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PROPERTY VALUATIONS AND TAXES <br /> <br />MARKET AND ASSESSED VALUES <br /> <br />THE ESTIMATED MARKET VALUE of taxable property is the price which a <br />property is estimated to bring in a competitive market under all condi- <br />tions requisite to a fair sale. All taxable property is viewed by the <br />local assessor at least once every four years and assessed annually as <br />of January 2. The Adjusted Estimated Market Value is the ratio between <br />the actual sale price of residential property and the estimated market <br />value. This sales ratio is computed by the State Department of Revenue <br />to monitor assessment practices and isolate housing market trends. The <br />most recent sales ratio for the City of Ramsey is a 1983 ratio of <br />86.2%. <br /> <br />THE ASSESSED VALUE is obtained by applying the statutory classification <br />percentages, varying with the type of property, to the Estimated Market <br />Value. For residential homestead property, the first $31,000 of market <br />value is assessed at 17%, the next $31,000 is assessed at 19%, and the <br />balance at 30%. A property qualified as a "homestead" if it is occu- <br />pied by the owner on the assessment date. For qualified commercial/ <br />industrial property, the first $60,000 is assessed at 28% and the <br />balance at 43%. <br /> <br />Table 5 below shows the Assessor's market and Assessed Values of <br />taxable property within the City for assessment year 1983/collection <br />year 1984 and the Assessed Value for such property for the five prior <br /> <br />years. <br /> <br /> TABLE 5 <br />Property Values in the City of Ramsey <br /> <br />Assessor's <br />Market Value <br /> <br />Real Estate <br />Personal Property <br /> Less Tax Increments <br /> <br /> Total <br /> <br />Fiscal Disparities Values: <br /> Contribution <br /> Distribution <br /> <br />Assessed <br /> Value <br /> <br />$201,343,102 $45,230,146 <br />4,847,400 2,038,563 <br />0 0 <br /> <br />$206,190,502 <br /> <br />$47,268,709 <br /> <br />(3,043,045) <br />9,076,180 <br /> <br />$53,301,844 <br /> <br />Prior Year Values: <br /> <br />1983/84 <br />1982/83 <br />1981/82 <br />1980/81 <br />1979/80 <br />1978/79 <br /> <br />$50,074,271 <br /> 50,562,057(1) <br /> 43,774,740 <br /> 39,285,579 <br /> 33,488,386 <br /> 28,557,668 <br /> <br />(1) <br /> <br />The apparent reduction in the City's Assessed Valuation between <br />1983 and 1984 is a reflection of a change in the State's method <br />of calculating Assessed Value. <br /> <br />MN220.85a/28 <br /> <br /> <br />