1 - LBAE Otsego Packet 2024Tuesday, April 23, 2024
Otsego
Local Board of Appeal & Equalization
Minnesota State Law requires assessors to value property based on historical data. Taxes payable
are always based on the prior year’s value, which was determined using sales data from a
previous time period (see chart below).
Therefore, in an escalating market, assessed values are typically lower than the current market.
Likewise, if sales prices are declining it’s possible that assessed values will be higher than the
current market. This is due to the time frame we are required to work with and the effects of a
rapidly changing market.
PREVIOUS MARKET CURRENT MARKET
Gather & Verify
Sales Data
Valuation
Year
Pay taxes
Oct. 1, 2021
Thru
Sept. 30, 2022
2023
2024
2025
Oct.1, 2022
Thru
Sept. 30, 2023
2024
SUMMARY OF THE OTSEGO 2024 ASSESSMENT
Residential / Seasonal Recreational
During this year’s study, we had 338 qualified sales used for the sales ratio study with an initial median
ratio of 102.76%. After adjusting for market conditions and equalization, the final median ratio of the
2024 assessment is 96.03%. This was the result of a 4.85% decrease of total city residential value, year-over-
year.
Wright County Large Cities % Change
Total Dollar Value of New Construction 2024 (assessment) compared to 2020-2023
Total dollar value of new construction in 2024 (Residential) $85,456,300
Total dollar value of new construction in 2024 (C/I/A/MH)* $19,815,500
Total dollar value of new construction in 2024 (Agriculture) $ 25,900
Total 2024: $105,297,700
Total 2023: $176,372,400
Total 2022: $184,300,800
Total 2021: $130,909,700
Total 2020: $97,367,900
New Construction Dwellings
(Calendar Year)
Net # of Permits
2023 252
2022 302
2021 419
District % Change
Albertville
Buffalo
Delano
-2.64
-1.21
-1.61
Monticello -1.81
Otsego -4.85
St. Michael -3.02
Estimated Market Value of City of Otsego 2020-2024 Assessment
TOTAL CITY VALUE: $3,727,684,300
(Excludes: exempt, state assessed, & personal property)
$2.204
$2.474
$3.050
$3.713 $3.728
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
5.00
2020 2021 2022 2023 2024
EMV (in billions)
EMV
$3,120,565,400,
84%
$122,583,100, 3%
$197,897,900, 6%
$194,323,900, 5%
$9,572,400, 0%
$82,741,600, 2%
Otsego EMV By Class
Residential
Commercial
Industrial
Agricultural
Mobile Home Park
Apartments
*Graphs depict only QUALIFIED SALES from 10/1/22 – 9/30/23
$271,333
$301,343
$349,429
$421,760
$382,192
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
2020 2021 2022 2023 2024
Median Adjusted Sale Price
$467,761
$440,416
$368,659 $381,996
$255,020
107 sales 22 sales 33 sales 64 sales
111 sales
$-
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
$500,000
2 Story Mod. 2 Story
& 1 1/2 Story
1 Story Split Towhome
Median Adjusted Sale Price By Style
*Value of all residential homes including seasonal recreational and partially complete n/c
$270,300
$286,400
$345,400
$402,700
$386,400
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
2020 2021 2022 2023 2024
Median Assessed Value (Residential)
Review Area