Laserfiche WebLink
City of Ramsey <br /> <br />R esi -e praisal system <br /> <br /> Per State Statute, each property must be physically inspected and <br /> individually appraised once every four years. For this individual appraisal, or <br /> in the event of an assessed value appeal, we use two standard appraisal <br /> properties:methods to determine and verify the estimated market value of our residential <br /> <br /> 1. First, an appraiser inspects each property to verify data. If We are unable <br /> to view the interior of a home on the first visit, a tag is left requesting a <br /> return telephone call from the owner to schedule this inspection. Interior <br /> inspections are necessary to confirm our data on the plans and <br /> specifications <br /> of new homes and to determine depreciation factors in <br /> older homes. <br /> <br /> 2. To calculate the estimated market value from the property data we use a <br /> _ Computer Assisted Mass Appraisal (CAMA) <br /> ~~ system based on a reconstruction less <br /> ,..~.~/~-.¢~ ~_~ depreciation method of appraisal. The cost <br /> /.~.~~~, variables and land schedules are developed <br /> ~_~.~ ~~. through an.,arflaysis of stratified sal,e, Sa buyerWithinwouldthe <br /> ~~' city. Th,is method uses the Principle of <br />  ~ Substitution and calculates what <br />  '~ have to pay to replace each home today less age <br /> <br /> dependent depreciation. I <br />3. A comparative market analysis is used to verify these estimates. The <br /> properties used for these studies are those that most recently have sold <br /> and by computer analysis, are most comparable to the subject property <br /> taking into consideration construction quality, location, size, style, etc. <br /> The main point in doing a market analysis is to make sure that you are <br /> comparing "apples with apples". This will make the comparable <br /> properties "equivalent to" the subject property and establish a probable <br /> sale price of the subject. <br /> <br />These three steps give us the information to verify assessed value or to adjust it if <br />necessary. The following pages contain an example of the appraisal information <br />for one property. They include data calculations, plan sketch, photo, comparative <br />analysis, and photos and a map of comparable properties. <br /> <br />I <br />I <br />! <br />I <br /> <br />13 <br /> <br /> <br />