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COOK COUNTY CONNECTIONS Adjusting Property Values & Assessment Equalization

COOK COUNTY CONNECTIONS Adjusting Property Values & Assessment Equalization

By: Bob Thompson, Cook County Assessor 2ndst of 3 Part Series

COOK COUNTRY, MINNESOTA   July 30, 2021  (LSNews)  In last week’s edition of Cook County Connections, I touched on one of the most common questions I have been hearing lately, “How will this market affect my property taxes?”. This is a difficult question; the answer is that every taxpayer will be impacted differently.

With the real estate market in a frenzy, it seems that many taxpayers feel their assessed valuation shouldn’t be changed, that only the buyers who are paying the recent premiums should see value increases. However, in Minnesota, property taxes are an “Ad Valorem” system, which means property taxes are calculated based off the current market value.

At a recent Cook County meeting, a Commissioner asked me about property taxes in California. In 1978, California voters passed ‘Proposition 13’, a property tax system that establishes a base-year and limits annual value increases on properties that have not sold or undergone new construction. The result of this type of system is that large disparities in assessed valuation and resulting property taxes now exist, 40-years later, especially in areas where real estate has seen significant increases in demand, like the Silicon Valley.

Many taxpayers just don’t understand the complicated assessment process and I often hear the following questions:

How do assessors in Minnesota value properties that have not recently sold? The recent sales are studied, and those sales prices help the Assessor establish the assessed valuations for all property. Certain transactions are excluded from these studies, like a relative sale or a foreclosure, as they may not be a true reflection of the open market. After the sales study period ends, the Assessor determines the appropriate stratification pools and applies adjustments to all properties within each pool consistently. An example of this stratification would be that lakeshore properties may receive more of an increase than non-lakeshore properties.

Can the assessor adjust values on only the properties that have sold, like California? No, this is called “sales-chasing” or “spearing” in our industry and it makes it impossible to measure the accuracy of the overall assessment.

What if a property sold above the assessed value, mostly due to a remodel? If physical changes have occurred prior to the sale and the assessor has not yet accounted for these changes in the property record, the sale would be rejected from the study and a flag would be put on the record for the assessor to visit the property and verify the information. This situation would not cause the assessor to raise values on non-sales.

What if my neighbor paid $100k more for their house than I paid for mine two years ago and they’re almost the exact same house? This is a reflection of the market, typically that buyer would not have paid more than what they could find a substitute or similar property for. This is referred to as the ‘principle of substitution’ in real estate valuation.

Is the assessor’s methodology foolproof? No, the methodology is appropriate and has evolved over the years to be as accurate and consistent as possible. What’s important is that each taxpayer is given a chance to review their property valuation for accuracy and is afforded an opportunity to formally appeal any determination made by the County Assessor.

Equally important as having your property assessed correctly is having every other property in the jurisdiction assessed correctly. The assessment equalization process ensures that every taxpayer pays their fair share. Sold properties should be valued near their sale price and unsold properties should be valued similar to comparable properties that have recently sold.

Easily measured is the impact of a valuation on a property like the BWCAW, so please be sure to catch next week’s article where I will discuss the revaluation of the BWCAW and its importance to Cook County taxpayers, it is after all, the biggest slice in our ‘pie’. I will also share my long-term vision for the Cook County Assessor’s Office, and other news and information related to property assessments in Minnesota.

If you are a Cook County resident, several options that provide financial relief from rent and/or property taxes may exist. Talk to your tax professional or visit the Minnesota Department of Revenue’s website for more information on the ‘M1PR’ form.

By: Bob Thompson, Cook County Assessor

County Connections is a column on timely topics and service information from your Cook County government. Cook County – Supporting Community Through Quality Public Service.

#LSN_News #LSN_MNNews #LSN_CookCounty 


About Cook County Minnesota 

Cook County Coronavirus Response Hub

Cook Country Minnesota Lake Superior News

Cook County is at the tip of Minnesota's Arrowhead region in the remote northeastern part of the state, stretching from the shores of Lake Superior to the US-Canada border. By land it borders Ontario, Canada to the north, and Lake County, MN to the west.  The highest point in Minnesota, Eagle Mountain is 2,301 feet and the highest lake,  Total Area equals 3,339.72 sq miles

Cook County is home to three national protected areas:
Grand Portage National Monument
Superior National Forest
Boundary Waters Canoe Area Wilderness

