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HomeMy WebLinkAboutLBAE Power Point 5/3/2013 �;� .� � �. �z�: Conducted by the Scott County Taxation Department Timeline for Property Taxes Pa able in 2014 ��;� Vaiue Date TNT 1� Half * Znd Half lan 2, 2013 County Board Meeting Tax Due of Equaliwtion Tax Due In lune May 15th �6erlSth 2011 '2012 `. �Z0131 2014 ' SWte sales study April-May Od 2011 - Sep 2012 Exact dates Appear on the Valuatfon Notice •November 15`" for properties classed as ag. 1. 2013 Tax Statements & 2014 Tax Statements & •Mobile Home taxes Z• z013 Va�ue Notices -(FOr 2014 Value Notices — due in September Taxes Payable in 2014) (For Taxes Payable in 2015) 1 5/3/2013 Foreclosure Filings History �4 `�Sco�t Ca�inty �'�, P��io�r" �Lake '�� 2006 322 63 2007 600 108 2008 932 146 2009 716 136 2010 898 176 2011 731 138 2012 590 94 .% C�ange ; i ' � 20�3.��2��'2 ; `�� 19:29% � � �1:8$� � � Median Assessed Residential Values - Scott County ������ Assessment ��i 2006 1/2 7 1/2/2008 1 10 7A11 1 2/201x 1 13 BPTWP $329,000�5335,100 $306,100 $273,800 $268,300�$268,200 $268,300 $248.700 -7.2°,6 -24.4°b Blakeley 5247.400 5254,900 $260.900 $228,500 $220,500 5214,800 5273,900 $202,700 -5.2% -18.1°b Cedarlake $411,200 $436,800 $419,800 $394,700 $371,200 $345,500 $338,000 $321,700 -4.8% -21.8°b CreditRiver $399,300 $429,700 $439,400�.$403,400:5387,000�$386,400 $373,800 $373,400 -0.1% -GS% Helena $339,200 $374,900 $370,000 $338,800.5289,000.$283,600 $278,900 $273,300 -2.0'.6 -19.4% lackson $360,900 $370,000 $333,000 $308,300�$307,500 $300,600 $281,800 $2&5,700 1.4% -20.8°� Louisville 5374,900 $451,100 $431,600 5393,800 $366,600�5353,700 $328,700 5335,400 2.0% -50.5% New Market .$423,200�5444,300 $430,200 $417,100��,$338,800��.$347,500 $350,700 $330,400 -5.8°.6 -21.9°.6 Sand Creek 5313,800�5352,300 $330,700 5307,700�Sz72,900'�5269,600 5263,400 5249,000.-5.5% -20.7% St. Lawrence $357,800 $373,200 $368,300 $360.000 $301,7b0 $295,400 $295,� $270,fi00 -8.4°b -24.4� Spnng Wke 5374,100 $404,20D $410,300 $385,200 53M17,200 5345,100 $320,200 $319,100 -0.3% -14.F� BPCity �$195,700 $208,700 $2W,900 $182,400 $169,800 $165,400 $157,000 $149,SW -4.8°b -23.6°.6 Jordan �$218,200�5235,700 $230,800�$205,500 $197,900 $183,000 $171,700 $169,400'�-13% -22.4% ElkoNewMarket $265,700 $273,500 $275,fi00 $261,300 $241,800 $239,900 $208,300 $214,500 3.096 -19.3°b NewPrague $191,100�5194,400 $194,700 5175,7q0 $165,300 5162,800 $145,700 $152,400 4.6% -20.3°.6 � Priorlake $256,600 $261,200 $262,000 5241,700 $235,300�$234,700 $215,900 $222,100.2.996 -13.4% Savage $247,800�5253,200 $253,900.$234,400!$228,700��:$224,600 $206,900 $214,100�� 3.5% -13.6°.6 Shako ee $215,400 $232,900 $222,200�5200.300�.5192,600'.$191,400 $170,200 $173,900 2.296 d93% COUNN $265,&!0 $256.100 $251,fi00 $232.000�$223.100 $219.600 $201.600 $206.900 i6X -15.8% 2 5/3/2013 Prior lake — Value Changes by �.