first 6 months of the 2025assessment study period, the average selling price is down2.2%, the average market time was 24days last year while at this time and has seen an increase to almost 34days,and sellers are gettingnearly 100%of the listing price whichis about the same as lastyearat 100.5%. Change in Property Values 2024vs. 2025 Unaudited initial values from Anoka County show Residential value increasedfrom $2,362,505,100in the 2024assessment to a 2025value of $2,425,256,700. Commercial/Industrial value decreasedfrom $1,421,102,000in 2024to $1,350,565,000in 2025; and Apartments decreasedfrom $607,998,800in 2024to a 2025value of $576,020,500. As a result of these changes, the time adjusted ratio for the 2025assessment was 94.54% with a coefficient of dispersion (COD) of 5.69and a price related differential (PRD) of 100.30for residential properties, commercial properties were at 93.28, industrial properties(2 sales only) at 67.12and apartments had a 100.82ratio. 10 16 Jufn!2/ Board of Equalization Meeting Fridley, MinnesotaApril 28, 2025 CREV Breakdown for Roll 2025Study Total Residential Sales380% of Total Qualified Sales24163.0% Unqualified Sales13937.0% Rejection Codes and Reasons% of Total #1Old Sale Outside 21-month Study Period00.0% #2Relative Sale, Related Business128.6% #3Government or Exempt Party Sale21.4% #4Partial Interest Sale10.7% #5UseChange00.0% #6Unusual Financing, Non-Cash Financing21.4% #7Physical Changeor Renovation After Assessment Date5237.5% #8Deed Correction00.0% #9Trade, Gift, Estate Sale Not Exposed to Market1913.7% #10Prior Interest Sale, Lease with Option to Buy10.7% #11DOR Unique Code00.0% #12DOR Unique Code00.0% #13DOR Unique Code00.0% #14CD Payoff, Mortgage Assumption10.7% #15Foreclosure, Short Sale, Forced Sale, Legal Action32.2% #16Assessor Value for Sale Year Not Available10.7% #17Excessive Non-Real Property00.0% #18Rewrite Terms / Default on CD00.0% #19Relocation, Employee Transfer10.7% 11 17 Jufn!2/ Board of Equalization Meeting Fridley, MinnesotaApril 28, 2025 #20Leaseback Sale for more than 6 months00.0% #21Bank/HUD sales. Sales not exposed to the mkt.21.4% #22Less than Min. Down pmt.on CD & over 1 year10.7% #23Salesunder Minimum Amount $3,000 / $10,00000.0% #24Sale of Properties in More than One County00.0% #25AG Preserve00.0% #26Not Typical Market Sale4129.6% #27Court Ordered Value00.0% #28Nursing Home / Mobile Park00.0% #29Allocated Sale Price00.0% #30Assessor Value Restricted by Plat Law00.0% #31Assemblage00.0% 12 18 Jufn!2/ Board of Equalization Meeting Fridley, MinnesotaApril 28, 2025 Monthly Sales During the Sales Study Month / QuarterTotal SalesQualifiedUnqualified October322111 November362610 December251312 4th Quarter 2023936033 January21147 February23149 March24168 1st Quarter 2024684424 April332112 May412912 June352015 2nd Quarter 20241097039 July362115 August332013 September412615 3rd Quarter 20241106743 Annual Totals380241139 13 19 Jufn!2/ Board of Equalization Meeting Fridley, MinnesotaApril 28, 2025 thrd Monthly Sales4Qtr 20233Qtr 2024 45 4141 40 3636 35 35 3333 32 30 25 24 25 23 21 20 15 10 5 0 14 20 Jufn!2/ Board of Equalization Meeting Fridley, MinnesotaApril 28, 2025 2024-2025Market Value Comparison Other 1.40% Commercial Industrial 31.91% Residential 53.04% Apartments 13.65% 2024Assessment PercentofTotalMarketValue Other 1.33% Commercial Industrial 30.62% Residential 54.99% Apartments 13.06% 2025Assessment PercentofTotalMarketValue 15 21 Jufn!2/ Board of Equalization Meeting Fridley, MinnesotaApril 28, 2025 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 value of our residential properties: 1.First, anappraiser inspects each property to verify data.If we are unable to view the interior of a home on the first visit, a notice is left requesting atelephone 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. 2.To calculate the estimated market value from the property data we use a Computer Assisted Mass Appraisal (CAMA) system based on a reconstruction less depreciation method of appraisal.The cost variables and land schedules are developed through an 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-relateddepreciation. 3.A comparative market analysis is used to verify these estimates. The properties used for these studies are those that most recently have sold and by computer analysis, are most comparable to the subject property taking into consideration construction quality, location, size, style, etc. The main point in doing a market analysis is to make sure that you compare"apples with apples".This will make the comparable properties "equivalent to" the subject property and establish a probable sale price forthe subject. These three steps give us the information to verify our assessed value or to adjust it if necessary. 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 prices to confirm that the law is upheld.Assessors use similar statistics and sales ratios to identify market trends in developing 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 isone 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. 