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2005-04-11_BOARD OF REVIEW
C X y of Edina. Edina. Depa4ltMZ+*It • I • mm11'I I V7, I.. i AEI 'r{'9ZN�1r'r� o� e Aprtll 11.1 2005 City of Edina DATE: April 8, 2005 TO: Edina Board of Appeal and Equalization Members FROM: Robert C. Wilson, City Assessor Beginning March 9, 2005 approximately 20,885 valuation notices were mailed to . Edina property owners. Since this time, the assessing department has responded to over 800 calls from owners with questions and concerns regarding their new valuation. The overall, average increase was 7.5% for single-family homes in Edina. This is consistent with other southwestern suburbs where .increases ranged from 6% to 9 %. Individual increases may vary from:the typical 7 percent appreciation range, if sales indicate that a certain group of properties require a .greater.or lesser adjustment for equalization purposes.. For example, if.the sales ratio for ramblers .in a certain neighborhood is at.-80% and two -story home sales indicate a sales ratio of 90 %, the market value increases <.fo�'tfie' ramblers would tend to be greater than the two -story increases." The review process is a key aspect of the mass appraisal system. Over the last four weeks, the assessing staff has reviewed'the valuations omover 100 properties. When there is evidence that a property has been„ overvalued, its market value has been adjusted. These reviews have resulted in changes to approximately 40% of the properties. In the instances where the appraiser. and property owner cannot come to a mutual agreement on valuation; the.:Board' of. Appeals'and Equalization is one of several avenues for the owner to make an appeal. The following case material has been prepared for the Board's meeting, Monday April 11, 2005. At the initial meeting, Board members will hear testimony from property owners and assessing staff. No decisions will be made during this meeting. The Board will reconvene on April 25, to make their final decisions on the appeals. It has been the policy of the Board to sustain the assessor's valuations on commercial, apartment and industrial properties. This allows the property owner to present their case to the County Board of Appeal for their consideration. City Hall 4801 WEST 50TH STREET EDINA, MINNESOTA, 55424 -1394 www.cityofedina.com 952 - 927 -8861 FAX 952 - 826 -0390 TTY 952 - 826 -0379 �i ,. City of Edina Assessor's Office 4801 West 50th Street Edina, MN. 55424 -1394 Phone: (952) 826 -0365 Fax: (952) 826 -0389 [TDD (Deaf Only): (952) 826 -0379] oar d of Appeal and Equalization Residential Request for Review P.I.D. # D S— / /6 - / - q - d Cj 0 q Date Returned: Time: Received By: ; Case # •.... • ......... .. .... . . ofti e.use: ofB ..:.:. �ithdrawn: Date: Application Date: d D,!�-' Attach any syMorting documentation Owner Name: Owner Address: �� c Home Phone Number: �jl 09' usiness Phone Number: 6-- Property Address: g (9w% y S� Assessor's estimated market value for January 2, 200- Land: Buildings. Total: I believe the estimated market value on January 2, 2005 should be: Land: Buildings: Total:,3�jr OQ Purchase Date: Total purchase price (land & bldgs.): Year Built: House: If 0/j"Garage:/yC; Additions (Explain): Condition of Structures (Explain): Ad& Description & value of additions and improvements sinQ6 your purchase of this property: r i ::i:•:;::::': ' ::•:•:•:: ' ;•;• Prof s �"341 l cppra s ........ IPlease attach.a pit of art reaerat_apl�raisa�g .•.• .•.•.•...•.•.•.•:•:•:.:•:•:: :: • ::::::::::•:::•:�:�:�:�: 11 Appraisal Date: I Indicated Value: 11 i KNOWLEDGE AND BELIEF. Signature of applicant: , RETURN THIS APPLICATION TO THE EDINA ASSESSOR'S OFFICE NO LATER THAN FRIDAY, APRIL 1, 2005. PLEASE ATTACH ANY DOCUMENTATION YOU FEEL WILL SUPPORT YOUR CASE. Case #1: CITY OF EDINA Board Appeal and Equalization Assessor's Commentary Property ID Number: 05- 116 -21 -24 -0004 Date: April 5 2005 Property Address: 5848 Creek Valley Road Owner/Agent Name: Marie Andere 2005 EMV 406,800 Requested Value 365,000 Recommended Value 406,800 Comments: Property inspected April 4, 2005. Ms Anderegg is the original owner. Three comparable sales were look at and support the current value of $406,800. Sale number 1 on View Lane is on the creek but smaller in size and has soME =nd Sale number 2 on Loch Moor Drive is located on a part, is a out t e samas some updates. Sale number 3 on Roycar Road is similar in size and located on an average lot with no amenities* CPa Land $220,000 Buildinci $186,800 Total $406,800 Value 2005 History 2004 $183,400 $179,300 $362,700 2003 $152,900 $187,600 $340, 500 Sales $ History None 5848 Creek Valley Road Property inspected April 4, 2005. The home is located on Nine Mile Creek and the first floor square footage is 2,149 square feet. Basement finished area is approximately 1,050 square feet. It has a recreation room with fireplace, parquet wood floors, bookcases, game room that is paneled, wet bar, and a 3/a bath average. Model train room is paneled and tile ceiling and has no floor covering. The heating system is all electric and is older. The air conditioner is located in the garage and goes through the ceiling. Open stairs to basement. The kitchen is average to fair. The cabinets are white metal and the appliances are average. There is an informal dining area with a desk. Located by the kitchen is a first floor laundry room. A formal dining room is good size. Living room has a fireplace and good views of the creek/pond. Three bedrooms (2 with hardwood floors), 2 baths, (walk thru). One with a tub only and the other has a shower. The home is all brick. The roof is approximately 5 years old. The patio and garage floor have cracks. No entry from the garage to the house. Most the carpet and light fixtures are original. CASE# 1 COMPARABLE SALE #1 ADDRESS: 5808 View Lane SALE DATE: February 2004 SALE PRICE: $480,000 COMPARABLE SALE #2 ADDRESS: 6308 Loch Moor Drive SALE DATE: June 2004 SALE PRICE: $582,000 CASE #1 COMPARABLE SALE # 3 ' ��r� � "'tom '•�� �• `�'� -. ! j ..j ' -�.: A'r `^ •.^ ,.fir: .. , R�.� qp- ADDRESS: 4809 Roycar Road SALE DATE: October 2003 SALE PRICE: $425,000 OYA I T�� 40 City of Edina Assessor's Office 4801 West 50th Street Edina, MN. 55424 -1394 P.I.D. # d S— qq- () Q Phone: (952) 826 -0365 Fax: (952) 826 -0389 Date Retumed: Time: U [TDD (Deaf Only): (952) 826 -0379] Received-By: _Sim, Case # Board of Appeal and Equalization Residential Request for Review ithdrawn: I Date: Application Date: Attach any suppolling documentatlon Owner Name: Mtek Aert MIvl Owner Address: 9 ()1 gnwk brve- Home Phone Number: s 2— w 0 f-A—r Business Phone Number: Property Address: .5 tA Wt.2 a_ a b ov2. Assessor's estimated market value for January 2, 2005: O Land: Buildings: Total: S I believe the estimated market value on January 2, 2005 should be: Land: D Buildings: 2,of, Zy p Total: ► S Purchase Date: J a Zd a Total purchase price (land & bldgs.): Year Built: House: I q 6 2 Garage: I T61- Additions (Explain): — Se ey ., Do e c4 m d /o Ale leykw Condition of Structures (Explain): �, I S Description & value of additions and improv ents since your purchase of this pro o me- Prof ........ f . .:....::.........:...:::::::::: :: :::::::::::::::::::;::::::::::::: ::::::.:.................:..... . esa oaal . tsa�a.......... Please attach a of:art :repeat a tsafay :::::::::::::::::::::::::::::::::::......:::::::::::::::::::::: A raisal Date: Indicated Value: y� xtie �e ;9vns:toi:: iar:ofi eetivin:ta�:i�e:assQSSQ esti neited tria�k$ t: �ralu�: ..:...........: :.:.:.:.:.:.:.:. :.:.:.:.:.:.:.:..:.:.:.:.:.:.:. 1 DO HEREBY AFFIRM THAT THE ABOVE INFORMATION IS COMPLETE AND TRUE TO THE BEST OF MY KNOWLEDGE AND BELIEF. Si nature of a licant: S --4 RETURN THIS APPLICATION TO THE EDINA ASSESSOR'S OFFICE NO LATER THAN FRIDAY, APRIL 1, 2005. PLEASE ATTACH ANY DOCUMENTATION YOU FEEL WILL SUPPORT YOUR CASE. CIAP Memo To: Mayor and City Council Members From: Assessing Department Date: April 22, 2005 Re: Additional Information Case #2 Enclosed is additional information delivered April 21, 2005 by the homeowner for Case #2. Please include this information with the Assessor's Narratives for Cases 5 & 6 previously delivered as Case Book additions for the April 25, 2005 Board of Appeal and Equalization Reconvene Meeting. Thank you! Mark Abramovitz 6804 Brook Drive Edina, MN 55439 Via Hand Delivery April 20, 2005 Edina City Council 4801 West 5& Street Edina, MN 55424 Dear City Council Members: APR 211005 Thank you for the opportunity to appear before you on April 11, 2005. As I indicated during my presentation I would submit to you photos and other pertinent information regarding residential property located on Brook Drive. These homes are also included on the matrix, provided previously. The Assessor's office made available to me a sample of home sales (attached) that were used in determining 2006 property tax valuations. The Council indicated that new home sales are used as a measure to evaluate the market and to assist in determining property valuations. This list contains five homes that were sold in the summer of 2004 at prices approximating the price of my home ($507,000). The increase in the valuation of these five properties between 2004 and 2005 is approximately 6.5 %, which mirrors the increase in valuation of my home and other homes in my neighborhood. However the increase in the proposed valuation between 2005 and 2006 for these five homes is 12 %, similar to other homes in the area, but much less than the proposed increase in valuation for my home, which approximates 20 %. Therefore I believe that the appropriate increase in property tax valuation for my home for 2006 is on the magnitude of 10 to 12 %. Thank you for your consideration. Address PID Square Footage 6804 Brook 05- 116 -21 -44 -0041 1,526 11 Z:18AM Acreage Comments 0.638 LakeShore - rambler 'M V .fit �h'b, � J,�►;rly ,r p All ` ow R EE Address 6801 Brook Y, Ii PIS Square Footage Acreage Comments 05- 116 -21 -44 -0032 1,996 0.9040 rambler 2:17 AN ,tT . s y �T or;+ YY YI � p�,R�t J ��l�fs r 1�+ I•� �i r t��t S` g tli �l; I / ell' :'! ''�! 