City of Hopkins - Assessing 101- HopkinsASSESSING 101
Hopkins, MN
7/15/2008
What does an Assessor do?
• Assessors classify property by type (e.g.,
commercial, agricultural, residential) and
determine the value for property tax
purposes.
• MN State Statute 273.11 Valuation of
Property.
"all property shall be valued at its market
va I u e"
What is Market Value?
• Minnesota Statute, section 272.03, subdivision 8
states in part that:
• "I Market value' means the usual selling price at
the place where the property to which the term
is applied shall be at the time of assessment;
being the price which could be obtained at a
private sale or auction sale; /f/t is determined by
the assessor that the price from the auction sale
represents an arm's length transaction. The
price obtained at a forced sale shall not be
considered."
What is an "Arms Length
Transaction "?
• An arms length transaction is one where
both the seller and purchaser act
independently of each other and have no
relationship to each other. It is a
transaction which is freely arrived at in the
open market and unaffected by abnormal
pressure or by the absence of normal
competitive negotiation.
Revaluation
• Process in which we go out into the
neighborhoods and view the properties.
• Must view 20% of the city each year
• Gather data, and get first hand account of
how properties compare to each other.
• This is usually June through August.
Hennepin County Assessor's Office
(30)
PRINTED: 7/15/2008
Site Rating.
Neighbhood 15
View
Good LI
Avg ( 2
Poor ( 3
Arch Appeal
Excelnt (1
Good (2
Avg (3
Min (4
Substd (5
Neighborhood Ext Walls Heating
High Efficiency
Roof Type i 0 0
Elec. Service
Foundation
Room Count
Obsolete 5
Kit Eating Area
Kitchen Floor!
Floor Cover
Floor Cover
Baths
Secondary Garage
Placement
X 'Wood ( 1
Ca ; •et ( 2
Other 3
Site Adjustment
Flat Charges
Inspection! Date - History
X
Quality.
X
Rate Adjustment
Style 1 Stories
E 175
Framing
Con Blk (1 ,None
2x6 2
2 x 4 (3 X Yes (1
Other (4 No ( 0
Real Estate Data Card
24- 117 -22 -13 -0021
201 - 6TH AVE N
Stone (1 Hot Wate
Brick (2 ForceAir 2 X
Stucco ( J Elec 3 OM
®`. Kitchen Rat ng
Excelnt 1 Wood (4 Gravi 4
Good (2 ®Metal (5 X Other (5 Exce
Avg 3 Coin (6 Year Instld 1990 Good (=
Min 4 Other (7 Standrd
Substd
ansard ( 1
Gambrel (2
Hip ( 3
Gable ( 4
Fla
Dorme
(5
ft.
Roof Cover
Slate /Tile ( 1 j
Wood ( 2
Asphalt ( 3
PandG 4
Casement (
Dbl Hung 2 X
Gliders ( 3
Awning 4
Other
Window Quality
Good (
Avg L
Poor
Q L-7)
X
2
IX
X
X
Yes
No
Stanrd
Substnrd 2
Concrete
Cone Blk (2
Wood (3
Other (4
% /10 (0-15 9
Window Style
Basement Fin Area
%/10
C
H
ht(
0 -9
•
BsmtQuality
5 % of Base
5
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Qlty (1 -
Walkout
X
4
20
None (0) X Hardwd (
Softwd ( 2
Bsm nt Baths
Deluxe
Ful
3/4
1/2
Bath Floor Kit Cab Quality Room Count
Porches
Pool
Building Size
Ceramic
Lino
Other
Bath Rating
5
Total Rms
Bedrooms
Fami
Kitchen
Other
Substd 4
4
Marble
Glzd Tile ( 2
Wood 3
Lino (4 X
Carpet (5"
Other ( 6
Deluxe ( 1 3/4
Glzd Tile( 2 1/2
Formica (3 1 X
Other (4
Kit Cab Material
Formica ( 3
Metal ( 4
Central. Air
Other 5
1 - Excellnt(1
; Good 2
IDishwshr
Oven/Cktop
1 Microwave
Refri
- Kit Remodeled
X
Avg (3
;Poor ( 4
Kitchen Equipmnt
Approx Yr
Clg Hgh
'Plaster 1
Sheetrock(
Hardwd
Softwd 2
Painted 3
Other
Deluxe
Basement
Kit Countertop
Full
Ceramic
Lino
Othe
(
2 X
Paneling 3 Softwd
Wood (1 r 2
Carpet (2 X (Deluxe
Glzd Tile(3 1 Full
Other (4 3/4
1/2
Bath is Fir
Bath Rating
-5
Total Rms
Bedrooms
X Family
Livi
Dining
Kitchen
X Other
1
Interior Primary Garage
Plaster
Shtrock (2 1 X
Paneling (
5) 3 Othe 4
Hardwd
Ceramic
Lino
1 Other
Qlty L -L)
4 None 0
1
1
2
Painted 3
Other 4
X
Bath' Floor
Bath Floor Bath Rating
Fireplace 2nd
•1
Fireplace Quality Room; Count
First (1 -7 )
Second
None
i X
Total Rms
Bedrooms
Other
3
1
5 Glazed
1t 1 -5
Screened
1 Qlty (1 -5J
1
1 Open
1 Qlty (1 -5)
Deck / Patio
Ql 1 5
ExtWa
FlrArea
s
# of Cars
It 1 -5
- 7
Ext W alls(I -7
FlrArea
# of Cars
1 1 -5
Attached
Detached
Tuckunder
88
4
5
832
3
•
Placement
Attached I X
Detached
Tuckunder
4
Qlty (
None 0 X
Overall Conditio n
7 ,Excelnt ( 1
(Good ( 2
A vg ( 3
:Fair ( 4
Poor 5
X
Age / Depreciation
Act A:e
Eff A•e
Func %
Econ %
Year
Land
1900
1975
Last;Int Insp
ar 2006
Left Tag
Yes _ (_ I
No (0 X
Yes ( 1
No 0 X
10 / 2 / 2007
11 / 22 / 2006
9 / 12 / 2007
G.B.Area
lst Fir
2nd Fir
Frontage
Depth
Area
Irrglr Shape
Eff Front.