16 22 Jufn!2/ Board of Equalization Meeting Fridley, MinnesotaApril 28, 2025 The final calculation of ratios comes after time adjustments have been applied to sales as determined by the Minnesota Department of Revenues time trend studies. This effectively accounts for market changes throughout the study period and gives an accurate snapshot of where properties would expect to sell as of January 2nd of the assessment year. Residential Appraisal System The only perfect assessment would have a 100% ratio for every sale.This of courseis impossible. Because we are not able to predictmajor 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 of94.5%. If this level of assessment does not fall into the state time adjusted level thenthe County may apply an additional increase in structure rates to meet the required level. In Anoka County, we canstratify the ratios by style, age, quality of construction, size, land zone and value.This assists us in appraising allour properties closer to our goal ratio. Sales Statistics Defined In addition to the median ratio, we candevelop 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 thisratio 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. Coefficientof 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. The goal of a good assessment is a COD of 10 to 20.A COD under 10 is considered excellent and anything over 20 will mean an assessment review by the Department of Revenue. 17 23 Jufn!2/ Board of Equalization Meeting Fridley, MinnesotaApril 28, 2025 Appeals Procedure Each spring Anoka County sends out a property tax bill. Three factors that affect the tax bill are: The amount your local governments (town, city, county, etc.) spend to provide services to your community, The taxable market value of your property, and 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 canshow the property owner other sales in the market that support the estimatedmarket 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 Equalization The Local Board includes the mayor and city council members. The Local Board meets during 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 Toappealto the County Board of Appeal and Equalization, a property owner must first appeal to the Local Board of Appeal and Equalization. The County Board of Appeal and Equalization follows the Local Board of Appeal and Equalization in the assessment appeals process. Their role is to ensure equalization among individual assessment districts and classes of property. The County board meets in June.In 2025it will commence on June 16th at 6:00 pm. 18 24 Jufn!2/ Board of Equalization Meeting Fridley, MinnesotaApril 28, 2025 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 the taxcourt. Minnesota Tax Court The Tax Court has statewide jurisdiction.Except for an appeal to the Supreme Court, the Tax Court shall be the sole, exclusiveand 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 $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 within the jurisdiction of the small claims division. Decisions made here can be appealed to a higher court. The principal office for the Tax Court is inSt. Paul.However, the Tax Court is a circuit court and can hold hearings at any other place within the state so that taxpayers may appear with as little inconvenience and expense to the taxpayer as possible.Appeals of property located in Anoka County are heard at the Anoka County Courthouse, with trials scheduled to begin on Thursdays.Three judges make up the Tax Court.Each may hear and decide cases independently.However, a case may be tried before the entire court under certain circumstances. The petitioner must file in tax court on or before April 30 of the year in which the tax is payable. 19 25 Jufn!2/ Board of Equalization Meeting Fridley, MinnesotaApril 28, 2025 Sample Valuation Notice 20 26 Jufn!2/ Board of Equalization Meeting Fridley, MinnesotaApril 28, 2025 Minnesota Statutes 274.01 BOARD OF APPEAL AND EQUALIZATION. Subdivision 1.Ordinary board; meetings, deadlines, grievances. (a) The town board of a town, or the council or other governing body of a city, is the board of appeal and equalization except (1) in cities whose charters provide for a board of equalization or (2) in any city or town that has transferred its local board of review power and duties to the county board as provided in subdivision 3. The county assessor shall fix a day and time when theboard of equalization shall meet in the assessment districts of the county. Notwithstanding any law or city charter to the contrary, a city board of equalization shall be referredto as a board of appeal and equalization. On or before February 15 of each year the assessor shall give written notice of the time to the city or town clerk. Notwithstanding the provisions of any charter to the contrary, the meetings must be held between April 1 and May 31 each year. The clerk shall give published and posted notice of the meeting at least ten days before the date of the meeting. The board shall meet at the office of the clerk to review the assessment and classification of property in the town or city. No changes in valuation or classification which are intended to correct errors in judgment by the county assessor may be made by the county assessor after the board has adjourned in those cities or towns that hold a local board of review; however, corrections of errors that are merely clerical in nature or changes that extend homestead treatment to property are permitted after adjournment until the tax extension date for that assessment year. The changes must be fully documented and maintained in the assessor's office and must be available for review by any person. A copy of the changes made during this period in those cities or towns that hold a local board of review must be sent to the county board no later than December 31 of the assessment year. (b) The board shall determine whether the taxable property in the town or city has been properly