Information to the Eagles Nest Property Owners regarding the 2011/payable 2012 Assessment:
MN Law requires the assessor "estimate" the market value of a property by using sales as a guide. Each sale is a ratio created by the assessor's "estimated market value (EMV)" divided by the sale price (SP)
For Example: EMV of $80,000 divided by SP = 80% Ratio Assessors use past information to create future values for property taxes.
The ratios are arrayed in order of lowest to highest and the median is what the MN Dept. of Revenue looks at. The median needs to be between 90-105%. If the ratio falls below 90% an increase is ordered and if over 105% a decrease. For property taxes payable in 2012, sales from Oct. 1, 2009-Sept. 30, 2010 were reviewed. There were 6 valid sales with a median ratio of 93%, which means there will be no increases or decreases.
What did happen for your property value for taxes payable in 2012:
The re-appraisal was done in Plats 20, 30, 50, 60, 80 and 110. Outside of that, there was a combined effort to create new land and neighborhood factors for all of the lakes, removal of past adjustment codes and various other codes. For example: Eagles Nest Lakes 1, 2, 3 will have a different neighborhood and land factor than would Clear Lake or Armstrong Lake. The information used to create the new tables was based on sales information from the Ely, Babbitt, Eagles Nest region in an effort to be more equalized with similar lakes.
In closing, the area has experienced a huge shift in sales with numerous properties listed for sale and sale prices lower. The buyer has an opportunity to pay considerably less than in the past and the next year appears to have the same trend. If there is a boom in the economy there could be a boom in the real estate values. We will need to be patient to see what happens in the future but for now it is rather quiet with few sales occurring.
If you have any questions regarding your property value, I welcome you to contact me:
Ellen Trancheff
4293 Arrowhead Pt Rd
Tower, MN 55790
Ph: 218-780-6319
Email: ellent@frontiernet.net
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