9tid t PA �,' ,r 1 ►�i �. Vii.. � ''� k -r h x v ALU -s Zo NIS PDS APANDE'D ADMIN- INCLUDES MORE RES- CHAR -DTL I71•LS HOUSE v3 STREET NAME SALE DATE SALE --------------------------------------------------- - - - - -- 5832 70TH ST W 200408 $451, 5•00 7-0 0 4 'ZboS dy 200(, 6221 i9-ALDER LA 200407 $472.' 00 6208 6213 5709 BROOK DR 200406 200406 200408 $525,000 4 f, 1,300 $671, 175 $493, 000 LIc IM, 3" S'S oo .t _...._._.... . 4zi S ao � p�g�vp _ rt.t °o 6804 200406 $507,000 —` 6716 CAHIL&P RD 200409 $692,000 6DO4 CHAPEI, DR 200310 $381,900 5900 200409 $387,000 6501 CREEK DR 200404 $407,000 6501 200407 $440,000 1 6509 200312 $390,000 5849 CREEK VALLEY RD 200408 $420,100 6604 GLEASON Rb 200310 $635,520 6604 6717 6624 GLEASON TER 200404 200407 200311 $649,000 $510,000 qeY %re $908,000 414 ,fp t4g1 r2;jl'%p " -- 6621 HILLSIDE LA 200409 $387,500 6620 200408 $595,400 6801 200406 $639,000 7013 LEE VALLEY C.IR 200407 $675,000 6533 LIMERICK DR 200409 $428,000 6523 200407 $403,000 : 6504 200405 $371,000 f i 6409 5512 6521 LIMERICK LA MCGUIRE RD NORDIC DR 200407 200404 200404 $38Y,900 $496, 000 }� $343 000 - v L7%Se8,6rr0 l ?.2 - 6609 6513 6713 SCANDIA RD TRACT' ^vu 2nt,, 200404 200409 $089, 100 $445,.0 $525, G'0�yi> ;� 4 ;>�� ` 30 Sao 5513 6490 vALLEW LA VALLEY VIEW IW 200406 200409 $459,9 $278,00. . Mark Abramovitz 6804 Brook Drive Edina, MN 55439 The proposed 2006 market valuation of my home has increased by 19.88% from 2005, whereas the increase in valuation on other similar homes has increased between 5.99% and 12.19 %. The value per square foot on my home has increased from $219 to $297 in three years The differential in valuation per square foot between my home and 6800 Brook Drive for example was $32 in 2004 and has increased to $65 for the proposed 2006 valuation. This is a compound increase of 28 %. The valuation per square foot over the same period for the property at 6800 Brook Drive increased from $200 to $226 for a compound increase of only 13 %. Similar comparisons can be made between my home and others in the attached worksheet. On a per square foot basis my home (for which no improvements have been made since the 1980s) is valued more than any other in my sample, many of which are larger and updated. I recognize that there has been a rapid increase in the prices of homes in Edina over the past few years. However, the increase in prices is driven principally by record low interest rates, as opposed to actual land and structure appreciation. Residential property is now priced and sold based on the buyer's ability to make a mortgage payment. This is what has driven the appreciation of residential real property in Edina and elsewhere. I believe that the increase in valuation of my property for the year 2006 should approximate between 10% and 12% over the previous year. Property Owner Address Property ID i i of Date of Recem Sale S9� Tax Valuation Val. Pg Tax Valuation Val. 3� % Tax Val. % 05- 116 - 21414039 41 $239 1218% Home Sale Price Footage 2004 sq ft �O5 sq ft Change Valuation per &l Change Comments Margo &Kurt King 6800 Brook Dr. 05- 116. 21-44-0040 46 May -70 $60,000 2,571 $514,000 $200. $549,500 $213. 2006 Peter & Julie McCarthy 68M Brook Dr. 05- 116 -21-14 -0032 37 Jun-W $485 1,996 $436,700 $219 $465,200 $233 6.52% $580,300 $226 5.99% LS. _ rambler Mark & Usha Abramovitz X 6804 Brook Dr. Orr116 21- 140041 43 Jun-04 $507 1,526 $354,700 $232 $377,700. 6.53% $521,900 $261 1219% rambler Eli & LaJoy Peronovich 6805 Brook Dr. 05- 116 - 21-44-0033 41 1,548 $307,300 $199 $313,400 6.48% $452,800 $2g7 19.88% L S -rambler & A Hildebrand 68M Brook Dr. 05- 116 - 21-14- 0042 42 Ap-95 $150, 1,738 $345,800 $199 $368 300 1.99% $344,700 $223 9.99% split Frederick & Catherine Klug 6809 Brook Dr. 05.116 -21-44 -0034 41 1,876 $305 $163 $325,400 6.51% $443,70 0 $255 20.47% L.S. - rumbler Marilyn G. German 6813 Brook Dr. 05- 116.21 - 140035 41 ! 1,620 $306,600 $189 $312,700 $173 6.51% $365,000 $195 1217% split CM & R.A. O'Donnell 6817 Brook Dr. 05- 116 -21- 44-0036 43 Feb -98 $315, 2129 $491,300 1 $523,300 $193 1.99% $143,900 $212 9.98% split John E. Ryan >r 6824 Brook Dr. 05- 116.21- 44-0065 20 1,736 $409,100 $236 $435,700 $246 6.51% $588,100 $276 1238% LS. = 2 storey Nathan S. Harrison 6825 Brook Dr. 05- 116.21- 1400.58 38 Dec-88 $136 1,374 $281,100 $286,700 $251 $209 6.50% $488,700 $282 1216% L.S. P. Welvang & S. Kantor 6829 Brook Dr. OS 116 Z1- 14-0047 44 Feb 93 $159, 1,557 $257,500 $165 $262,600 $169 1.99% $315,300 $229 9.98% L.S. G P. Armstrong Jr. 6833 Brook Dr. 05.116- 21-44-0048 44 1,960 $296,100 $151 $313,800 $160 1.98% $288,800 $185 9.98% 5.98% $345,100 $176 9.97% David R B Chen. Rodney S. Resmusson John C. Miller David & Diane Swenson James A. Dahl 16WI Limerick La. 68M Limerick La. 6813 Limerick La. 6901 Limerick La. 6909 Limerick La. 05- 116 -21- 44-0046 05- 116 -21- 44-0044 05- 116.21-44. 0064 05= 116.21. 44-0049 05- 116 -21- 433-0060 1 48 44 42 47 47 Sep-04 Jun-94 Sep-00 Oct-86 1 $270,0001 $185 $275 1 $135AM 2,034 1597 1,736 1,148 1,402 1 $407,000 $414,300 $314,900 $232,000 $249500 $200 $259 $181 $202 $178 $433500 $422,500 $335,300 $247,100 $265,700 $213 $265 $193 $215 $190 6.51% 1.98% 6.48% 6.51 % 6.49% 1 $986,300 $464,700 $376,100 $277,200 $298,000 6613 Cahill Rd. 05- 116 - 21414039 41 $239 1218% L S. - rambler 42 $291 9.99% I S.» 2 storey 42 $217 1217% rambler 34 $241 1218% 05- 116 - 2141-0045 37 $213 1216% rambler 42 Ralph H. & Eva L. Fix 6601 Cahill Rd. 05- 116 - 21-41- 0036 43 Jerry S. & Jenness Edwards 6605 Cahill Rd. 05 -116- 21.41- 0037 43 Ray S. Clarke 6609 Cahill Rd. 05- 116 -21- 31-0008 39 Eugene E. & Penny L. Cranz 6613 Cahill Rd. 05- 116 - 21414039 41 Keith R. Thompson 6701 Cahill Rd. 05- 116 -21- 41-0041 42 Carol E. Hagelee 6709 Cahill Rd. 05- 116 - 2141- 0043 42 Robert &Elaine Sandille 6715 Cahill Rd. 05- 116 - 2141- 0044 34 Harry T. Smith 6717 Cahill Rd. 05- 116 - 2141-0045 37 Donna M. Earl 6721 Cahill Rd. 05- 116 - 214140046 42 Donald & Georgia 4ellendrung 6725 Cahill Rd. 05- 116 - 2141 - 0047 42 Mar-98 2,324 $4411100 $190 1 $469,800 $2D2 6.51% $527,000 $227 1218% L.S. - rambler L.S. -rambler L.S. _rambler 2,016 $4291900 $213 $457,800 $227 6.49% $513500 $255 1217% 1,836 1,582 1,743 1,863 2,740 2,928 1,680 1,736 $399,800 $362,700 $380,200 $386,600 $488,000 $530,300 $348,800 $415A01 $218 $229 $218 $208 $178 $181 $208 $239 $425,800 $386,300 $405,000 $411,700 $519,700 $564,900 $355,700 $232 $244 $232 $221 $190 $193 $212 $255 6.50% 6.51% 6.52% 6.49% 6.50% 6.52% 1.98% 6.52% $477,600 $433,300 $454,400 1 $461,800 1 $583,000 $633,700 $391,200 $496,400 $260 $274 $261 $248 $213 $216 $233 $286 1217% 1217% L.S. - rambler 12.20% L.S. - rambler 1217% 1218% 1218% 9.98% 1218% L.S. - rambler LS.. 2 storey L.S. - 2 storey L.S. - split level L.S. -rambler Property Owner I Address amen 4z mary r.anaoerg IMM Creek View Roger & Sandra Oster 5410 Creek View Margaret Alexander 5412 Creek View T.D. & K.L Asgrimson 5414 Creek View Property y ID Age of Home Date of Sale Recent Sale Pelee Square F °O Tax Valuation 2004 VaL Per s4 Tax Valuation 2005 Val. sgft $220 $204 $197 $213 $206 $ZOB $221 1 1.98% $361,700 .y-Aw $227 9.97% LS, 200% 201% $387,400 $391,600 116 - 2144-0057 35 Jul-96 $196M 1,594 $3225W $202 $328, $206 .16- 2134-00,x6 29 Oct-96 $219 3,805 $345M $91 $35 $93 16 -21x14 -0055 16 -n�14- 00'x4 32 36 Dec-86 Sep-96 SB6, $224, 1,974 2,392 5349 $383 $177 $160 5356 tam $180 e,ra Change Tax Valuation 2006 V� Y0 Change Comments $29Z= 1A98 $155, 2,165 S77 1,988 1,712 1,830 $32,M 2,087 $267,164 1,826 1 $309,500 $414,100 $367,700 $341,800 $353,300 $408,500 $378,600 $207 $191 $185 $200 $193 $196 $207 1 $329,6001 $441,000 $391,600 $364,100 $376,200 $435,100 $403,300 $220 $204 $197 $213 $206 $ZOB $221 1 1.98% $361,700 .y-Aw $227 9.97% LS, 200% 201% $387,400 $391,600 $102 $198 9.99% 10.00% I.S. LS. 1.98% $430,500 $180 9.99% LS. P eter D. Lund Jack L Kleclaw Glenn Weiher Patricia J. Wise John W. Kelly Michael P. & Diane A. Tice Jeffrey 6r Gina Carpenter 16705 6805 Galway Dr. 6721 Galway Dr. 6717 Galway Dr. 6713 Galway Dr. 6709 Galway Dr. 6708 Galway Dr. Galway Dr. 05.116 -21- 43.0042 05. 