placed on the list and properly valued by the assessor. If real or personal property has been omitted, the board shall place it on the list with its market value andcorrect the assessment so that each tract,or lot of real property, and each article, parcel, or class of personal property, is entered on the assessment list at its market value. No assessment of the property of any person may be raised unlessthe person has been duly notified of the intent of the board to do so. On application of any person feeling aggrieved, the board shall review the assessment or classification, or both, and correct it as appears just. The board may not make an individual market value adjustment or classification change that would benefit the property if the owner or other person having control over the property has refused the assessor access to inspect the property and the interior of any buildings or structures as provided in section 273.20. A board member shall not participate in any actions of the board which result in market value adjustments or classification changes to property owned by the board member, the spouse, parent, stepparent, child, stepchild, grandparent, grandchild, brother, sister, uncle, aunt, nephew, or niece of a board member, or property in which a board member has a financial interest. The relationship may be by blood or marriage. 21 27 Jufn!2/ Board of Equalization Meeting Fridley, MinnesotaApril 28, 2025 (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 andadjourn from day to day until they finish hearing the cases presented. The assessor shall attend, with the assessment books and papers, and take part in the proceedings, but must not vote. The county assessor, or an assistant delegated by the county assessor shall attend the meetings. The board shall list separately, on a form appended to the assessment book,all omitted property added to the list by the board and all items of property increased or decreased, with the market value of each item of property, added or changed by the board, placed opposite the item. The county assessor shall enter all changes madeby 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 notified of the board's intent to raise the assessment of the property, or if a person feeling aggrieved by an assessment or classification fails to apply for a review of the assessment or classification, the person may not appear before the county board of appeal and equalization for a review of the assessment or classification. This paragraph does not apply if an assessment was made after the local board meeting, as provided in section 273.01, or if the person can establish not having received notice of market value at least five days before the local board meeting. (g) The local board must complete its work and adjourn within 20 days from the time of convening stated in the notice of the clerk unlessa longer period is approved by the commissioner of revenue. No action taken after that date is valid. All complaints about an assessment or classification made after the meeting of the board must be heard and determined by the county board of equalization. A nonresident may, at any time, beforethe meeting of the board file written objections to an assessment or classification with the county assessor. The objections must be presented to the board at theirmeeting by the county 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 special board of review. The city may delegate to the special board of review allthe powers and duties in subdivision.The special boardof review shall serve at the direction and discretion of the appointing body, subject to the restrictions imposed by law. The appointing body shall determine the number of members of the board, the compensation,and expenses to be paid, and the term of office of each member. At least one 22 28 Jufn!2/ Board of Equalization Meeting Fridley, MinnesotaApril 28, 2025 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 the county. The town board of any town or the governing body of any home rule charter or statutory city may transfer its powers and duties under subdivision 1 to the county board, and no longer perform the function of a local board. Before the town board or the governing body of a city transfers the powers and duties to the county board, the town board or city's governing body shall give public notice of the meeting at which the proposal for transfer is to be considered. The public notice shall follow the procedure contained in section 13D.04, subdivision 2. A transfer of duties as permitted under this subdivision must be communicated to the county assessor, in writing, before December 1 of any year to be effective for the following year's assessment. This transfer of duties to the county may either be permanent or for a specified number of years, provided that the transfer cannot be for less than three years. Its length must be stated in writing. A town or city may renew its option to transfer. The option to transfer duties under this subdivision is only available to a town or city whose assessment is done by the county. Copyright2013by the Office of the Revisor of Statutes, State of Minnesota. All rights reserved. 23 29 GSJEBZ-!BQSJM!!29-!3136UIF!NJOOFTPUB!TUBS!USJCVOF!n! Jufn!2/ DMBTTJGJFET,KPCT,QVCMJDOPUJDFT HPPETDBSTKPCTNPSUHBHFGPSFDMPTVSFTMFHBMOPUJDFT723/784/8111911/:38/:344 HFOFSBM!QPMJDJFT Ipnf'DpnnfsdjbmTfswjdft MfhbmOpujdft Sfwjfxzpvsbepouifgjstuebz pgqvcmjdbujpo/Jguifsfbsfnjt. 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