2005-05-04 CC 2004 AssessmentCITY OF ALBERTVILLE 2004 ASSESSMENT
There were 135 sales that were used in Minnesota Department of Revenue Sales Ratio
Study conducted form October 1, 2002 to September 30, 2003.
The state study indicated that the median sales price for a home in Albertville was
$186,950 compared to $ 173,000 a year ago. This was about as eight percent increase.
If you divided the Estimated Market Value by the Actual Sales Price, the Median Sales
Ratio for the City of Albertville was 92.6 percent with a coefficient of dispersion of 6.47.
State law requires that this ratio must be between 90 and 105 %.
After reappraising a portion of the property in the City of Albertville and making
adjustments to the remaining property, the total value increase for residential property is
approximately 6.19 percent.
The increase brought the cities sales ratio to approximately 98.33 percent.
The current sales study being conducted from October 1, 2002 to Present indicated 39
sales and the ratio is at 94.12%.
The average residential property received an increase of 1,000 to 10,000 on the land and
approximately two and one half percent on the buildings.
Commercial property values increased approximately 8.86% on average.
Agricultural property within the city limits increased approximately 17.39 percent. Ag
property is currently valued from 30,000 per acre to 43,560 per acre. Green acre values
increased ten percent.
There were 576 permits issued for the city of Albertville. 157 of which were for single
or multi — family dwellings. There was also ten new commercial industrial buildings in
2003. There were also 290 callbacks for completion.
We are here tonight to discuss the 2003 assessment for taxes due and payable in 2004.
The board does not have the authority to open prior years assessments for taxes due and
payable for 2003.
County City % change 5.46% Residential
County Commercial % change 8.5 %
Residential New Construction: $33,160,400
Commercial New Construction: $11,021,700
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