Ramsey County 2018

Ramsey County

Assessor's

2018

Report

This report includes preliminary estimated market values for the 2018 assessment, taxes payable in 2019. Value estimates are subject to review and change until the conclusion of the Special Board of Appeal and Equalization in mid-June 2018.

2018 Ramsey County Assessor's Report

Table of Contents

Market Summary....................................................................................................................................................3 Estimated Market Value Totals............................................................................................................................6 Total Countywide Estimated and Taxable Value vs. Median Residential Value Trends...............................7 Ramsey County Residential Median Property Value Trends............................................................................8 Ramsey County Apartment Median Property Value Trends............................................................................9 Ramsey County Commercial/Industrial Median Property Value Trends......................................................10 Residential Property Median Estimated Market Value % Change Map.......................................................11 Single-Family Residential Property Median Estimated Market Value % Change Map...............................12 Apartment Property Median Estimated Market Value % Change Map........................................................13 Commercial/Industrial Property Median Estimated Market Value % Change Map...................................14 Ramsey County Breakdown of Estimated Market Value (less Added Improvement).................................15 Median Estimated Market Value of Residential...............................................................................................16 Median Estimated Market Value of Single-Family Homes.............................................................................17 Median Estimated Market Value of Apartments.............................................................................................18 Median Estimated Market Value of Commercial/Industrial Property .........................................................19 EMV Percent Changes (Single Family - Ramsey County)................................................................................20 EMV Percent Changes (Single Family - City of Saint Paul)..............................................................................21 EMV Percent Changes (Single Family - Suburban Ramsey County)..............................................................22 Apartment Growth Rates (Ramsey County).....................................................................................................23 Apartment Growth Rates (City of Saint Paul)..................................................................................................24 Apartment Growth Rates (Suburban Ramsey County)...................................................................................25 Commercial/Industrial Growth Rates (Ramsey County).................................................................................26 Commercial/Industrial Growth Rates (City of Saint Paul)..........................................................................27 Commercial/Industrial Growth Rates (Suburban Ramsey County)...............................................................28 Change In Assessed Value from Previous Assessment High Point (2007 Assessment)..............................29 Change In Assessed Value from Assessment Low Point (2012 Assessment)...............................................30 Total Residential Estimated Market Value vs. Total Sheriff Foreclosure Sales............................................31 Glossary of Assessment Terms...........................................................................................................................32

March 22, 2018

Dear Ramsey County Community,

We are respectfully submitting the 2018 Payable 2019 Ramsey County Assessor's Report.

The valuation notices mailed to each Ramsey County property owner on March 19, 2018 included the assessor's proposed 2018 estimated market value, the proposed taxable market value, and the proposed property classification for 2018 payable 2019.

Total growth in the 2018 assessed value of Ramsey County real property was $3.29 billion, with $2.16 billion of the growth in value coming from residential property. The total assessed estimated market value of Ramsey County property for 2018, taxes payable 2019, is $52.78 billion, up from last year's $49.49 billion (notincluding personal property, utilities and railroad). The total countywide increase in market value of $3.29 billion, included $515 million of value from new construction.

As of the 2018 assessment, total estimated market value is now $3.04 billion above the peak 2007 estimated market value. The 2018 total estimated market value is also up $14.15 billion from the most recent low point in the real estate cycle (2012 assessment). In many areas of Ramsey County, growth in 2017 was steady compared to 2016. Differences in the increases in value between the three major property classes will likely lead to some tax shifting from residential to apartment, commercial and industrial property in 2019.

The Homestead Market Value Exclusion benefits most homesteaded residential property in Ramsey County, but it also continues to exaggerate the impact of rising property values on residential property taxes. Due to the nature of the homestead benefit, which declines as the value rises, many homestead property owners are experiencing a greater increase in taxable market value than in their estimated market value. This pattern is established by law and is not scheduled to change.