116 - 2142-0025 05.116.2132- 0026 05.116 -21- 42-0027 05.116 -21- 42-0028 05- 116 -21- 42-0048 05. 116 - 21.42. 0029 49 44 44 42 47 43 1 46 1 Jun-0 2 Apr-83 Apr-76 May-M I Aug-97 1 $29Z= 1A98 $155, 2,165 S77 1,988 1,712 1,830 $32,M 2,087 $267,164 1,826 1 $309,500 $414,100 $367,700 $341,800 $353,300 $408,500 $378,600 $207 $191 $185 $200 $193 $196 $207 1 $329,6001 $441,000 $391,600 $364,100 $376,200 $435,100 $403,300 $220 $204 $197 $213 $206 $ZOB $221 1 6.49% 6.50% 6.50% 6.52% 6.48% 651 % 652% 1 .y-Aw vziJ 1 12.16% rambler Darrell 6r Deborah Todd Michael & Raleigh Kuller Robert dr Kim Sennerud William 6r Amy Hartmann Yop 6r Laurie Shimizu Victor & Barbara Bodma Dean dr Mary Wiley Ernest Schirmer 6605 Hillside La. 6609 Hillside Le. 6613 Hillside Le. 6621 Hillside la. 6701 Hillside La. 16709 Hillside La. 67'13 Hillside Ia. 6717 Hillside La. 116 2132-0003 [05 116.21 - 32-0002 116 -21- 42.0004 116 - 2132 -0006 116.21 -32 -0007 9116.21. 424)009 05- 116.2142. 0010 05.116.21 - 32-0011 44 46 46 45 45 44 43 41 A" q u8-93 Sep-04 1 May-94 Jul-88 Jun-83 $222,000 $230 $387 $210 $115, $1 1,572 1,876 1,774 1,645 1,426 2,011 1,906 1,706 $330,900 $346,700 $413,100 $298,500 $300,800 5352 500 $343A00 5355,500 $210 $185 $233 $181 $211 5175 $180 5208 $352,400 $421,300 5317,900 $320,300 $375AW $365,800 $378,600 $224 �� $237 $193 $225 $187 $192 $222 650% 6.52% 1.98% 6.50% 6.48% 650% 652% 6.50% $395,300 $414300 $463,400 $356,500 5359,300 $421,100 $410,300 5424,700 $251 $221 $261 $217 5252 $209 $215 5249 1217% 1219% 9.99% 1214% 12184K 112.17% 1217% 1218% rambler �b� rambler rambler ran►b(er Onmumn mbler mbler bler P eter D. Lund Jack L Kleclaw Glenn Weiher Patricia J. Wise John W. Kelly Michael P. & Diane A. Tice Jeffrey 6r Gina Carpenter 16705 6805 Galway Dr. 6721 Galway Dr. 6717 Galway Dr. 6713 Galway Dr. 6709 Galway Dr. 6708 Galway Dr. Galway Dr. 05.116 -21- 43.0042 05. 116 - 2142-0025 05.116.2132- 0026 05.116 -21- 42-0027 05.116 -21- 42-0028 05- 116 -21- 42-0048 05. 116 - 21.42. 0029 49 44 44 42 47 43 1 46 1 Jun-0 2 Apr-83 Apr-76 May-M I Aug-97 1 $29Z= 1A98 $155, 2,165 S77 1,988 1,712 1,830 $32,M 2,087 $267,164 1,826 1 $309,500 $414,100 $367,700 $341,800 $353,300 $408,500 $378,600 $207 $191 $185 $200 $193 $196 $207 1 $329,6001 $441,000 $391,600 $364,100 $376,200 $435,100 $403,300 $220 $204 $197 $213 $206 $ZOB $221 1 6.49% 6.50% 6.50% 6.52% 6.48% 651 % 652% 1 $369,700 $247 $494,800 $229 $439,300 $221 $408,500 $422,000 $488,100 $452,400 $239 $231 $234 $248 12.20% 1218% 1218% rambler rumbler 40107544 Pro ddkg QuaNyAppraisals for Bus yLenders DATA SUMMARY Client: Residential Mortgage Group 6465 Wayzata Blvd, Suite 720 St Louis Park, MN 55426 Borrower: Abramovitz, Mark & Usha Address: 6804 Brook Drive Edina, MN 55439 Value: $510,000 Date: June 2, 2004 Appraiser: Andrea D. Ditty, Cert Resl Real Prop Client File: Forsythe File: 40107544 • �li> *1 222 East Little Canada Road, Suite 175, St. Paul, MN 55117 www.forsytheappmisals.com Proserty Oesoriotlon UNIFORM RESIDENTIAL APPRAISAL REPORT p,r u_ en11rn Location Ureert Subtaban Rural Pradombtard v Sling BWe W Over-75% 25.75% Linder 25% °CQ 7 PR�IC Growth rate Rapid stable Slow ® Owner 01 Propertyvakms ❑ Itvea4rg ® Stable ❑ Declining ❑ Tenant 80 DemencYsuPpy ❑ Shortage ® in bob. ❑ Orera4* ® VammU5V M amp 1311 Linder 3 ten. 7 6;.;,. vim.. 51 Note: Race End the racial eompestuon of the rte Iphborhood ors rtet appraisal laalors. Nalglemrhood houndnrlos and chmactoilstics: The nelahborhood boundaries are Interstate 494 to the south, and Hlahway 169 to the west Factors that effect the market111111 y or the properties In the neighborhood (proximity to ematavn fondly h Aou lna Pnoom ImM use % Land use chang s One fwdy 90 ® Na say ❑ taely I Low P W 24 fondly 0% ❑ In process 1 70 MuttHertdy 0% ro:NotAoplicable minent ` =`�i� Com wclel _ 5% and am°nldes, employment stability, appeal to market. etc.): Market conditions In the subject neighborhood (including support for the above conclusions related to Or trend of • - such as date an competitive — — __ —._ —__ proparly,rmum,.demandfsupply, and marksdng Van -- propsnles ter Inma "nalghborhootl,— deserlpllon of the prey °lance�l sales and financing concessions, etc.): For the sub act's MLS marketing dlttMrl > glitr AM c .s.:.L _ r_�r__._ . Project Information for PUos (11 applicable) • • Is the developerlbuilder in control of the Homer Owners' Association (HOA)7 YES Approximate total number of uniu In the subject project N/A Describe cote elem n s an screatlonal fe Ilnles: NO A II ble APpraumele total rubber d unite for Bela n In the Subject project N/A obnwmbm 10 x 237 x 100 x 271 Site area 25400 8 - Per County Corrorla ye, No Topography Gently Slopes Specific zoning cleesulceuon and description R -1 31n le Dwelling Unit District 25400 SF/TvDlcel Zo" Ixan(dlenco ® Legal ❑ Legal,p,mMa, $1 in Irreaular Intrust & bag use mbtg(Grerldlotileioduso) IWgel No zoning Dralnogo Adequate as her x I view Gad /Creek Utilities Public Other OR -site Improvemsnb Type Public Private Lermsmphg Ical ElearkAy ®MAW CB Street Bituminous ® ❑ Drla"Surface paver Gas ® Curbfgueer Concrete ® O W°`Bf ® Slaewaot None �8f8n100°B"1°nti Normal UUllt Sanitary sewer ❑ ❑ FEMA Speed Flood Hazard Aree Yes No straer lights Yee ® ❑ FEMA Zone "C & A" Map Date 1 80 s10""SBN18r A None Comments (apparent adverse easements, encroachments, s FEMA Ma No. 270180 areas. face east. It is elevated a roximatel 2' above the street IThe lawn is avers rte CeT r icel easements have been considered to estimate the market value. The site backs to the creek. The home is in flood zone C. GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATIO EMENT No. of Units 1 Foundation C.910Ck- V slab NO INSULATION No. of stud" Exterior Wells edar- v Crew spate %F�Shad 10 8 Roof CorI91 Type(DatlAu) Det RoblSudece As h Sh -AV Basement Full Cemng no- Deelgn(Syle) Rambler GuaersaDwnspts Alum -Av st mpumpNo Waft AT Film Waft Conc -A E,ht6g/Proposed Exist Wei D II Floor ❑ TTDs Case -AV Dampness None Noted Fltrer Ce et Nam ❑ Age (Y-) 2 '2 Years stoim/Sor. Yes - v Seustrant N ne Noted owmEnby Yes gam ❑ r Irrr rl e I ausuma I'u n INh Ulnhr KINJvar Unn fnm Ihn. Ile. Ihn, Ilwautarm /llnths - e Buswrvsd 1 1 Lmaua dills Arun Sr .I 1. .rmrll 1 1 3 2 1538 1 538 " Finished area above grade comnlua; INTERIOR Mmorled/Cmaitlon 8 Ruwma; 3 g Op1n a 2 Bach a ; 1 538 S, unto Fax d Groaa LN Aruu HEATING KITCHEN EQUIP. ATTIC AMENITIES Fkxvs HW Cr CT -Av Typo FA Roagoretor ❑ None CAR STORAGE: Web D - v Fuol a ❑ FhV w(,) 02 ® Nona ❑ TrlmfFlNsh a - a e Rergo/Own ,`B.L Stairs Patio 8 ®i ��� GMago 2 Cars / of caq Bath float C-7116-Average COOLING DisD used S op oar Dock 1 x 14 Anaehop Car Bete Walnsmt C,Tlle -Avere a camel Yes F„tiH,,, Perch 3 Season - Detached Doors lu -Avere n.— N � ® Flea ❑ fat 0 �n 1711 Finished ❑ Homed ❑ p� Adaalenel features (spacial enemy efficient Items, etc.): e U e lie e8 I e exterior walls are 2 x 6. See attached comments. Condition of the Improvements, dapreclatlen (physical, functional, and external), ropehs 1 an care a uali thr bed om nea edede, qd uality of construction ramodoling/eddllona, y n brer decor aev Th : The Sub a ct wi a fa I re roc semen 0% bed ob o for add to al fb an Adverse environmental conditions (such as, but not limlted to, hazardous wastes, toxic substances, etc.) present In the Improvements, on the site, or In the Immediate rlclnlly or the ,ubjact property: Per visual ins action knoWled a of the area and discusslona with local s to, there v v o al idi noted, ►eerlrarer.n � PAGE 1 OF2 n"rrrr„an"rr�lmmm /w".tie.,� IunY ttf►"raltel aD) i 4 1 t I i Valuellon Section UNIFORM RESIDENTIAL APPRAISAL REPORT ESTIMATED SITE VALUE........................... • f 175,000 Comments on Cost Approach (such as sou(cn of cost estimate, ESTIMATED REPRODUCTION COST-NEW OF IMPROVEMENTS: Dwelling 1,538 Sq. Ft. 0 f 95.00 silo value, square foot calculation and for HUD, VA and FmHA, the s 146,110 s t Fin. 230 sq. Ft. ®s 60.00 73,800 estimated remaining economic Jiro of the property): Cost estimates we derived from construction • S 08 Additional Fea res 125.000 Gmegaltatport 4_ 44 S% Ft. as 30.00 14.520 contracts bU contractors office files and the Marshall SW'Ift Cost 5erViCe. The site value as past 36 mow Cn Records Total Estimated Cost New .... , , , , , , • s 359,430 vacant is based on market trends. Ph slcal Less Physical Functional Externs ISO De recta on reflects Physical wear end is based on Depreciation $30,000 1 S . s 30.0000 age/life method" w th to I conomi life of 00 0— Depreciated Value of Improvements , ,,,, , , , , , , , , , , , , . s 32 430 'As ears f now construction Physical De re le' Value of Site Improvemems, , , ,, , , , , , , , , , , , , , , . s 1 000 ===5114,10 does not 8 INDICATED VALUE BY COST APPROACH • • • • ....... . s ITEM 6804 Brook Drive I SUBJECT COMPARABLE NO. 1 7020 Mark TDrrnco COMPARABLE NO.2 0513 Chorokoo Troll COMPARABLE NO.3 J1,hk,ne Edinn Edir 9dj