Cook County include:
 Grand Marais     Lutsen Mountains
 Gunflint Trail      Superior Hiking Trail
 Grand Portage 


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  • TBDHU Advising against non-essential travel
    TBDHU Advising against non-essential travel

    TBDHU Advising against non-essential travel

    THUNDER BAY, ONTARIO ~~~~  December 2, 2021 (LSNews)  At this time, the Thunder Bay District Health Unit (TBDHU) is recommending that all residents avoid non-essential travel to Minnesota, Wisconsin and Michigan. This is regardless of an individual’s vaccination status. These states currently have the highest rates of COVID-19 in the United States and the rates are considerably higher than those in the TBDHU area. In addition, public health measures are also different in these areas and are generally looser than those in TBDHU and Ontario. This contributes to higher levels of community transmission and greater risk to people.

    #LSN_Health #LSNews_ONNews  #LSN_MNNews

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  • BORDER CATS NOT INCLUDED IN 2022 NORTHWOODS LEAGUE SEASON
    BORDER CATS NOT INCLUDED IN 2022 NORTHWOODS LEAGUE SEASON

    BORDER CATS NOT INCLUDED IN 2022 NORTHWOODS LEAGUE SEASON

    THUNDER BAY, ONTARIO ~~~~  December 7, 2021 (LSNews)   The Thunder Bay Border Cats, in conjunction with the Northwoods League, regretfully announced today that the team will not be participating in the 2022 season.  The league cited ongoing uncertainties regarding vaccination status and the requirement for Covid testing at the Canadian border as the reasons to not include Thunder Bay in the 2022 schedule.

    #LSN_Sports   #LSNews_TBay 

    Read more
  • Northwoods League to Bring Back Minnesota Mud Puppies for 2022
    Northwoods League to Bring Back Minnesota Mud Puppies for 2022

    Northwoods League to Bring Back Minnesota Mud Puppies for 2022

    ROCHESTER, MINNESOTA  ~~~~ December 7, 2021 (LSNews)  The Northwoods League has announced today that the Minnesota Mud Puppies will take the place of the Thunder Bay Border Cats as the visiting team in the Great Plains Division for the 2022 season.

    The Minnesota Mud Puppies are unique in that for the second season they will only play a 36-game road schedule, picking up the road games that would have been scheduled for the Thunder Bay Borders Cats.  The team will be based out of the Twin Cities region of Minnesota, with all players living or staying locally with family. 

    #LSN_Sports #LSN_MNNews  #LSNews_TBay 

    Read more
  • Great Lakes Maritime Task Force Annual Report
    Great Lakes Maritime Task Force Annual Report

    Great Lakes Maritime Task Force Annual Report

    CLEVELAND, OHIO ~~~  December 7, 2021  (LSNews)   Today the Great Lakes Maritime Task Force (GLMTF) released their annual report for 2021, available here.

    The report includes some significant accomplishments advanced by GLMTF members over the past few years to include progress on the Great Lakes dredging crisis, efficient funding of the new large navigational lock in Sault Ste. Marie, Michigan, and pending legislation to improve U.S. Coast Guard icebreaking performance measures along with funding for a new heavy Great Lakes icebreaker.

    #LSN_Shipping #LSN_Econ  #LSN_MNNews #LSNews_TBay

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  • Great Lakes Simulator is coming to Steam in December
    Great Lakes Simulator is coming to Steam in December

    Great Lakes Simulator is coming to Steam in December

    THUNDERER BAY, ONTARIO  ~~~  November 10, 2021 (LSNews)  Jason Dial and Digital Light, creators of Suez Canal Simulator and Panama Canal on Steam, announce the release of Great Lakes Simulator set for December 15, 2021.

    Created in 1-to-1 scale, players can drive massive lake freighters the full 750 mile distance from Duluth, Minnesota to Port Huron, Michigan and sail the full length of both Lake Huron and Lake Superior. At scale speeds in real time, a round trip journey will take days to complete. Of course you can compress time when you want.

    #LSN_Shipping 

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Caboose 78175 Marina Park 0 Lake Superior Northshore
Robert McKenzie

Caboose 78175 Marina Park

THUNDER BAY, ONTARIO ~~~~  August 1, 2021  (LSNews)  CNR Caboose 78175 was built in 1929. It was one of 25 cabooses built in Transcona Shops, in Winnipeg, Manitoba as a grouping from numbers 78170 to 78194. She served the CNR...