��n�_ Paya e Yea r Glass Type 2013 201A M Change ; Agricuitunl 51,974,100 54,726,700 5.3096 '. Apartment 61,260,600 61,260,600 0.0096 i CJI 126,329,900 127,454,400 0.89% ; Exempt 543,110,400 543,201,000 0.02% ; PP Public Utility/RR 15,012,000 15,012,000 0.0096 '; i Res improved 2,206,910,900 2,285,236,700 3.5596 Res Vxant Land 51,189,100 48,102,300 -6.03% For the 1/2/2013 Assessment Prior Lake — Value Changes }��#, , RESIDENTIAL DETAIL: • Townhomes -2.6% • Condos -9.4% • PL Lakeshore +0.7% • SL Lakeshore 0.0% • Lake Access +1.7°/a • Vacant Lots -6.1 % • All Remaining +3.4% ANNEXATIONS: • 72 Parcels • Approximately $21,000,000 in value w, m. inreoia �s.n,m.�� 3 5/3/2013 Lakeshore Valuation �; . Price-Related Differential • The Price-Related Differential (PRD) measures the relationship between the mean ratio and the aggregate mean ratio • Appraisal uniformity is said to be regressive if high-value properties are under-appraised relative to low-value properties NlaesAoet ar►der;164�OD tii�esiw� #100.000► In M R�tiO 1l2/zo12 4 9 . 1/2/2013 18 10183 12 92.54 • 2012 Reappraisal area included all lakeshore property Green Acres Changes • There are approximately 970 acres enrolled in the Green Acres property tax deferral program in Prior Lake • Green Acres Value-per-tillable-acre increased from $5,700 to $6,300 for the 2013 assessment • DOR determines the green acre value • Example Property: Estimated $30,190,800 $109,590.00 Green Acre $880,900 $4,223.00 4 5/3/2013 Value Down but Taxes Up? Since property taxes are levy-based, it is possible to have your property tax increase while your market value decreases and vice versa. Property values and classifications determine who pays what portion Value Down but Taxes Up? The following examples are simplistic hypothetical situations intended to illustrate how values in relation to each other can impact taxes. There are many other factors also at work in the overall equation. 5 5/3/2013 B. Value Shifts EMV = 3200,000 EMV = $100,000 EMV = $200,000 EMV = $80,000 � /� Everyone ' � /�I�� � .��: � e�;�' , �. �. S ;s� TAXES = 51,600 TAXES = E800 else s TAXES � E1,Qfa TAXES = 5727 value goes EMV = 5100,000 EMV =$100,000 EMV = E80,000 EMV = 380,000 down. � � � � � "� ;,�.;�t, ;�:,�. � . �� ,.�.:� TAXES =;800 TAXES = 5800 TAXES = 5727 TAXES = 5727 � � I I B. Value Shifts �AV �=10Y,000 EMV = 5100,000 EMV = E75.000 EMV = 5100,000 One � � ,� � � .. � '� person's � e ,,';�r � .�..� .:•.�• � TAXES = E1,000 TAXES = 51,000 value is TAXES = SS00 TAXES = 51,067 EMV = 5700,000 EMV = 5100,000 red u ced by EMV = Z100,000 EMV = 5100,000 $25,000. � � � � � z � a. TAXE�00 TAXE�00 TAXES = 51,067 TAXES = 51,067 6 5/3/2013 Tax a er has a Recent Appraisal ���,�. . Typically perFormed for a different purpose (purchase or refinance) Lender/Bank appraisals are subject to different guidelines Common differences o Date of appraisal o Acceptable comparable sales I I The Appeals Process TAX COURT Sole, exclusive & f ina l auth ority COUNTY BOARD OF APPEAL Ensures equalization among the taxing districts Can make changes to class or value OPEN BOOK LOCAL BOARD OF REVIEW Less Formal Process Verifies Assessment Can make changes to dass or value INPORM�►L APPEALS Addresaet conams w Issues ot taxpayers. 