2018 Assessment The percentage changes in 2018 aggregate value by property class for the City of St. Paul, and for all the suburbs taken together and countywide are as follows:

City of Saint Paul Suburban Ramsey

Overall +6.9% +6.4%

Residential +6.6% +6.4%

Commercial/Industrial +1.5% +4.2%

Apartments +13.7% +11.8%

Countywide

+6.7%

+6.5%

+3.0%

+13.0%

Median Values for 2017 and 2018 are as follows:

Residential

City of Saint Paul ?

2017

$172,000

City of Saint Paul ?

2018

$184,400

Suburban Ramsey ? Suburban Ramsey ?

2017 2018

$220,600 $236,900

Countywide Countywide

?

2017

?

2018

$199,400 $214,400

Commercial/Industrial $466,750 $495,450

$872,850 $922,900

$590,150 $624,900

Apartments $714,000 $822,100

$1,463,200 $1,621,500

$790,000 $902,100

Page 3 of 33

Residential Market Summary Ramsey County experienced steady growth in the 2017 residential real estate market. According to NorthstarMLS, the median sale price for residential property in Ramsey County was $217,000 at the end of 2017, up from $200,000 at 2016-year end. With continued job growth, positive wage increases, attractive rates, and rising rental rates, a healthy real estate market should continue.

A historic low supply of homes for sale and high demand are resulting in increasing sale prices and market values. In Ramsey County, foreclosures and short sales continue to fall. In 2017, foreclosures totaled 336, a drop from 562 in 2016, and a reduction of 89% from the 2008 peak.

Median values of single family homes increased most significantly in the St. Paul neighborhoods of Dayton's Bluff, Thomas-Dale, and Payne-Phalen. In the suburbs, the most significant value increases were in the cities of Mounds View and St. Anthony.

The townhome and condo markets continue to show steady growth in value and strong sale volume. Townhomes in the West Side, Thomas-Dale, Greater East Side, Mounds View and Lauderdale had the largest percentage increase in median value. Condos in Dayton's Bluff, Macalester-Groveland, Arden Hills and White Bear Lake had the largest percentage of increase in median value.

New home construction in Ramsey County in 2017 was strong once again. Notable developments included, Rapp Farm in North Oaks, Wheaton Woods in Roseville, Autumn Meadows Development in Shoreview and Pulte Enclave Development in New Brighton. The assessor's office continues to actively track all market activity and will continue to follow the prices determined by the market in 2018 for our 2019 assessment.

Commercial Market Summary Apartment - The Ramsey County apartment market remains very strong. Rent growth continues, and vacancies remain at record lows despite the construction of several new complexes.

Although the City of St. Paul continues to see a great deal of new apartment development, suburban Ramsey County appears to be responding to pent-up demand with several new projects either recently completed or in the works. These include the Loden Shoreview and Conifer Ridge in Maplewood, two market rate projects that will be completed later this year.

Retail ? While facing challenges due to changing shopping habits, the Ramsey County retail market is holding steady. Overall, vacancies continue to show a steady decline, and rents have shown some growth for the first time in several years. The most active sectors in this market are well located smaller single and multi-tenant centers, and the retail portion of newer mixed-use developments.

Rosedale Mall recently completed a major remodel to the interior mall space, and will open a new Von Maur department store later this year. Both developments bode very well for the vitality of the surrounding retail properties.

Industrial ? The industrial market continues to show considerable strength related partially to increased demand for warehouse distribution space due to the growth of e-commerce. Although this has created specific demand for bulk warehouse properties, recent activity shows that some of the demand is spilling over to smaller warehouse properties as well.