n 6521 Rld00vlow Drlvo h r n t, 't 1.20 mile ml) Seloa Price 507,000 f 544 000' '. s 479 900 I I±s - s 459,900 P*Q,GrossW.Aroa 329.65 s 281.57 s 271.13 s 335.20 Dataendrar Inspection MLS _ MILS MLS yllfflugin Sau,ras V Da on ark Pays on a Da on arket Sales or s g DESCRIPTION WN/AA ,:r•" ," : DESCRIPTION Conv /0 Pte - ESCRIPTI Can 0 Pis -0- DESCRIPTION . Conv /0 Pts lFine" na 13v Seller -0- AX Seller -0- .0 - B Seller _0 _ L a S burban a 5 Is 10/29/03 ea Fee SI le ua I Fee Sim le -0- ual Fee Sim le -0- u l Neigh. .0. Fee Simple SJts 25400 SF /Gd 14484 SF /Av +5-000 15681 SF /Av ) +5000 -0- 29620 SF/Gd Vfaw Creek/Woods R Woods +5000 Avere a +10 000 _0_ Avers a +10,000 e at al ROMbler I isle - Ram ler A e Years - Y -0- a Y a u l Condition Av Cond. Good Cond. -10 000 Av Cond. -0- ea Av Cond. _0- Abora Credo Room Coum Tar ' Bode ' awed tar' Sew ' as,. -0- Tar ' Bees ' Bwea -0- Tar' es.d ' 2 -0- 61 .0. .BtiaronaFinished F ull/WO Full/WO j •0- FuIINVO � -0- RedmaBolowGredo 4Rma/18ath 4Rme/1Bath -0- 2Rme /1Beth ' +10000 E ual till .0.E ua-0- GF CA -0. GFN -0- GF CA car very a 2 Car Aft Gar Avera a - - 2 Car Att Gar vera a -0- Averse .0_ Porch, Patio, Deck, Dk/Pat/3SP -0- Deck/Patio +5,000 2 Car Att Gar -0- Deck/Patio 2 Car Att Gar ' _0_ 2 Fireplaces 2 Fire laces -0- +5,000 Fireplaces -0- Patio +10,000 2 Fire laces Fence, Pool, stew Other None None o e -0. I 00 _p_ None N Ali , total None -0- 8 8 gNon -0- No -0 AdJ rAW Sao Price x,796. 16 900 Gross 996 . f 30 800 Graf 7% of Com table Net ; -296 s 535,200 .mar - 496 s 496 800 Disc 7% s 490 700 Comments on Sales Comparison meaningful attributes (including the and able nded subject p(operty's compatlbility to the neighborhood, value contusion etc.)! AI three arables c osen h ve were made using $35 Der sauare font Raaamanl a.,IrLI.,,. was utilized. to u.._w_ w _. a --- Gross living area ad ustments . _ _ _ ITEM SUBJECT COMPARARLE NO 1 COMPA BLE N0. 2 No Ilst/ro -sales In COMPARABLE NO.3 NO IlsUre -sales In Iota, PrIcu mid Onto iwco No IlsUre -sales No IlsUre -sales In lor Dili sekn a past 36 mow Cn Records the pest 36 months. the past 36 months. the past 36 months. MLS /Coun Records MLS /Coun Records MLS /County Records :ntr1 In fha noel i6..e.- ..r-w_ Wgvaeemort�J0O0°OC mP areh 1pewAlinO1eyawofdodataof appraJmc INDICATED VALUE BY SALES COMPARISON APPROACH ............................... MWATED VALUE BY INCOME APPROACH Eslhnetal Mn,lua Rom It N/A IAAu.s Goss Rea N/A -s Thts eppalssl Is made 'as Is' -lid. to tin,apoka, aaaeaorM Insp clkan o, steatites lyod teaow Ca°rbrnaApprahac This aooralsal Is heinn maefa dad low —____ . _s'a 'm00n�1gbnral ratl sPa'rlrndon -. Final Reeencaletlon: The purpose or this eppref", Is to estimate the marks, rata, of on real prop" that B the "on of this report, bored on the above condition and the co dikadd , nassgent ead,mbsg cortlabns, and market veto neMltion 00 are stated in the aaeNed Freddie Mac Form 4391Fm°Yo Mee Form 10018 (R,vyed 6/93 I(" ESTIMATE THE MARKET VALUE, As DEFINED, OF THE REAL PROPOM THAT IS THE SUMECTOFTHEIRSOU, AS OF 602004 (WHICH IS THE DATE OF 96PECTION AND THE EFFECTIVE DATE OF THIS REPORT) TO BE $ 510 000 APPRAISES: SUPERVISORYAPPRAISER (ONLY IF S�relure r�M.������ SWrotre REOUMED): Name Andres D, DI Ca Real Prop QDM ❑old Data Retort Signed June 2 2004 Name Inspect Property State Calircatlon F 4002488 Dale Radii Sired Stbm MN Smtn Catlrketbn / fted"Wree'l6 6.113 PAGE 2 OF 2 rpY.laly N1.e.w N1rN1Nr ww.b .., Forsythe Appraisals, LLC rw oIleragIml 691 NEIGHBORHOOD MARKET FACTORS Schools, churches, and parka are all nearby. SITE COMMENTS The site is wooded and private and is located on a cul-de -sac. ADDITIONAL FEATURES Additional features include: basement stool /sink/shower, central air, ceramic the floors, deck, two fireplaces, garage door opener, gutters, hardwood floors, built -in kitchen appliances, patio, porch, and vaulted ceilings. CONDITION OF IMPROVEMENTS The home is well maintained and In overall average condition. The subject has been Inspected for physical, functional, and external Inadequacies. The subject has no apparent functional or external obsolescence. COST APPROACH COMMENTS Estimated remaining economic life is 90 years. The land to value ratio is 34 %. This is typical for the area of Edina. COMMENTS ON SALES COMPARISON Condition adjustments reflect normal wear and tear and buyers' preference for newer, less Iived -In dwellings. Comp #1 has a smaller site with a wooded view. It's larger and Is updated. Comp #2 has a smaller site and average view. It's a little larger, but has less lower level finish and no porch. Comp #3 has an average view, is smaller, has less lower level finish, and no deck or three season porch. DISCUSSION OF EXCEPTIONS TO FNMA GUIDELINES FNMA suggests comparables be with In six months, one mile, and have gross adjustments less than 25%, net adjustments less than 15 %, and individual adjustments not exceeding 10%. It was necessary to exceed the desired SIX MONTHS guidelines due to a limited number of recent similar sales In the past six months. IMPACTING SELLER PAID POINTS There were no impacting seller paid points. TRANSMITTAL LETTER The subject was inspected on June 2, 2004. The estimated market value as of June 2, 2004 (effective date), Is $510,000. The property was appraised by Andrea D. Ditty, License Number 4002488, Certified Resl dential Real Property Appraiser. A certified residential real props rty appraiser may app raise residential property or agricultural property without regard to transaction value or complexity. This appraisal report Is a "Summary Appraisal Report". it conforms to the 2004 Uni form Standards of Awe PdP1d9 Landon: ft5W it tvtu*W e,oup Professional Appraisal Practice. No responsibility has been assumed for matters which are legal in nature, nor has any opinion on them been rendered, other than assuming marketable title. Liens and encumbrances, if any, have been disregarded and the property was appraised as though free of indebtedness. Please feel free to call us if you have a question. ADDITIONAL COMMENTS 1. The purpose of the appraisal is to estimate the market value of the subject property for federally related mortgage loan purposes. 2. The legal description of the subject property can be found on page 1 of the 1004 form. 3. The reasonable marketing period for the subject property Is 30 to 60 days. 4. The subject is currently under contract for $507,000, per purchase agreement If concessions or Incentives exist on the comparable sale, appropriate adjustments were made. The final value conclusion is in compliance with the Market Value defined herein. 5. The subject property was Inspected on June 2. 2004. The report was prepared on June 2. 2004. The effective date of the appraisal is June 2, 2004. These dates coincide. 6. The subject is an existing structure. This appraisal is made "as Is.' No repairs or Inspections required. 7. Personal property was not Included in the appraised value. B. We have considered all three approaches to value. The Income approach was not utilized due to lack of reliable rental data of sing) a family homes in this neighborhood. 9. The subject is a single family residential property. It is not currently rented. Revenues, expenses, and /or vacancies do not apply. 10. Current and future employment or compensation is • not contingent upon the report ing of a predetermined value or direction In value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result or the occurrence of a subsequent event. 11. This appraisal report was completed In conformity with the Uniform Standards of Professional Appraisal Practice. 12. If the photos included in this appraisal are digital /electronic images, they have not been enlarged, enhanced, or altered In any way. 13. If electronic/digital signatures are used, it has been ruled acceptable appraisal practice by USPAP. 14. The appraiser certifies that this appraisal includes an electronic/digital signature that is maintained and controlled by the appraiser through Forsythe Appraisals, LLC. The appraiser has given authorization to apply the digital signature to this report. 15. Confidentiality and Security Policy - in compliance with the Gramm - Leach - Bliley Act We consider privacy to be fundamental to our relationship with clients. We are committed to maintaining the confidentiality, integrity and security of clients' personal Information. Internal policies have been developed to protect this confidentiality, while allowing client needs to be served. ' We restrict access to personal Information to authorized Individuals who need to know this Information to provide service and products for you. We maintain physical, electronic, and procedural safeguards that comply with federal standards to protect your nonpublic personal information. We do not disclose this Information about you or any former consumers or customers to anyone, except as permitted by law. The law permits us to share this Information with our affiliates. The law also permits us to share this information with companies that perform marketing services for us, or other financial Institutions IdtidmRp2d3 that have Joint marketing agreements with us. When we share nonpublic information referred to above, the information is made available for limited purposes and under controll ad circumstances. We require third parties to comply with our standards for security and confidentiality. We do not permit use of consumer /customer Information for any other purpose nor do we permit third parties to rent, sell, trade or otherwise release or disclose Information to any other party. Imm a►b,unigpad� .