7 5/3/2013 The Appeals Process � �a,�.. e TAX COURT � Sole, exclusive & final authority COUNTY BOARD OF APPEAL Ensures equalization among the taxing distrids Can make changes to class or value OPEN BOOK LOCAL BOARD OF REVIEW Less Formal Process Vadlfes AasessmeM Can meka eha�pea to deas or v�um INFORMAL APPEALS Addresses concems or issues of taxpayers. The Appeals Process TAX COURT Sole, exdusive & final autho COUNTY BqARD OF APPEAL Ensures equalization amonp tM ta�dnp distrids Can make chanpes to dass or value OPEN BOOK LOCAL BOARD OF REVIEW Less Fortnal Process Verifies Assessment Can make changes to dass or value INFORMAL APPEALS Addresses concems or issues of laxpayers. 8 5/3/2013 The Appeals Process ��� : TAX COURT Sds, exdudve & fln�l authority COUNTY BOARD OF APPEAL Ensures equalization among the taxing distrids Can make changes to dass or value OPEN BOOK LOCAL BOARD OF REVIEW Less Formal Process Verifies Assessment Can make changes to class or value INFORMAL APPEALS Addresses concems or issues of taxpayers. Questions ��:,� � 9 Historical Yields US Treasury 4M Fund (4MP) 1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr " � � 12/31/07 4.72 2J6 3.36� 3.49 3.34 3.05. 3.07 3.45 3.70 4.04. 1/31/OS 4.44 '1.64 1.96 2.07 2.11 2.17 227 2.82 3.'19 3.67 2/29/08 3.54 2.07 1.85 1.83 '177 1.65 1.87 2.50 2.96 3.53 3/31/08 3.08 122 1.38 1.51 1.55 1.62 1.79 2.46 2.88 3.45 4/30/OS 278 1.�7 1.43 1.64 1.85 229 2.49 3.03 3.34 377 5/30I08 2.55 '1.98 1.89 2.01 222 2.66 2.93 3.41 3.68 4.06 6/30/08 2.44 'I.60 '1.90 2.17 2.36 2.63 2.91 3.34 3.61 3.99 7/28/08 2.41 1.68 173 1.92 228 2.59 2.90 3.34 3.64 4.06 8/29/08 2.41 �.63 '1.72 '1.97 2.�7 2.36 2.60 3.'10 3.45 3.83 9/30/OB 2.35 1.02 0.92 1.60 '1.78 2.00 228 2.98 3.38 3.85 10/31/OS �.65 0.12 0.46 0.94 '1.34 1.56 1.80 2.80 329 4.01 1'I/30/OS 1.08 0.02 0.01 0.44 0.90 1.00 127 1.93 2.35 2.93 12/31/08 0.76 0.11 0."It 027 0.37 0.76 'I.00 1.55 1.87 225 1/31/09 .... 0.'I5 024 0.36 0.51 0.94 1.32 1.85 227 2.87 Z28l09 : . 0.'16 026 0.45 0.72 1. W 140 1.99 2.69 3.02 3/31/09 0.56 0.'17 021 0.43 0.57 0.8'I 'I.'15 1.67 228 271 4/30/09 0.53 0.04 0.14 029 0.49 0.91 '1.38 2.02 270 3.16 5/31/09 0.46 0.�4 0.14 0.30 0.47 0.92 1.42 2.34 3.06 3.47 6/30/09 0.33 0.17 0.19 0.35 0.56 1'I1 1.64 2.54 3.19 3.53 7/31/09 0.32 0.14 0.18 026 0.48 1�3 '1.62 2.53 3.14 3.52 8/31/09 028 0.11 0.15 024 0.43 0.97 1.49 2.39 3.03 3.40 9/30/09 0.33 0.06 0.14 0.18 0.40 0.95 1.45 2.3'I 2.93 3.3'I 10/31/09 0.30 0.01 0.05 0.16 0.37 0.90 1.43 2.31 2.98 3.41 11/30/09 0.30 0.08 0.06 0.15 027 0.67 1.12 2.01 2.69 321 � 12/31/09 026 0.04 0.06 020 0.47 1.14 1.70 2.69 3.39 3.85 'I/31/10 023 0.02 OAS 0.15 0.30 0.82 1.38 2.34 3.08 3.63 2/28/10 027 0.09 0.'13 0.19 0.32 0.81 1.36 2.30 3.05 3.61 3/31/10 020 0.15 0.16 024 0.41 1.02 