Special Board of Aldermen 11-15-2021 Page 4
an increase in the values of 5%. That's just in that six month time period essentially. Then you can follow those ratios
down. So a mean ratio is a median ratios.
| broke it down below the all sales role. | have all commercial industrial sales. That’s a ratio of 93% for October 1 and
then April 1 is a ratio of 90%. That's telling us that the commercial industrial sales are 90 to 93% of market value. You
can follow those down. | won't go through every one of them but | break them down between residential sales, and
break those further down into residential condos with land, condos without land, manufactured housing, single family
homes, and two family homes. So most of the residential ratios are in the 70s - between 71 to 76% for the October 1
study. One exception is the manufactured housing. The median ratio is 58% and that's common with manufactured
housing because the sale prices are so low that any small - or relatively low - so any small fluctuation in those values
could affect the ratios in a larger amount. But you'll also see on the manufactured housing, that the mean ratio between
October 2020 and April 2021 went from 70% to 59%. That's a large increase in manufactured housing values. One
exception that you'll see in this report is the office building sales now is 1.18% - 118% and those are the same between
the October and the April reports. That’s because it was the same five sales, so it didn't have any additional sales in the
later report.
So what that's showing is that the residential values are increasing faster than commercial industrial sales. On the third
column, you have a change. That's the change between the October and the April values. That’s not from 2018 to
2021. That's just from October to April. So you'll see going down will columns, you have a 5% change, 3% change.
Most of them are right around 5 - 8%. Again, the manufacturing housing changed 11%. That was the largest change in
all the different classes. That's telling us that roughly if you project that out for an annual increase, its right around 10 to
15% generally. I'll turn it back over to Mike Tarello and he'll present a couple of reports that Vision has provided.
Alderwoman Lu
Excuse me. Are we gonna wait till the end for questions or could we ask question as we go along?
Richard Vincent, Chief Assessor
Yes, I’m sorry.
President Wilshire
Ok, you can.
Alderwoman Lu
Thank you. May | - you know, | just wonder why did you find it - I'm not sure what’s useful about looking at the three
months, you know, looking more specifically at that three months. Just curious because you've got it kind of embedded
in the first column anyway, right, because that goes through July 7 at 21 but then you took a smaller...
Richard Vincent, Chief Assessor
Took a smaller sample, which was more reflective of current values at that time.
Alderwoman Lu
So did you do it so that you could more easily extrapolate what it might be per year, you know, annualize it because you
just sort of suggested what it meant as an (inaudible)
Richard Vincent, Chief Assessor
Well yes and | wanted to see where values were between April 15! of 2021 and July of 2021. So it really gives us a good
snapshot of where our assessments are at that time in relation to current market values. The market has been really hot
and so | wanted to see if property values have been increasing rapidly and | think most people know that. So | wanted to
see where our values were at the present time.
Alderwoman Lu
Okay, thanks.