__ . Ftw No. 40107544 A* DEFINITION OF MARKET VALUE: The most probable price which a property should bring In a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price Is not affected by undue stimulus. Implicit In this definition Is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well Informed or well advised, andesch acting in what he considers his own best Interest; (3) a reasonable time Is allowed for exposure In the open market; (4) payment Is made In terms of cash In U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or Creative financing or sales concessions' granted by anyone associated with the sale. 'Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily Idontlnablo since the seller pays those costs In virtually all solos transactions. Special or MUM financing a0usunonts can bo mode to the comparablo proporty by comparisons to financing corms offered by a third party Institutional londur that 13 not alroody Involvad In tine property of transaction. Any odJustmont should not bo calculatod on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any edjustmem should approxkrrato the market's macdoo to the financing or concossions based on One Appralso's judgment. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDMONS: The appraisers certification that appears In the appraisal report Is subJeu to the following cal'ada _ _ . _ _ 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to It. The appraiser assumes that the Clue Is good and marketable and, therefore, will not render any opinions about the tine. The properly Is appraised on the basis of It being under responsible ownership. 2. The appraiser has provided a sketch In the appraisal report to show approximate dimensions of the Improvements and the sketch Is Included only to assist the reader of the ropurt In visualizing the property and undorstanding the appraiser's doturminaUon of Its sko. 3. The appraiser has examined the available flood maps that ono provided by the Federal Emergency Management Agency (or other data sources) and has noted In the appraisal report whether the subject alto Is located In an Idontlflod Special Flood Hazard Area. Because the appraiser is not a sunroyor, he or she makes no guarantees, express a Implied. regarding this determination. 4. The appraiser will not give testimony or appear In court because he or she made an appraisal of the property, In quostion, u.Mass specific arrangements to do so have been made beforehand. 5. The appraiser has estimated the value of the land In the cost approach at Its highest and best use and the Improvements at their contributory value. These separate valuations of the land and Improvements must not be used In conjunction with any other appraisal and are Invalid a they are So used. 6. The appraiser has noted In the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc. ) observed during the Inspection of the subject property or that he or she became aware of during the normal research Involved In performing the appraisal. Unless otherwise stated In the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (Including the presence of hazardous wastes, toxic substances, etc. ) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or Implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or tasting that might be required to discover whether such conditions exist. Because the appraiser Is not an export In the field of environmental hazards, the opprolsal report must not be considered as an environmental oasossmont or the property, 7. The appraiser obtained the information, osOmates, and opinions that were expressed In the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such Items that were furnished by other parties. 8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice. 9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that Is subject to satisfactory completion, repairs, or alterations on the assumption that completion of the Improvements will be performed In a workmanlike manner. 10. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report (Including conclusions about the property value, the appraiser's Identity and professional designations, and references to any professional appraisal organizations or the firm with which the appraiser is associated ) to anyone other than the borrowec.the mortgagee or Its successors and assigns; the mortgage Insurer; consultants; professional appraisal organizations; any state or federally approved financial Institution; or any department, agency, or Instrumentality of the United States or any state or the District of Columbia; except that the lender /client may distribute the property description section of the report only to data collection or reporting sorvice(s) without having to obtain the appraiser'g prior written consent. The appraiser's written consent and approval must also be obtained boloru rho npprelsal um he convoyed by anyone to tho public through ndvurllskng, public rolnualls, lows, sales, or other media. Freddie Mac Form 439 &93 Pago 1 of 2 Famlo Mao form 10048 6-93 ,sue Fie No. 40107544 APPRAISERS CERTIFICATION: The Appraiser certifies and agrees that: 1. I have r,,smurhud 1110 SlIblurt nu,,ket ,,fun and tiny,, snlnctud n unultuum of Ittnro rocunl snius al prop,,rtius most sltrdlnr and 11100111110 to lhu subjuel property for consldurutlon In the solos comparison analysis and have made u dollar ndjustmant wlmn appropriate to reflect thu market reaction to those Items of significant variation. If a significant Item In a comparable property Is superior to , or more favorable than, the subject property, 1 have made a negative adjustment to reduce the adjusted sales price of the comparable and, If a significant Item In a comparable property Is Inforlor to, or less favorable than the subject property, I have made a positive adjustment to Increase the adjusted sales price of the comparable. 2. 1 have taken Into consideration the factors that have an Impact on value In my development of the estimate of market value In the appraisal report. I have not knowingly withheld any significant information from the appraisal report and 1 believe, to the best of my k WWWge, that fie statements and Information in the appraisal report are true and correct 3. 1 stated In the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and emltIng conditions specified in this forth. 4. 1 have no present or prospective Interest In the property that Is the subject to this report, and I have no present or prospective personal Interest or bias with respect to the participants In the transaction. I did not base, either partially or completely, my analysis and/or the estimate of market value In the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties In the vicinity of the Subject Property. 5. 1 have no present or contemplated future Interest In the subject property, and neither my current or future employment nor my compensation for pediormhg this appraisal Is caningant on the appraised vacua of the property. 6. 1 was not required to report a predetermined value or direction In value that favors the causo of the client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event In order to receive my compensation and/or employment for performing the appraisal. I did not btise the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan. 7. 1 performed this appraisal In conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of those Standards, which does not apply. I acknowledge that an estimate of a reasonable time for exposure In the open market Is a condition In the definition of market value and the estimate I developed Is consistent with the marketing time noted in the neighborhood section of this report, unless I have otherwise stated in the reconciliation section. 8. 1 have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables In the appraisal report. I further certify that I have noted any apparent or known adverse conditions In the subject Improvements, on the subject site, or on any site within the Immediate vicinity of the subject property of which I am aware and have made adjustments for these adverse conditions In my analysis of the property value to the extent that I had market evidence to support them. I have also commented about the effect of the adverse conditions on the marketability orthe subject property. 9. 