Page 4 of 33

Mini-storage is also a very strong sector of this market, with very strong rental demand for existing and newly developed properties. New mini-storage complexes are currently under construction in both White Bear Township and Vadnais Heights. Office ? Most areas of Ramsey County have fully recovered from the downturn of the office market which started nearly a decade ago. With some overall improvements in building occupancies and modest rent growth, assessed valuations for many properties in this sector have increased slightly for 2018. In response to demand for new office product in downtown St. Paul, the former Ecolab Headquarters and a former Woolworths are being converted to amenity heavy multi-tenant office space. The medical office market continues to exhibit considerable strength, which is illustrated by several developments either recently completed or under construction. These would include a new HealthEast Clinic and Specialty Center and a new Twin Cities Orthopedic facility, both in Maplewood. Revaluation Activities Once again, we will have appraisers out reviewing one-fifth of the properties in the county. Thank you in advance for your cooperation with our appraisers as they perform their work. I encourage you to allow them to review the entire property. Our appraisers will always have Ramsey County identification, as well as records describing your property. If you would like additional information, please contact our office at 651-266-2131, email us at AskCountyAssessor@co.ramsey.mn.us or visit our website at ramseycounty.us/property. We are happy to provide you with any available information that would be helpful to your research. Sincerely,

Luis Rosario, SAMA Ramsey County Assessor CC: Ramsey County Board of Commissioners

Julie Kleinschmidt, County Manager City Managers in Ramsey County

Page 5 of 33

CITY ST. PAUL

RESIDENTIAL AGRICULTURAL HIGH VALUE APARTMENT COMMERCIAL/ INDUSTRIAL TOTAL

SUBURBS

RESIDENTIAL AGRICULTURAL HIGH VALUE APARTMENT COMMERCIAL/ INDUSTRIAL TOTAL

COUNTY WIDE

RESIDENTIAL AGRICULTURAL HIGH VALUE APARTMENT COMMERCIAL/ INDUSTRIAL TOTAL

RAMSEY COUNTY ESTIMATED MARKET VALUE TOTALS SORTED BY PROPERTY TYPE AND CITY/SUBURBAN

2017 payable 2018 vs. 2018 payable 2019

2017 pay 2018 ESTIMATED MARKET

VALUE TOTALS (with Added Improvement) 15,352,053,200

4,726,100

3,968,856,900

4,250,825,300

23,576,461,500

2018 pay 2019

ESTIMATED MARKET

ESTIMATED MARKET

2018 pay 2019 ESTIMATED MARKET VALUE INCREASE FROM VALUE INCREASE FROM Total Growth

ADDED

VALUE TOTALS 2017 p 2018 TO 2018 p 2019 2017 p 2018 TO 2018 p 2019 17 to 18 Asmt

IMPROVEMENT

(with Added

(Including Added

(Without Added

(includes AI)

Improvement)

Improvements)

Improvements)

88,531,000

16,370,115,400

1,018,062,200

929,531,200

6.63%

4,904,300

178,200

178,200

3.77%

94,678,200

4,512,895,800

544,038,900

449,360,700

13.71%

60,254,100

4,313,289,400

62,464,100

2,210,000

1.47%

243,463,300

25,201,204,900

1,624,743,400

1,381,280,100

6.89%

2017 pay 2018 ESTIMATED MARKET

VALUE TOTALS (with Added Improvement) 18,028,055,100

36,584,900

2,447,301,500

5,405,615,800

25,917,557,300

2018 pay 2019

ESTIMATED MARKET

ESTIMATED MARKET

2018 pay 2019 ESTIMATED MARKET VALUE INCREASE FROM VALUE INCREASE FROM Total Growth

ADDED

VALUE TOTALS 2017 p 2018 TO 2018 p 2019 2017 p 2018 TO 2018 p 2019 17 to 18 Asmt

IMPROVEMENT

(with Added

(Including Added

(Without Added

(includes AI)

Improvement)

Improvements)

Improvements)