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2022 Snow Sculpture Competition Call to Artists

Family day Weekend February 19 to 21st

Robert McKenzie 0 413 Article rating: No rating

THUNDER BAY, ONTARIO  ~~~  December 6, 2021 (LSNews)  The City of Thunder Bay is pleased to announce the release of the 2022 Snow Sculpture Competition Call to Artists. The City’s Recreation & Culture Division will host the tenth annual Snow Sculpture Competition at the Waterfront on Family Day weekend in February.

#LSN_CircleTour  #LSNews_TBay 

 

TBSO Cancels December 10 ~ 11 Performances

to the recent increase in COVID cases

Robert McKenzie 0 407 Article rating: No rating

THUNDER BAY, ONTARIO  ~~~~  December 6, 2021  (LSNews)  With an abundance of caution in regards to the recent increase in COVID cases in the Thunder Bay region, the Thunder Bay Symphony Orchestra has cancelled this week’s upcoming performances.

It has been a pleasure for the TBSO to return to in-person concerts. However, with that comes the responsibility of keeping their patrons, musicians, staff, and volunteers safe during these unique times.

#LSN_Arts #LSNews_TBay 

Lake Superior and Michigan-Huron declined by more than the average

Weather and water supply conditions were a record low in the Lake Superior basin in November

Robert McKenzie 0 1032 Article rating: 5.0

THUNDER BAY, ONTARIO  ~  December 3, 2021 (LSNews) As a result of the drier than average weather and water supply conditions, the water levels of Lake Superior and Lake Michigan-Huron declined by more than the average amounts in November. Lake Superior outflows continue to be set in consideration of water levels upstream and downstream.

#LSN_Shipping  #LSN_ONNews #LSN_MMNews  #LSN_WiscNews #LSN_MiNews 

Magnus's JACOB MARLEY’S CHRISTMAS CAROL

starting Friday until the 18th of December

David Thompson 0 863 Article rating: No rating

THUNDER BAY, ONTARIO  ~~~~  December 2, 2021  (LNews)  JACOB MARLEY’S CHRISTMAS CAROL is a spirited redemption tale that’s being billed as the other half of Charles Dickins’s beloved classic. It follows the perspective of Ebenezer Scrooge’s sour old business partner, Jacob Marley, who must free his own immortal soul from hellish eternity by redeeming the heart of the miserly old Scrooge.

#LSN_Arts  #LSNews_TBay  
 

Winners announced for Mayor’s Christmas Card Competition

Robert McKenzie 0 1342 Article rating: No rating

SAULT STE MARIE, ONTARIO ~~~  November 24, 2021 (LSNews)  The City of Sault Ste. Marie and Mayor Christian Provenzano wish to thank local students for their entries to the Mayor’s

Christmas Card Competition. Approximately 200 submissions were received from elementary school aged children, and six were selected to be used as the Mayor’s annual Christmas Card.

#LSN_Arts  #LSN_SSM 

Agencies Work Together on Preventative COVID-19 Treatment

Region 8 Michigan Department of Health and Human Services Healthcare Coalition

Robert McKenzie 0 1371 Article rating: No rating

SAULT STE MAIRE, MICHIGAN ~~~  November 15, 2021  (LSNews)  A healthcare team made up local partners provided numerous local residents with monoclonal antibody treatments for COVID-19 last week. “We were contacted on Tuesday, November 9th by the Michigan Department of Health and Human Services Region 8 Healthcare Coalition Coordinator, to provide monoclonal antibody treatment to potentially 60 individuals at an assisted living facility the following day” said Renee Gray, Director of Kinross EMS. “After collaboration with Dr. Raycraft and Shelli Arnold at War Memorial, we reviewed and passed protocol to facilitate this process” Gray added.

#LSN_Health   #LSN_MiNews

Hunters Are Reminded To Help Slow The Spread Of CWD

slow the spread of CWD by following baiting and feeding bans and for hunters to properly dispose of carcasses

David Thompson 0 1942 Article rating: No rating

NORTHERN, WISCONSIN  ~~~ November 13, 2021  (LSNews)  The Wisconsin Department of Natural Resources (DNR) is reminding hunters and the public that they can help slow the spread of chronic wasting disease (CWD) by following baiting and feeding regulations.

#LSN_Outdoors #LSN_WiscNews #LSN_CircleTour

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