1 personally prepared all conclusions and opinions about the real estate that were sot forth In the appraisal report. If I rollod on significant professional assistance from any Individual or Individuals In the porformnnco of the appraisal or the prupafntlon of the appraisal report I have named such Individual(s) and disclosed lllo specific tasks performed by them In the reconciliation suction of this appraisal report. I certify that any Individual so named Is quallflod to perform the tusks. I have not authorized anyone to make o churtgo to any Item In the report; therefore, If an unauthorized change Is made to the appraisal report, I will lake no responsibility for t SUPERVISORY APPRAISER'S CERTIFICATION: It a supervisory appraiser signed the appraisal report, he or she eartlnos statements and conclusions of the appraiser, agree to be bound by the appralsend agrees that: I directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal roport, agree with the er's certifications number full responsibility ror the appraisal and the appraisal reparc red 4 through 7 above, and em taking ADDRESS OF PROPERTY APPRAISED: 6804 Brook Drive Edina MN 55439 APPRAISER: Signature: Noma: Andrea D. Dlt(y. Cart RD Dato Signod: Stale Cerdfkatlon /: 4_002488 _ or State Uconso 1: State: MN Expiration Date of Certlfkatlon or license: 08/3112005 SUPERVISORY APPRAISER (only it required) Signature: Nunto: DatuSlUluxl: _ State Certification 1: Or State Uccnso /: State: Expiration Date d Certification or Ucense: ❑ Did ❑ Did Not Inspect Property Freddie Mac Form 439 6.93 Page 2 of 2 Fannie Mae Form 10048 693 DIMENSION LIST ADDENDUM Borrower: Abramovilz, —Mark 8 Ushe GROSS LIVING AREA (GLA) 1.538 aoa(a) km Fuo No.: 401075 Protrrrly Addros%:6804 Brook Drivo 1.538 100.00 �,,,i 1 Case No.: 100.00 City_Cdln — _ _.._._. _------ ---- _ _StmnyMNAp:55439_ Level] tr tr rr ONer ■ ■ ■ ■ Besamm Gmspe GROSS BUILDING AREA (GBA) 1.538 GROSS LIVING AREA (GLA) 1.538 aoa(a) km %ac0a Lntrp 1.538 100.00 �,,,i 1 1.538 100.00 t� t �:/ ■ ■ ■ Level] tr tr rr ONer ■ ■ ■ ■ Besamm Gmspe . rt tt tt �:/ ■ ■ ■ ■ ■ tt tr tr �:/ ■ ■ ■ ■ ■ tr tr rr 1:/ ■ ■ ■ ■ ■ SUBJECT PROPERTY PHOTO ADDENDUM Borrower: bramovitz, Mork $ Usha File No.: 40107544 Property Address: 6804 Brook Drive Case No City: Edina State: MN Zip: 55439 Lender: Residential Mort a e Group FRONT VIEW OF SUBJECT PROPERTY Appraised Date: June 2, 2004 Appraised Value: $ 510,000 REAR VIEW OF SUBJECT PROPERTY STREET SCENE AW 5% LLCc o COMPARABLE PROPERTY PHOTO ADDENDUM Borrower: Abramovitz, Mark R Usha File No.: 401075 4 Property Address: 6804 Brook Drive Case No.: �LitL. State MN Zip: 55439 Lender: Residential Mortgage Group COMPARABLE SALE #1 7020 Mark Terrace Edina Salo Date: Cisd 9/5/03 Sale Price: $ 544,000 COMPARABLE SALE #2 6513 Cherokee Trall Edina Sale Date: Clsd 1/5/04 Sale Price: $ 479,900 COMPARABLE SALE #3 6521 Ridgeview Drive Edina Sale Date: Clsd 10/29/03 Sale Price: $ 459,900 AITMSUA UI� "Wr dd La f As i c r �,•� a � i" � � '. it -� ,:..•.'f�: {� �..��v t FLOORPLAN Fg12S'YIYTI; IL A 17'NA , r. 1.1.1: .y a�•urux n�.a• ufnua FORSYrHuAPmxsAIS Lw. WAf 11MIE \l'RL7YL.A I(MfXI a M 11 aa! QUALIFICATIONS OF: Aadl¢1 II.. May Ca1Md Rnakdaat6l Mal AnperryApluahn Minu,l(m ulat.e wm246s FORMAL EDUCATION: St. QaW Store 1111.tfahy SPECIALIZED Ra9ml1r 111SANue lftyleo 11 RCA F..Um • 19X7 EDUCATION: R" Fs1e 1'kVaw. Rml FJWe Marsipllenl • 196fi Rd Faaw In.esmem% Rd Flaw taa- 1967 (Mutt w Utley tha URAR - IM FEW: Fia.d Z. - 1991 Halt= Ile Y1IV Dan Lbmajor • 1997 IllllYef: InteriQ S%yka. Uaaijm 9 rlllldla. • 1997 USPAPUp1ul141i filhull• 1991 RAhnApl»I.a.1997 flaunt 11111E Yea N huhmllm • 1999 I Ivaaca: TIIC 4kr1 i. Cikciy D(Fbo 411 [Siaytaleld • I999 11--: They I11U1 IRdd 171 Lox ltey toed UI.1990 I!slop:I0 C d-L9rwd" Implepmmm.1999 USMP Up oir • 1999 Lod lime InyleWw Senlna • 1999 2nD! LAPAP UpMe • 2n01 T41 A Noll-Ta C mWelailm .2001 U-s"wQalina•2ml •• IUmd l Rem C "ellrp • M0ol SatinydX(.VwAppli Ww.a UwoFlhlt Sb=ishwd Apµau.l Plaaa • 30111 IlaiN M law"illy an the laletw. 2MI am* in the Radek , 2MI IbMM:M hw1Yn Look Y lbn.4 201U lAicaArealali•Ilk kkdmyim Odaar, C1wn A Commmkaie/ "mM Tame hIM AIM 2001 Ra oral 1.30.LP A Elhka Up" IkawCbnowmin TadIn19.. 811VAG Rwvyloq Ilo Aailotllml EXPERIENCE: RaiaWWlteklri(alt Agwi,r.1992 Apoatal M=ipt urlIU111FHA DM1im -1994 Qardlly (buwbRnirX • 199!2 "IrApl/fa1•n. 1917 in 192 Red Moto Ihmaee RIIwe 1967 l:'IdF:Nl'i AOkxp IN. 1•XJdL4•w.AW..dlid • ar . rrsnxe. A—. k— It-. Ll.,Wp. U.rr► Ihn1 A kh.yle, n a 41na4•. 1w•.I AId, a. *"" I&A. CldAm l6LV dml Rork. FIIa FINAM. Fb%,ou Rad Mal6yea. / WC, 1lm'.1411h MMI1'nrdl l:aaA IIilh,ayFepyal ClaM111 •kuti IUI:W IIO F,Ivd C•eAtsYYw, 1.+I•IHFf1I •nda. Sa.k64!40,!01 Bless/ IC.T. FkWW'd OMW- %L- Mgl1'I UaXwkoL bMln=pa6• raj Irdaal C+w14 IAInIa. Vii•. C•Ilmy Alalpae, (falrl5rf IYd, �aP l.a1a11 Ilara, MVA F•ner CnNI nal4( na..f mA, ni.v► ++1�,11alaaw N"4•V (k.Iµ Rt..,Ah 1.7•f4nla. Rudh Wawa, Nut kldd WwLm Fa6d L'Ipli u,". TaaArr F06m1 CIa11 Uak•I, Thiak Miami Cadh UaYa. Ilk Aae6kW,1M•d Xlalply.Cmyny, wk. 1.Vm-*+&hft .at&I.W taarNl.+aw. ow•+IIaw 40 C-- M."lbl+Ilool+roa nmlara�p•rIa rr dit aau a•f1MIR (•.M HMatlwe t�lM•UaaoiaarMY alrauraul,lla llrar4u.lLfax�•WIIaa. OerUtMd RnMe(dld WRI ?ro111rt9 Asonla.I.W— I•WMW t.. DAWN Q1t1Y. n �Im W�n.rn..wlmrlw.nw�rw.ra( k..w.rl.irwr AI- ApyM IaraalaklgOr 6i61E69y . InwW1 .M1JI.•1+\�a1r��.r.r.laMa/Iwpry OIaMNrMrw tl1lalYdN((rrrdaYL �drel.vw•1lr. r✓w•9 IYilk• ar: I• AIjINlIb •YaX•Mllllel•p11•IlllX11I (AWIMa1141.1T rkIL 41!411 ...a.lan.r•.� APPRAlv?-a+wi i LLCC "IF Case #2: CITY of EDINA Board Appeal and Equalization n A n n n Assessors Commentary Property ID Number: 05- 116 -21 -44 -0041 Date: April 5 2005 Property Address: 6804 Brook Drive Owner/Agent Name: Mark & Usha Abramovitz 2005 EMV 452,800 Requested Value 415,470 Recommended Value 452,800 Comments: -- - Property inspected 9 -24 -2002 during quintile review. Basement rooms: recreation room with fireplace, walk out to back yard and creek, 3/a bath, 1 bedroom and den. Open stairway to main floor with kitchen and eating area, cabinets and appliances average. Dining room has a sliding glass door to 3- season porch with vaulted ceiling and knotty pine. Living room is vaulted and has a fireplace. The home has 3 bedrooms. One full bath and one 3/a bath that are average. Property listed on MLS for 11 days at $494,900 and sold June 24, 2004 for $ 507,000. Neighborhood parcel count — 727 parcels Average increase 11.9% Greater than 11.9 544 parcels Less than 11.9 183 parcels Greater than 15 % 24 parcels Rambler sales on creek: Address Sale Price Square Feet Selli er Sq Ft Subject $507,000 1526 $322.24 6619 Londonderry $575,400 1656 347.46 5808 View La $480,000 1639 $292.86 3700 57t' St $385,000 1222 $315.06 95 Woodland Cir $700,000 1817 $385.25 5901 Walnut $345,000 1836 $187.91 5177 Abercrombie $325,000 1348 $241.10 5169 Abercrombie $290,000 1313 $220.87 Land $ 227,100 Building $ 225,700 Total $ 452,800 Value 2005 History 2004 $ 189,300 $ 188,400 $ 377,700 2003 157,800 $196,900 .$354,700 Sales 6 -2004 $ 507,000 Histo r" 6804 Brook Drive 6804 BROOK DRIVE 660, 6804 8805 ` 8609 1713 67,2 t11725' 6717 6716 6808 6721 8720 660, 6804 8805 ` 8609 6720 6813 6824 SUBJECT] 6825 1 6829 8833 8901 2 6905 V U� 5406 5408 6909 5410 X913 5404 5400 5402 5412 CREEK VIEW LN 5414 5424 San 5420 5418 5416 Prepared by Edina Assessing Office April 2005 S 6712 6804 6718 Ll 6805 6720 6809 6806 6804 6808 6813 7 ? Q` 6 Q 661 6817 6820 6824 6825 1 6829 8833 8901 2 6905 V U� 5406 5408 6909 5410 X913 5404 5400 5402 5412 CREEK VIEW LN 5414 5424 San 5420 5418 5416 Prepared by Edina Assessing Office April 2005 S 6712 6718 Ll 6720 6800 6804 6808 6812 6 6816 661 6817 6820 6824 6821 6828 6900 5225 6904 6908 6909 52 6912 5221 5217 W N E 3 i City of Edina Assessor's Office 4801 West 50th Street Edina, MN. 55424 -1394 Phone: (952) 826 -0365 Fax: (952) 826 -0389 (TDD (Deaf Only): (952) 826 -03791 Board of Appeal and Equalization t' on Residential Request for Review P I D # - •�� Date Returned: Time: Received By: Case # .................... CW ithdrawn: , i Date: Application Date: 3 a a O r Attach anY suPPOrting documentation Owner Name: Owner Address: o lj f2 'li p Home Phone Number: 3? 1 Business Phone Number: Property Address: yif'�i3 Assessor's estimated market value for January 2, 2005: - Land: Buildings: Total: %O �c CO I believe the estimated market value on January 2, 2005 should be: Land: Buildings: Total: /DG Purchase Date -4.0 H � ;Total purchase price (land & bldgs.): __Zg -0 Year Built_ House: /9$6 Garage: Additions (Explain) :.Z - SLrntq ate /h .700 Condition of Structures (Explain):�C1(f2 , � c(- PµtoG S ACE --z 2 h2ac� Description & value of additions and improvements since your purchase of this property: 49� lt% �.��. -- -� � /rr - - -- I�F/S/_• .� _ KNOWLEDGE AND BELJEF. ' Signature of a licant:_ Q P RETURN THIS APPLICATION TO THE EDINA ASSESSOR'S OFFICE NO LATER THAN FRIDAY, APRIL 1, 2005. PLEASE ATTACH ANY DOCUMENTATION YOU FEEL WILL SUPPORT YOUR CASE. _.! C-11 At N i r / L /I //L f,Asv joan mcmillan 7601 edinborough way #6105 edina, mn 55435 March 22, 2005 Re: Residential request for review When I counted the MTC busses at at 16 per hour, I was not counting the newly added Southwest Transit vehicles which are also passing around this corner. At least these are small shuttles and don't rock my home, however they are polluting and noisy diesel vehicles. When they stop at the newly added stop lights since I purchased —they emit more noise and pollution. Edina has allowed this comer to become busier than the MTC garage!