2 - Otsego 2023 LBAE Report 2023 City of Otsego Assessment
Wright County Assessor’s Office
1
The 2023 Assessment is based on qualified market sales that occurred from October 1st, 2021 through September 20th,
2022. The State of Minnesota statutorily requires Assessors to value property at 100% of market value. Below is a
summary of the 2023 Otsego Assessment.
2023 Assessment Breakdown by Classification
Property Type 2023 Estimated Market Value 2023 % Change (excl. New
Construction)
Residential / Seasonal Rec $3,191,343,700 15.59%
Agricultural $168,874,800 17.09%
Industrial $177,569,800 21.67%
Commercial $104,533,500 21.07%
Multi Family $65,180,000 10.32%
Mobile Home Park $7,250,400 29.42%
Total* $3,714,752,200 21.80%
*Excludes the value of Exempt, State Assessed Railroads and Utility Properties
86%
3%
5%
4%0%2%
Residential
Commercial
Industrial
Agricultural
Mobile Home Park
Apartments
2023 City of Otsego Assessment
Wright County Assessor’s Office
2
Otsego Market Value – Five Year History
Year Total Estimated Market Value % Change
2019 $2,015,088,200
2020 $2,203,757,500 9.4%
2021 $2,436,887,900 10.6%
2022 $3,049,999,700 25.2%
2023* $3,714,752,200 21.8%
*Excludes the value of Exempt, State Assessed Railroads and Utility Properties
2023 New Construction
Property Type 2023 New Construction Value
Residential / Seasonal Rec $155,730,163
Agricultural $0
Industrial $16,948,660
Commercial $870,100
Multi Family $3,131,100
Mobile Home Park $0
Total $176,680,023
Otsego New Construction – Five Year History
Year Total Estimated Market Value
2019 $96,781,600
2020 $97,367,900
2021 $130,909,700
2022 $184,386,200
2023* $176,680,023
2023 City of Otsego Assessment
Wright County Assessor’s Office
3
Residential Sales for the 2023 Assessment
355 Qualified Sales
Final Ratio after all adjustments: 95.00%
$247,859
$258,455
$290,081
$328,710
$349,200
$265,057
$271,333
$301,343
$349,429
$421,760
$200,000.00
$250,000.00
$300,000.00
$350,000.00
$400,000.00
$450,000.00
2019 2020 2021 2022 2023
ASSESSMENT HISTORY
Median Appraised
Median Sale
2023 City of Otsego Assessment
Wright County Assessor’s Office
4
Residential Sales by Style
THREE LEVEL SPLIT
20 Total Sales – Median Time Adjusted Sale Price: $421,909
Range of Time Adjusted Sale Prices: $312,719 to $483,382
TWO STORY
101 Total Sales – Median Time Adjusted Sale Price: $428,482
Range of Time Adjusted Sale Prices: $291,115 to $1,210,671
TOWNHOMES
114 Total Sales – Median Time Adjusted Sale Price: $274,653
Range of Time Adjusted Sale Prices: $161,891 to $590,657
MODIFIED TWO STORY
19 Total Sales – Median Time Adjusted Sale Price: $457,767
Range of Time Adjusted Sale Prices: $385,275 to $542,357
SPLIT ENTRY
42 Total Sales – Median Time Adjusted Sale Price: $421,956
Range of Time Adjusted Sale Prices: $313,723 to $510,845
ONE STORY
31 Total Sales – Median Time Adjusted Sale Price: $434,124
Range of Time Adjusted Sale Prices: $272,709 to $839,592