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04-20-98 BROtsego City Assessor Pete Merges Assessor 6748 Kadler Ave. MN 55301 Telephone 497-2543 Here are some, but not all, of the changes that were made in 1997 for the 1998 assessment. Lot values in most areas went up and houses went up at least 5%. Some areas had bigger increases than others. I spent a lot of time studying the sales in each area. The county did a lot of work getting new construction cost Lots in this area went up $2000 to $3000 Lot values in this area went up $3000 River frontage went up $10 per foot for the first 150feet from $375 per foot to $385 per foot. Wooded lots went up $2000, from $26000 to $28000. Lots with no trees went up $2000, from $20000 to $22000. Lot values went up $2000 from $22000 to $24000 River frontage went up $10 per foot for the first 150 feet from $375 per foot to $385 per foot. Lots not on the river went up $2000 from $22000 to $24000. Lots in this area went up $2000 from $20000 to $22000. Anything over one acre is valued at $3500 per acre. Lots in this area went up $2000 from $23000 to $25000. There were big changes made in this area, there were not enough sales before to justify the changes. The sales ratio here was at 83%, as you know the state requires us to be between 90% and 105%, with that in mind here is what I did. Some of the houses needed to be upgraded about one half grade. The lots in this area went up $4000 Lot values in this area went up $3000, this puts them in line with Country Ridge which is across the street. MISSISSIPPI P RKWOOD There was no need for any increase here other than the 5% on the houses, 4he-sale.& Lot values went up $1500 from $22500 to $24000 per lot Lot values went up $1500 from $22500 to $24000 per lot No change was needed except for the 5% increase on the house Lot values went up $1000 from $22500 to $23500 per lot On 4\26\97 the sales ratio for the City of Otsego was 91.26,% on 11\20\97 the sales ratio was 89.50% . As you know the state requires the estimated market value to be between 90% and 105% so you can see the need for the increase in values. This is typical of the whole county. Some of the biggest increases were in the annexed properties, these areas were not watched close enough with the annexation and confusion that was going on at that time, this was no ones fault, it just happened. Sales in 1997--133 Bldg permits in 1997--178 Homestead applications in 1997--94 Once again I would like to take this opportunity to thank the council for their continued support and help.I put a lot of work in these appraisals in the short time we are allotted, but the county also does a lot of work on setting up cost schedules and depreciation schedules. With out their help we would need a lot more time to do our work Th;ru� Pete Merges AT, uq - �1��I. • _V �.�V-