- I also understand that single family homes located on another "drive through" neighborhood without this toxic bus traffic, have low low taxes. I have yet to look up the exact taxes on these homes, but will do so shortly. Thank you for your attention and consideration to my problem. This has been extremely stressful, as I know to have any peace and quiet I must relocate at terrible financial disadvantage not of my own making. When I purchased this appeared to be an ideal location— walking distance to most everything I needed, Edina established this great park which has been a huge draw —and then pulled the rug out. Joan McMillan Case #3: CITY OF EDINA Board Appeal and Equalization A1\ n Assessors Commentary Property ID Number: 32- 028 -24-34 -0706 0810 0811 1 Date: April 8 2005 Property Address: 7601 Edinborou h Way, #6105 and two basement parking stalls Owner/Agent Name: Joan McMillan History 2005 EMV $178,000 Requested Value Reduced for excessive noise $157200 Recommended Value No Change Comments: Appellant's dwelling unit is in the Phase VI building and is very close to 76' Street,. approximately fifty feet. This is a very busy road with a lot of bus traffic. On Tuesday April 5, 2005 I observed the bus traffic from about 4:10 PM to 5:30 PM. There were twenty- eight buses during that period,-some noisier than others. The service drive for the 7500 Co -op building is directly north of her condominium and it had several trucks arrive and depart during that time. I reviewed sales of all of the Village of Edinborough condominiums that face 76d' Street. During 2003 and 2004, there were eight sales of the 16 units. I also reviewed the sales of the Phase VII building, east of the subject building, located at the southeast comer of 76th Street and York Avenue. Phase VII is set back further from 76`h Street but is close to York Avenue. There were five sales out of the same similar 16 dwelling units. I adjusted all of the studied sales for the number of garages included in the sale. I found that all of the dwelling units in Phase VI that were studied sold in the range of $176.47 to $194.12 per square foot with a difference in average price from 2003 to 2004 of a minus 4.3 %. I found that all of the dwelling units in Phase VII that were studied sold in the range of $161.31 to $172.75 per square foot with a difference in average price from 2003 to 2004 of a minus 2.0 %. The subject property, without the garages, is assessed at $164.51 per square foot. It appears that those properties that are close to 76`h Street (Phase VI properties) have declined in value more than those in Phase VII. It also appears that there is a large turnover of those in. Phase VI. Also, the Metropolitan Council purchased unit 6204 in July 2001 for $143,800, reportedly because the previous owner complained about the bus noise. I have not been able to confirm the reason why the Metropolitan Council purchased it, but I did confirm that they did purchase it. I believe that the sales and assessed values of the condominiums that are close to 700 Street should be reviewed more closely in the future. However; at this time, since the subject is already assessed at less than the selling prices (per square foot) of other condominiums in the same environment, I recommend no change. Land $6200 Building $176200 Total $182400 Value 2004 History 2003 $6200 $157200 $163400 2002 6200 132900 139100 Sales 1998 $98000 History 7601 Edinborough Way # 6105 Unit 6105 is a one bedroom plus den, one bath, 1040 square feet with a screen porch on grade. It has two basement garage stalls. Located at the south east corner of the intersection of 76`h Street and Edinborough Way. It is located at the northwest corner of the Phase VI building in the Village of Edinborough Condominiums. f J , a� file r 1� i a, NT - -. } e _ 76T R ST. W 7601 Edinborough Way, #6105 P.I.D. # 32- 028 -24 -34 -0706 4 i , City of Edina Assessor' 4 s Office 4801 West 50th Street Edina, MN. 55424 -1394 P.I.D. # 32- ) 7 .21 �_3 Phone: (952) 826 -0365 Fax: (952) 826 -0389 Date Returned: . ( -L [TDD (Deaf Only): (952) 826 -03791 Received B : Time: L Case # Board of Appeal and Equalization ... oNce�use:�o�••••� Residential Request for Review ithdrawn: iDate: FAn ion Date: _ 0 �^ Attach an su ortin documentation ame: I CSI a v V- A �� AAAd ddress: � I D,3 -J e- -� re- La, vi e- e a , - one Number: `�SZ - 9 3 8-_ 1q-7 Business Phone Number: (o S/- 736 -26 7 g Address: (� / 4 3 '�'�� �� 's estimated market value for Janu ry 2, 2005: 15CWfe re vn ed�l � Buildin s: �eTotal: # 1447 1 C o the estimated market value on January 2, 2005 should be: Buildings: goo, ©O© Total: Purchase Date: ) q -7 !Total purchase price (land & bldgs.): I d Year Built: House: 11 55-Garage: / 9 S5-Additions (Explain): SQ e �a Condition of Structures (Explain): See {"�ac -�1 *� -- Description & value of additions and improvements since your purchase of this property: 5e ,e .4i4a c4 -"-I 10o 2- - - - -.. :•:•:•: . ease.�attac�i�:a:71 :of:aq A raisal Date: 3 3O a dicated Value: 5 o p p be �o �c rZVn ocle :irX . �i�:tt19 Fe�tiS:f4�•• . •• qr: Qb' sctivn: tv: ihe�: as�essQr '��estiin�tsdii�a�k�t�v . �i�::• :.:.:.:.:.:.:.:.:...:.;.;.;.:.:.:.:.;.:.:.: .:..:•:.;.:.:.:..:.:.:•;.:.:_:• KNOWLEDGE AND BELIEF. 5 nature of applicant: s RETURN THIS APPLICATION TO THE EDINA ASt SOR'S OFFICE NO LATER THAN FRIDAY, APRIL 1, PLEASE ATTACH ANY DOCUMENTATION YOU FEEL WILL SUPPORT YOUR CASE. 2005. 3 flk/q/ r-_ A^ky to, JI, 1 14 1/t - n coo ov / ^ � � (m/ ' porclq Lotth _ � ,S4- nc� I o -- - - - - -- _ 4�4 -- - - -- - - -- 3� to C3 "I--U-rlk n-PL, ---- - - - - -- - - -- cm< JIM- ti r r] -- - - trove - e- CI s adage �0 n Zoo �f ►r o aCe - ---- - - - - -- rs In .1J � Ke 0 3 % �'►^ 2 %r .�a c�a,� u r� / a �l %�ie �'leceJ Q 5; 5E S5Y-ienf ��aTCS Du✓ $Qccare �cnf"et e 15 1lvlo,2 core lCeef , lYowPt/e1, / ✓( cC 2 e✓r rX e►rlL ra r Sc�.� i'y y' p �c.v' i'! P t.�3 Yvt v ►" � _(/ S S f� e q, r cc�r e!i f -ar e / S '[e5s� /— it Icy 15 S uQ -are - eef re,.�v d aaQ� a-n adee ltran0., Sou.are �- v�� /+ f_ wc�s✓ /`e airs Suc rl ew r^av L as S i cee 0 0- _10 re-13 14L c e. 5/�I ✓La h a� ff 2",e � eVl5ecY ,71 -20 U'S A cSc FCWI e� 7 . —I, -% I I / -? C/C/ y `f Cl 96201 f wl1 , c r s c� �r r yQ e /DC a ILA �vvoa�er� , i 46L l 9 Id lil 4 a (! yLj )� Y-vo r , 3 b e4vlooe -1 s - -- 2✓L i 6 &-t'r'i 5 , 77t e- o+ ,e v' h o.-n e h e w e r C,-A, _ n-Ito r e 0450 has - I e v e 5 a^ ,e O U lr >` %l ea,5 G yr Oki P / G Wr,% a �¢ a�� ! 5 ct c(' ve r i/s i o�✓� o Tf2 � A d2 Boot 3 5- 0 -7 �vr �� `�. 900 w!fk � 6ecP�oov�c s /la d /Q eae tC .a ✓ e Q 2r, Qu ✓ S %l o� 5 3 6L-.0rr o,.i s �a- S �� �% �- 2 57 I o i"'l �P -S 16" ✓ S cc (-e 0 aC21 a LS a33o3s8 - -��f�'gL�g9 aT!l roam S 158 3, Sao Sq uca�r� �e e T C p u ✓ s �'l a s / `� e� ii - roun s r, n %C12+r o u r -s copes'i ' b Aree/ G. Q��ler ��t' /na �eQ /-� l�sTr. -t S -- �XCe✓K��eS — a M1 -5 33 0 701 rf q9 Cl(>O '196 11�114 ku de 7 YKor e- bpk0roo,,n s - 0-,Loo re sx�! Uu�'$ J 1114- 5 93 7 900,-2- 3 8 goo s # 3003M 36 900 /sl t. 5 X 3 7 f�2 48, M65 300 6791 o /'1 L 5 3 7 eS CEO j� 000 J23 �f7l- - -AMR r le No 2004144 Pa e # 1 �)ovr CI,uC r S C -4D c) � LOCATED AT: 6103 Jeffrey Ln Lot 4, Block 1, Valley Park Edina, MN 55436 -1206 FOR: Mid America Mortqape Corporation AS OF: 3/30/04 BY: David M. Kimball D.M. KIMBALL. INC. - REAL ESTATE APPRAISALS form GA2 — 'TOTAL for Windows' ao0naisal software by a la mode, Inc. — 1 800 ALAMODE iq, No 2004144 Pa a #7 Stt yject Photo Passe Borrower /Client R N S L B Kuyath Property Address 6103 Jeffrey Ln City Edina Count n State MINI Zip Code 55436 -1206 Mid America Mort a e Co ration Space Frvtt 6103 Jeffrey Ln Sales Price WA GLA 1,422 Total Rooms 6 Total Bedrms 3 Total Bathrms 2 Location Good Neigh. View Residential Site 11,827 sq.ft. Quality Good Quality Aqe 49 Years SLA:vecx Rear StLftect Street $7d!�il� i�iE� fi'L+SJJ Subject Address Legal Description City Cotmty State Zip Code Census Tract Map Reference Sale Rice Date of Sale Borrower / Client Lender Size (Square Feet) Rice per Square Foot Location Age Condition Taal Rooms Bedrooms Baths f SUM IARY OF SALIENT FEATURES 6103 Jeffrev Ln Lot 4, Block 1, Valley Park Edna Hennepin MN 55436 -1206 0235.02 11903 f WA WA R N 8 L B Kuvath Mid America Morlpape Corporation 1,422 Good Nelph. 