SUMMARY
CATEGORY October 1, 2020 APRIL 1, 2021 CHANGE
ALL SALES MEAN RATIO 77% 12% -5%
MEDIAN RATIO 74% 69% -5%
ALL COMM/IND SALES MEAN RATIO 93% 90% - 3%
MEDIAN RATIO 82% 76% -6%
OFFICE BLDG SALES MEAN RATIO 1.18% 1.18% 0%
MEDIAN RATIO 1.18% 1.18% 0%
ALL RES SALES MEAN RATIO 76% 71% -5%
MEDIAN RATIO 74% 69% -5%
CONDO MEAN RATIO 77% 69% -8%
MEDIAN RATIO 77% 68% -9%
CONDO NL MEAN RATIO 76% 72% - 4%
MEDIAN RATIO 75% 70% - 5%
MANUF HOUSING MEAN RATIO 70% 59% -11%
MEDIAN RATIO 58% 57% -1%
SINGLE FAM MEAN RATIO 76% 71% -5%
MEDIAN RATIO 74% 69% -5%
2-FAMILY MEAN RATIO 76% 70% -6%
MEDIAN RATIO 71% 67% -4%
The above data shows that the ratios decreased approximately 5% for most of the residential categories and the
overall ratio. The Office Building category saw no change, but that is because the same five sales were used in the
two studies. The mean ratio for Commercial/Industrial sales declined by only 3%. These statistics tell us that
property values are increasing. Overall, property values increased approximately 5% between October 1, 2020 and
April 1, 2021. With a Mean Ratio of 72% and a Median Ratio of 69%, this means that current assessed values are
approximately 70% of market value. A property worth $200,000 on the market would have an assessed value of
approximately $140,000, on average ($200,000 market value x .70 = $140,000 assessed value).
It is very difficult to determine a trend for commercial/industrial properties for two reasons; 1 — different classes of
commercial and industrial properties can vary tremendously in demand. For example, Retail space and Office
space may be less desirable at this time due to weakened demand. 2 — The COVID pandemic may have had an
effect on demand and/or lease rates as certain segments of the commercial/industrial market were more affected
than others.
The studies clearly show increasing residential property values. The residential value increases appear to be at
least slightly more than commercial property value increases. This is not surprising. However, predicting future
trends and where the ratios will be for April 1, 2022 (the valuation date for the city-wide revaluation) is difficult. |
see nothing at this time to indicate that residential property values will cease their recent increases, and | do
anticipate the sale/assessment ratios to continue to decline, but much can happen between now and April 1, 2022.
