04/04/90 - Laserfiche WebLink

Home

The various zones or neighborhoods that were used are described as follows: Zone 1 which consisted of the river properties on both the Rum and Mississipp; Rivers; Zone 2 would be lots (some with sewer and water) which were immediately off the Rum River and exhibited higher values th&r, other non-river properties. Zone 3 which comprised a large portion of the City of Ramsey which was described as lhose properties comprised of lots of less than five acres and exhibiting land values for similar one acre lots of approximately $14,000.00 to $18,000.00; Zone 5 would be described as those properties between five and fen acres; Zone 6 would be those properlies with lots greater than 10 acres; Zone 7 would be comprised of properlies of lots h~irL0 less than five acres in size and exhibiting a value in the $9,000.00 to $14,000.00 price range; Zone 8 would be described as those properties wilh lots less than five acres in size and with the value of approximately $18,000.00 to $25,000.00; Zone 9 would be described as those properties in the cluster homes of Flintwood Hills which exhibited a value of approximately $4,000.00 to $5,000.00 per lot; and finally Zone 0 would be all commercially zones property in the City of Ramsey. Upon the completion of setting all the various properties into their respective zones, the sales ratio study was then conducted in January of 1990. The new study had a median ratio of 94.3% with the coefficient of dispersion to lhe median of 7.7 (this was lhe overall ratio for the entire City of Ramsey). Upon closer inspection, breaking down the various neighborhoods, it was found that some of the neighborhoods were at a higher ratio level than 95% and some were below. This indicated that still some inequities existed in the 1990 assessment. Therefore, a restructuring of the land values among the various zones was completed and a new sales ratio was printed in February, 1990. This ratio indicated a median of 94.8% and a coefficient of dispersion to the median of 6.9. It was then concluded that the 1990 assessment was ready to be submitted to the County and that it met the standards for County and State assessment standards and that the assessment for the City of Ramsey for 1990 represented a fair and equitable assessment of properties throughout the City of Ramsey. APPLYING THE SOLUTION: HOW THE 1990 ASSESSMENT WAS PREPARED After the neighborhoods were identified and each zone was designated, the next step was to place the land value in each of these zones. This was done using two appraisal methods for the valuation of land. The first method is simply the actual market value or sale price of lots that have sold in each zone. The second method is called the allocation method whereby an improved property is sold and the value of the improvements are deducted from the total sale price to render an estimated lot value. The former method is the preferred method. The latter method is used only in the absence of vacant lot sales and also as a check on the first method to see if discrepancies exist in the actual lot sales. This report contains a list of all the land sales in the City of Ramsey in 1989. I will discuss the evaluation of land in each zone later in this report. After the land valuations are complete, it is necessary to value the improvements of each !r~divir?ual property. This was accomplished by the aid of the Anoka County CAMA which stands for Cornputer Assisted Mass Appraisal System and a matched pairs market analysis for various amenities conducted in May, 1989. 5