1.60 2.55 328 3.84 4/30/10 0.19 0.14 0.16 025 0.41 0.97 1.51 2.43 3.12 3.69 5/3V10 0.17 0.15 0.16 022 0.34 0.76 t26 2.'10 275 3.31 6/30/10 020 0.17 0.18 022 0.32 0.61 1.00 '1.79 2.42 2.97 7/3V'10 0.09 0.14 0.15 020 029 0.55 0.84 'I.60 2.30 2.94 8/31/10 0.10 0.16 0.14 0.'19 025 0.47 072 1.33 1.92 2.47 9/30I10 0.09 0.14 0.16 0.'19 027 OA2 0.64 1,27 1.91 2.53 10/31/10 0.06 0.14 0.12 0.17 022 0.34 0.51 1.17 1.89 2.63 11/30/10 0.05 0.18 0.'17 0.2'1 0.27 0.45 0.72 1.47 2.16 2.8'I 12/31/10 0.06 0.07 0.12 0.19 029 0.61 1.02 2.0'I 2.7� 3.30 t/31111 0.06 0.15 0.15 0.17 026 0.58 0.98 1.95 2.71 3.42 2/28/11 0.05 0.13 0.15 O.tB 025 0.69 1.18 2.13 2.82 3.42 3/31/11 0.05 0.05 0.09 0.17 0.30 0.80 1.29 224 2.90 3.47 4/30/11 0.05 0.02 0.04 0.11 0.22 0.6'I 1.01 1.97 2.66 3.32 5l31/11 0.05 0.04 0.06 0.12 0.18 0.45 0.79 1.68 2.37 3.05 6/30/11 0.05 0.01 0.03 0.10 0.19 0.45 0.81 1J6 2.50 3.'IS 7/31/11 0.05 0.'I6 0.10 0.16 0.20 0.36 0.55 1.35 2.09 2.82 8/31/11 0.05 0.01 0.02 0.05 0.10 020 0.33 0.96 1.56 223 - 9/30/11 0.05 0.02 0.02 0.06 0.13 0.25 0.42 0.96 1.43 1.92 '10/3'I/11 OA5 0.02 0.01 0.06 O.t2 025 0.41 0.99 1.58 2.17 '11/30/�1 OA5 0.02 0.0'I 0.06 0.12 0.25 0.41 0.96 1.53 2.08 12/31/11 0.05 0.01 0.02 0.06 0.12 025 0.36 0.83 1.35 1.89 1/3'I/12 0.05 0.04 0.06 0.08 0.13 022 0.30 071 124 1.83 2/29l'12 OAS 0.08 0.08 0.13 0.18 0.30 0.43 0.67 1.39 1.98 3/3V'12 0.05 OAS 0.07 0.15 0.19 0.33 0.51 1.04 t.6'I 223 4/301�2 OAS 0.07 0.10 0.15 020 027 0.38 0.82 1.33 1.95 5/3V'12 0.05 OA3 0.07 0.'14 0.18 027 0.35 0.67 1.03 1.59 6/30l'12 OAS 0.04 0.09 0,16 02'I 0.33 0.4'I 0J2 1.1'I 1.67 7/31/12 0.05 0.07 0.11 0.14 0.16 023 0.30 0.60 0.98 1.51 8/31/12 0.05 0.09 0.09 0.14 0.'I6 022 0.30 0.59 101 1.57 9/30/12 0.05 0.06 0.10 0.14 0.'17 023 0.31 0.62 1.04 1.65 �0/3'I/12 0.05 0.09 0.11 0.16 0.18 0.30 0.38 072 1.14 172 'I1/30/12 0.05 0.1'I 0.08 0.13 0.18 025 0.34 0.61 1.04 1.62 12/31/12 0.05 0.02 0.05 0.11 0.16 025 0.36 072 1.'IS 1.78� 1/31/13 0.05 0.04 0.07 0.12 0.15 027 0.42 0.68 1.38 2.02 2/28/13 0.05 0.07 0.11 0.13 0.17 025 0.36 0.77 '126 1.89 3/31/13 0.05 0.04 0.07 0.1'I 0.'14 0.25 0.36 0.77 '124 '1.87 5/2/13 0.05 0.02 0.05 0.08 0.11 020 0.30 0.65 '1.07 '1.66 un (4MP) 1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr Chan e from 3 mos a o 0.02 0.02 0.02 0.05 0.06 0.09 Chan e from 6 mos a o 0.02 0.03 0.03 0.03 0.02 0.05 0.15 020 022 Chan e from 1 r a o 0.01 0.04 0.05 0.08 Q'I S 027 0.37 0.36 Chan e from 2 rs a o (0.01) (0 02) (0.08) (0.16) (0.55) (0.93) (1.47) (1.66) (1.60) un (4MP) 1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr Current Rates O5/02/13 OD5 0.02 0.05 0.08 0.11 020 0.30 0,65 1.07 1.66 Portfdio Retums: Spreadsheet TRACKER 'I Q09 3.530 2Q09 2.744 3Q09 2.979 4Q09 3.009 1410 3.528 2Q10 2.821 3Q10 2.864 4Q10 2.709 'IQ1'I .�� 2.815 2Q11 .. . 1.895 3Q1'1 2.239 4Q11 1.873 1Q12 2036 2412 �. 1.529 1.71 3Q 12 1 ]35 1 _97 4Q12 1.565 1.92 �Q13 Na 2.10 2Q13 Na 3Q 13 n/a 4Q13 ... �. n/a . o.a,n��,����....,a , o os„��.�, ,.,.ao„_ scrzma,o�s3aM