Sunday, April 6, 2014

After Six Years Property Values Increased in Crow Wing County

Total property values in Crow Wing County showed an increase in 2013-2014 for the first time in six years according to the property assessment data recently released by Crow Wing County. The total assessed value of all properties in the county increased from $9.5 billion in early January 2013, to $9.6 billion in January 2014.  This $105 million increase was a 1 percent increase over the previous year, but the first increase we have seen in six years. The county’s estimated value of properties saw a 20 percent decrease from $12 billion to $9.5 billion during the years of 2008 to 2013.

All property owners in the county will soon be receiving a mailing with valuation and classification notices from the county of their assessed property as of January 2, 2014.  The valuation and classification was based on sales of comparable properties from October 2013 through September 2013.

According to Gary Griffin, land services and supervisor for property valuation and classification, “Each property value is established based on actual sales that occurred in the marketplace,” Griffin said in a news release. “If comparable properties in a neighborhood during the study period sold for more, valuations will be higher. If comparable nearby properties sold for less, valuations go down.”

“State rules don’t allow us to consider foreclosure sales, sales between relatives, government sales, or other sales that are not considered arm’s length transactions,” Griffin said. “This limits the number of sales we can use for comparables in today’s market.”

The state of Minnesota requires assessed values to fall within a statistical range between 90 percent and 105 percent of what comparable properties sold for.  Taxpayers are encouraged to contact Griffin’s office with any questions you may have about the valuation and classification of your home.  The office is located at 322 Laurel St in Brainerd.

If you are looking to buy or sell a home in Crow Wing County this spring, contact me, Bill Grunewald. My team and I enjoy helping folks like you find just the right spot to live your northern Minnesota Lake Country dream.

Bill Grunewald/ Edina Realty.

Licensed in Minnesota/ Lic # 20204156