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Residential market valuations decrease 2 to 4 percent in Dakota County

If you own a residential property in Dakota County, chances are the market value of that property decreased this year.

The annual 2011 market value report released this week by Dakota County Assessing Services shows that market value changes varied across property types for the 2011 assessments for taxes payable next year. Most apartment values were unchanged. Residential properties decreased an average 2 to 4 percent. About half of the commercial properties were unchanged, and the other half were reduced 2 to 4 percent.

Agricultural and estimated values were unchanged; however, taxable values, which come from the Department of revenue, increased about 7 percent for 2011. Due to revaluation and market trends there are some areas/parcels that had above/below average value changes.

For residential properties in Hastings, the percentage change was just under 4 percent. There are 6,065 residential homesteads in Hastings.

Countywide taxable market values, including new construction, decreased about 2.2 percent to $37.4 billion. The total net tax capacity has decreased 2.1 percent for the 2011 assessments, taxes payable in 2012, to $440,973,227. The figures will likely decrease during the year due to valuation and classification changes. Also, the legislature will make changes that impact market values and/or tax capacity values. The effect of any legislative action will not be known until sometime this summer.

Open book and Board of Appeal and Equalization attendance is expected to be higher than last year due to current economic conditions.

Open Book meetings continue this week - 9 a.m. to 7:30 p.m. Thursday, April 21, at the Northern Service Center in West St. Paul; and from 9 a.m. to 7:30 p.m. Tuesday, Wednesday and Thursday, April 26, 27 and 28, at the Western Service Center in Apple Valley.

Area Board of Appeal and Equalization meetings are as follows: Ravenna Town Hall, 9 a.m. to 10 a.m., Monday, April 25; Nininger Town Hall, 4:30 p.m. to 5:30 p.m. Wednesday, April 27; Vermillion Town Hall, 1 p.m. to 2 p.m. Thursday, April 28; Douglas Town Hall, 4:30 p.m. to 5:30 p.m. Thursday, April 28.