115,081,400

19,174,951,300

1,146,896,200

1,031,814,800

6.36%

35,826,600

-758,300

-758,300

-2.07%

85,213,700

2,736,838,600

289,537,100

204,323,400

11.83%

71,254,700

5,634,968,800

229,353,000

158,098,300

4.24%

271,549,800

27,582,585,300

1,665,028,000

1,393,478,200

6.42%

2017 pay 2018 ESTIMATED MARKET

VALUE TOTALS (with Added Improvement) 33,380,108,300

41,311,000

6,416,158,400

9,656,441,100

49,494,018,800

2018 pay 2019

ESTIMATED MARKET

ESTIMATED MARKET

2018 pay 2019 ESTIMATED MARKET VALUE INCREASE FROM VALUE INCREASE FROM Total Growth

ADDED

VALUE TOTALS 2017 p 2018 TO 2018 p 2019 2017 p 2018 TO 2018 p 2019 17 to 18 Asmt

IMPROVEMENT

(with Added

(Including Added

(Without Added

(includes AI)

Improvement)

Improvements)

Improvements)

203,612,400

35,545,066,700

2,164,958,400

1,961,346,000

6.49%

40,730,900

-580,100

-580,100

-1.40%

179,891,900

7,249,734,400

833,576,000

653,684,100

12.99%

131,508,800

9,948,258,200

291,817,100

160,308,300

3.02%

515,013,100

52,783,790,200

3,289,771,400

2,774,758,300

6.65%

AI is Added Improvement

(Reported values exclude Exempt property, Leased Public Property, Manufactured Homes, and State Assessed Utility & Railroad property) (All 2018 pay 2019 Values are subject to review and change until the conclusion of the Special Board of Appeal and Equalization in mid-June 2018) (2017 p 2018 values taken from the 2017 Spring Mini Abstract (run date: 3/13/17) *Ag EMV updated 3/19/18 based on omitted value.. (2018 p 2019 values taken from the 2018 Spring Mini Abstract (run date: 3/9/18) (Total Growth Includes Added Improvement for 2017 p 2018 and 2018 p 2019) (Includes Vacant Land for all Property Types)

Prepared 3/13/18 TG,JG

Page 6 of 33

TOTAL COUNTYWIDE ESTIMATED AND TAXABLE VALUE VS. MEDIAN RESIDENTIAL VALUE TRENDS ASSESSMENT YEARS (2004 - 2018)

MEDIAN RESIDENTIAL VALUE

ESTIMATED MARKET VALUE

TAXABLE MARKET VALUE

260.00

55.00

240.00

MEDIAN RESIDENTIAL VALUES (000'S) TOTAL COUNTYWIDE VALUE (BILLIONS)

220.00 200.00

45.00

180.00

160.00 140.00

35.00

120.00

100.00

MEDIAN RESIDENTIAL VALUE ESTIMATED MARKET VALUE TAXABLE MARKET VALUE

2004 190.60 39.79 35.21

2005 205.50 43.69 40.14

2006 220.10 48.40 45.19

2007 220.30 50.32 49.15

2008 207.10 49.04 48.68

2009 191.60 46.50 46.25

2010 180.40 43.25 42.75

2011 172.00 41.25 41.05

2012 156.60 38.28 35.68

2013 156.50 38.18 36.52

2014 172.80 41.82 39.46

2015 177.70 43.57 40.64

2016 186.70 46.32 43.37

2017 199.50 49.92 47.28

2018 215.40 53.12 51.20

25.00

*Total Countywide EMV excludes Exempt property value *Median values exclude added improvement values, leased public property and vacant land

Page 7 of 33

MEDIAN PROPERTY VALUES

Ramsey County Residential Median Property Value Trends

$260,000

247,800 245,500

$240,000

230,800

$220,000 214,200

225,400

226,400

236,600

222,400

214,300

213,400

210,200

204,700

236,900

220,600 208,100

214,400

$200,000 $180,000 $160,000 $140,000 $120,000

195,500

198,400 196,500

182,000

170,800

199,700

194,800

198,800

199,400

183,200

189,700

186,700

182,100 168,100

174,700

176,100 172,800

177,700 172,000

155,500

156,600

156,500

159,400 149,900

184,400

149,300

143,600

SUBURBAN

COUNTYWIDE

CITY

131,800

129,600

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

ASSESSMENT YEAR

*Median values exclude added improvement values, leased public property and vacant land Page 8 of 33

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