It is too early to determine values (or even value trends) for 2022, the City’s revaluation year. Market conditions
can change considerably between now and April 1, 2022. Overall market values (and class-specific market values)
can change, depending on demand.
Based on the above data, if the revaluation took place in 2021, | would expect most residential properties to
increase approximately 42%, manufactured housing to increase approximately 67%, and commercial/industrial
properties to increase 10% to 25%. (Properties at 70% of market value would need to increase 42% to reach 100%
of market value — 100/70 = 1.428; Properties at 60% ratio - 100/60 = 1.67, etc.) Based on this estimate, | would
predict the total values for each category to increase as shown below:
Property Class 2021 Total Values Estimated % Increase Estimated Total Value
Residential $6,743,333,241 x 1.42% $9,575,533,202
Manufactured Housing $59,296,800 x 1.67% $99,025,656
SubTotal $6,802,630,041 $9,674,558,858
Commercia!/Industrial $3,304,154,671 Say x 1.15% $3,799,777,872
Total Value (All Classes) $10,106,784,711 $13,474,336,730
Res % Of Total Value 67% 72%
Comm/Ind % Of Total Value 33% 28%
NOTE: The above values do not include Utility (Electric, telephone, Hydro, etc) values. Utility values are not
typically subject to large market fluctuations, like residential and commercial/industrial values. It is assumed that
Utility values would see little change in the current total value of $394,793,600.
The above data shows that the percentage of total value would shift from 67/33 (Residential to
Commercial/Industrial) to 72/28. If the city-wide revaluation were conducted in 2021, it is estimated that there
would be an approximate 5% shift (67% to 72%) in the total tax burden from Commercial/tndustrial to Residential.
While the above numbers may be a fair representation of value trends for 2021, the reader is cautioned not to
apply the numbers to 2022, since the real estate market can change considerably by April 1, 2022.
Richard Vincent, CNHA
Chief Assessor
Dated: September 3, 2021