On Lake
On Bay
Lake Rating
Landscape
Wooded
Extra $
Manual
Partial
Yes (1)
No 0
37
2
37
Comments. Keypunched
08EMV L $140,000 B $206,000 T $346,000
Sale Date 7 / 2007 Price $365,000 Code W
2090
1226
864
45
130
13935
65
Sketch by Apex IV'"'
20.0'
32.0'
P F I TT
32.0'
14.0'
12.0'
33.0'
20.0'
1.75/B
1 .75/0
44.0'
1/0
0.0'
GLP
2.0'
0.0/
8.0'
0.0'
1/0
New Construction
• Check on any permits that were pulled in
the previous year
• Determine how the work being done will
affect the value of the property.
• Usually done September through
November
Anal sis
• Analyze the sales data
• Develop a rough draft of our next year's
property values, including land values
• These numbers continually get adjusted
based on the new data that we receive
• Usually done October through December
Final
• Finalize our values for the year
• 'Assessment date "is January 2nd
• Usually done in January
Valuation Notices
• Valuation notices are mailed to the
property owners in March, notifying them
of the new Estimated Market Value for
their property.
• If the property owner disagrees with the
valuation they should call the assessor and
discuss how and why he arrived at that
EMV.
Appeal
• Gives owners different avenues to appeal
their value
• Gives appraisers the opportunity to hear
the concerns of the homeowners and
gather the most current data.
• March through first week of June.
Inspection
• If the assessor has not viewed the interior
of the property for many years he will
want to do so before making any valuation
changes.
• This is done to ensure that the valuation is
based on the most current and accurate
data
Open Book Meeting
• This is a very informal face to face meeting with
the assessor, usually held in the Raspberry room
in early May.
• The property owner and the assessor discuss
the property value.
• A phone call accomplishes the same goals as
attending the Open Book.
• There is no need to attend this meeting to
preserve your right for further appeals.
Open Book Meeting
• After discussing the value with the
assessor if the property owner feels the
value is still incorrect, the next avenue of
appeal is the County Board.
Hennepin County Board of
Appeals
• Hennepin county assigns an assessor to do an
independent appraisal of the property.
• An assessor will come out and inspect the
property and will determine the EMV. That will
be Hennepin county's recommendation to the
county board.
• It may be lower, the same, or it can be higher
than the local assessor's EMV.
Hennepin County Board of
Appeals
• If the property owner disagrees with the EMV,
they can continue with their appeal to the
county board.
• If the county appraiser determines a different
EMV and the homeowner agrees with the new
EMV that will become the EMV for the current
assessment
• The board consists of 7 people with a real estate
background
• They determine an EMV based on presentations
from the homeowner and the county assessor's
office.
Tax Court
• Regular Division — Property valued over
$300,000
• Attorney is recommended
• Appealable to Supreme Court
• Can be used for all property types
Tax Court
• Small Claims Division — Property valued at
less than $300,000
• Attorney is not necessary
• Decision is final
• Non - appealable
Sales verification
• Happens throughout the year and gives us
the most current data on recent sales,
which gives us the best indication of the
market.
• The assessor investigates any sales that
are outside of the norm.
• Check Multiple Listing Service
• Call Property buyer /seller
Assessing Phone Numbers
• Michael Smerdon (Assessor)
— 952 - 548 -6311 (Hopkins Office)
— 612 - 348 -3046 (County Office)
• Robin Robertson (Homestead Clerk)
— 952 - 548 -6310
• Hopkins City Hall
— 952 -935 -8474