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Residential properties in county show 7 to 8 percent decrease in market value

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News Hastings,Minnesota 55033 http://www.hastingsstargazette.com/sites/all/themes/hastingsstargazette_theme/images/social_default_image.png
Hastings Star Gazette
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Residential properties in county show 7 to 8 percent decrease in market value
Hastings Minnesota 745 Spiral Boulevard 55033

The trend is a downward one. According to the annual report released this week by the Dakota County Assessing Services, the majority of property market values in Dakota County showed a decrease this year. The information was presented this week to the Dakota County Board of Commissioners.

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It showed that most residential properties values have decreased between 7 percent and 8 percent for 2010. Apartments are experiencing an aggregate reduction of 7 percent, while commercial properties have decreased 6 percent. Estimated values for agricultural land decreased 25 percent. Taxable agricultural land values, however, which Dakota county received from the Minnesota Department of Revenue, were unchanged for 2010.

County-wide taxable market values, including new construction, decreased about 6.6 percent - to $38.3 billion. The total net tax capacity has decreased 6.5 percent for the 2010 assessment, taxes payable in 2011 - $450,765.130.

The city of Hastings has 6,050 residential homesteads. For a property owner with a median property value of $188,000 in 2009, the property value showed a decrease of about 8 percent - or to $173,000.

The median value is the value of the middle items when all items are arranged by size.

Valuation notices for 2010 market values were mailed March 2. Approximately 148,000 notices were sent to manufactured home, real and personal property owners.

The Assessing Services Department has scheduled its open booking meetings and Board of Appeal and Equalization calendar for this year. The information is available on the county's website at www.co.dakota.mn.us.

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Jane Lightbourn
(651) 319-4503
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