49 Years Avp. Condition 6 3 2 Appraiser David M. Kirnbal Date of Appraised Value 3/30104 Final Estimate of Value / f 365.000 /I I/ r - I ✓ 1 � A O� Form SSD — 'TOTAL for Windows' appraisal software by a la mode, inc. — 1.800.ALAMODE D.M. KIMBALL, INC. - REAL ESTATE APPRAISALS Pr _ Desalouon UMFORM RESIDENiULL APPRAISAL REPORT 0 File No. 2 1 4 or e FfleW 2004144 " "r Cil Edina State MN —Zip Code 55436 1208 Le I Desert tbn Lot 4 Bock 1 Valle Perk Count Hennepin Assessor's Parcel No. 3211721230037 Tax Year 2004 R.E. Taxes 3,364.40 0,00 Borrow R N& L B Kuvath net R N& L B Kuvath C Ina Va operty rights appraised F Simple I c inn H DN on WA Neighborhood or Pro'ecl Name Valley Pa Ma Reference 119 D3 Census Tract 0235.02 Sale Price WA Date of Sale WA anatammmdhancf mncaymetobe er s� None Lender /Client Mid America M Address 9220 Bass Lake Road Suite 100 New Ho MN 55428 ADD Appraiser David M. Krmball Address 3509 Decetur New MN 55427 Location ❑ Urban ® Suburban ❑ Rural Preda dying PRIL l"y AG Buill up ® Over 75% ❑ 25 -75% ❑ Under 25% Present Irrld um se Lud use ddaar r-� Growth rate . ❑ Rapid ®Stable ❑Slow =(�) (yes) One family 95 ® Not likely U Likely ® Owner 250 Low 35 2 -4 family 5 ❑ In process Property values per y ® Increasing ❑ Stable ❑ Declining ❑ Tenant 550 H' h 55 Mudti -fatuity To: Demand/supply ❑ Shortage ® In balance ❑ Over supply ® Vacant (0 -5 %) ' Radpmry Commercial Marketing time Under 3 nos. 3 -6 nos. Over 6 nos. 350 45 Oaks Ye r.M Ow rod mrpxvmr d eti rxe lxQd aA r� plpiriii�a fsasa Neighborhood boundaries and daraaeristtics: The neighborhood boundaries are defined as* Highway 62 on the south Highway 100 on the east Interlachen Blvd. on the north Londonderry Road on the sues , Factors That affect The marketabaty or the properties in Tue neighborhood (paimdy, to smp4lnere and ame itie% ernpbprurl stabitiry. appeal to market. etc.): Valley Park Is an established subdivision of Edina a second flex suburb located approximately 7 mfies southwest of downtown Minneapolis. It Is within one mile of Hklhway 62 which gives freoway access and shopolng is available within one mile along Vemon Ave. This Is an appealing, residential nfthborhood and JefTre Lan is a ulet street. Countryside Elernentary Is within 9 blocks southeast and there are several htxxhood in the area Including Interladren and Edina Court Gubs. Unem foyment has started to stabilize over the Past year In the Mlnnea is/SL Paul Metro Area. Edina has very high property values and Is a verV desirable suburb to live In the MinneapollairSt. Paul Area. Markel condlions in The subject neighborhood (including support for the above cenclrsisns related to the vend of Property values. dernand/suppty. and marketing time -- such as data on competitive properties for sale in The neighborhood. description of the prevalence of sales and Financing concessions, etc.): The typical sale has up to 3 Points or concessions Paid by seller. There is currently a balance of supoW and demand for slinctle family hous -Fhmndna Is readily available and Interest rates continue at a low rate. The sublect Is currently beina re6nanoed and has not been listed or sold In the past thirty six months. This aporalsal Is based on 30-90 day marketing dime, Most propettles are seliin at about 95 of llsft price In the nreater metro area. The sub is hated in a reskfendal area comprised of similar single family residential homes. PrajegMam mfor PUDs (If applicable) - - Is the developerlbudder in control of the Home Owners' Association (HOA)7 U Yes Ll No Approximate trial number of units in The subject project Approximate total number of units for sale in the subject project Describe conrton elerenis and recreational facilities: Dimensions NE183X153X737 Topography Basically Level Site area 11.827 sp.fl. Corner Lot Yes No Size Average Size Specific zoning ctassdoaton an0 description R -1 Famt Residential Shape Typical Shape Zoning compliance ® Legal ❑ Leg] ore nrorming (Gandfalhered use) U Illegal 7No m drg Drainage Average Drainage 16 best use m Reset rl Other use (explain) View Residential Landscaping Apoeaffinal I dw" Public Other Electricity ® 200 Amp off- sikehgro—on Type Public Private CB Gas ® Street Bilumbrous ® ❑ Drivexray Surface Asphalt Curb/guner Concrete ® ❑ Apparerx easements Non Water ® Sarvlary sewer ® Sidewalk None ❑ ❑ FEMA Special Flood Hazard Area CT Yes No Slam Street fights Yes ® ❑ FEMA Zone C Map Date 511 /1980 sewer Alley Non f I rl FEMA Map No. 2701600003B Comments (apparent adverse easemerm. encroachments. special assessmairs, slide areas, illegal or legal nonconforming zoning use, etc.): The sub ect has a basically level site with apoealing landscaping and mature trees. The lawn has had average maintenance and typical easements have been considered In estimating market vahie. GENERAL DESCRIPTION ExrERIDR DESCRIPTION FOUNDATION BASEMENT INSULATION No. of Units 1 Lintt Foundation Conc -A . Slab No Area Sq ft. 1.422 Roof ❑ of States 1 SW Exterior Walls Wood -Av Crawl Space No % Finished 80 Ceiling Cone. Type Type (Der. /Att.) Detached Roof Surface As hShn -Av Basement Full BsmnL Ceiling Drywall Walls Conn Design (Style) One S Gutters & Dwnspts. Mletal-Ava Sump Pump No Walls Drywall Floor Cont. Existing/Proposed Exisd endow Type Casement-A . Dampness None Noted Floor CamXA None ❑ Age (Yrs.) 49 Years torm/Screens Ttlemr ovane Settlement Nome Noted Outside Emr N1 >E ressW Unkrloxm Effective AT a Yrs. 14 Years anufactured House No In ne festation No Noted i No Darnage Seen ROOMS Fo err Dinino Kitchen I Den Famil Rm. Rec. Rm. 18edr22M # Baths I Laundry I Other Ar® FL . Bnserrx+t 1 1 Office 1422 Level 2 1 1 3 2 1 422 Finished area ubovs rode contains: 6 Rooms• 3 Bedrooms ; s ; 1.422 are Feet d Goss L' Area INIERRM Materials/Condilion HEATING ITCHEN EQUIP. ATTIC MENITIES CAR STORAGE: Floors C NWd/Ct -A Type ForAlr Refrigerate ❑ None ireplace(s) # 2 ® No ne ❑ JBIh Walls D all -Av . Fuel Nat — Range/Oven ❑ Stairs atio Pavers ® Garage # of cars TiinVFinish Wood -A . Condition Av . 'sposal ® Ikop Slah eck Wood ® Attached 2 Car Gar. Bath Fba Ceramic Av . COOLING shwasher ® Scuttle orch 4 Season ® Detached Bath Wainscot Ceramic-A . Central Yes mMood ® Floor ence ❑ Blttt -In Doors Flush Oak -A . Outer owave ❑ Heated ❑ Pool ❑ Carport Decor Is neutral. Av . -- IFinished Driveway 2 Car DIN COrI t On Of the improvements, depreciation (physical, functional. and external). repairs deeded, quahTy of etc.: Adverse errvkomenal conditions (such as. bur nor lmtled lo. hazardous wastes, toxic substanres, etc.) preset in the imprmstrenls, on the sue. of in the immediate vicinity due subject property. No adverse environmental mnriltinno vuwrn nhan. A Freddie Mac Form 70 6/93 PAGE 1 OF 2 Fannie Mae Form 1004 6193 Form UA2 — 'TOTAL for Windows' appraisal software by a b made, Inc. — 1. 800- ALAMODE File No. 2004144 Pa e # VaptallonSwoon UNIFORM RESIDENTIAL APPRAISAL REPORT Freddie Mac Form m 10 6193 PAGE 2 OF 2 Fannie Mae Form 1004 6.93 form UA2 — 'TOTAL for Windows' anaaisal software by a la mode, Inc. — 1 .800 ALAMODE ESTIMATED SITE VALUE ............................................. = f 105 850 Comments on Cost Approach (such as. source of cost estimate, site value, ESTIMATED REPRODUCTION COST-NEW-OF IMPROVEMENTS: square foot calculation and for IIUR VA and FmIIA, ere estimated remaining Dwelling- 1.422 Sq. Fl. Ca f 145.00 = f 206,190 ecaamiC Ile of the property): 1,137 Sq. Ft. @ f 35.00 - 39.795 Extra Features = 65•000 Estimated Remainina Eoonomlc Life: 52 Years Garage/Carpat 400 Sq. Ft. @ f 15.00 = _ 6,000 Total Estimated Cost New ............................= f 318.985 Land to Value Ratio: 29 - Less Physical Functional External Depreciation 63.3971 1 =f 63,397 External Obsolescence: None Depreciated yak* of Improvements . ............................... = f 253,588 As 's Valve of Site Improvements ... ............................... =f 9-000 Functional Obsolesceffee: None DrdCATED VALUE BY COST APPROACH .......... ................. = S 368.438 ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO.2 COMPARABLE NO. 3 6103 Jeffrey Ln 5711 Grove Street 5829 Eastview Drive 6133 Birohcrest Drive Address Edna Edina Edna Edina 0.62 miles 1.36 miles 1.39 miles Sales Price WA {:e °73?f` * MOTTO :., m 360 000 4 M 1 356 000 Price/Gross Livi Area 277.10 M1196,9 230.33 216.40 Data and/or Inspedlon MLSIReallor -10 DOM MLS/Reaftor- 60 DOM MLSIRealtor -17 DOM Ver'k6ration Source VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION + - S DESCRIPTION +(-)S DESCRIPTION - f Sales or Financing Conv. 0 Pte. Cony. 0 Pa. Conv. 0 Pis. bv seller by seller by seller Date of Sale/Time' 11/03 posed 6/03 8/03 Location Good' E E Ed. Nekh LeaselnlNFee Simple Fee SImple, Fee Fee Site 118279 .R 8360 .Ft 33.541 Soft 5000 I 198 SaJFt nVal Residtm �l Residential Reside ntial One S One Story One Story Duality c Construction Good E . Ed. Quality Ecil, Quality 49 Years 37 Years -3,000 49 Years 49 Years Conditi Avo. Condition SLID. Condition -3 000 . Condition Condition Above Grade Taal B m Baths Tote) Bdrin Baths T I nns Baths . Total Bdrms Baths 6 3 2 6 3 2 8 3 1.5 8 3 1.5 Room Coum +2,000 +2.000 1 422 1 478 1,563 1 630 Gross Livino Area -1 600 -4.200 -C200 Baser en & Finished Full Bsni E.W Fu0 BsmnL W.O. -2,000 Full BsmnL W.O. -2,000 Part. Basmt W.O Rooms Below Grade FM OFF FM.BROFFHni Functional UDlit Avg, Utif Heatina/Coolina I GFA CA GFA CA GFA CA GFA CA Ener Efficient Item Ava. Insulation Eguall Insulatbn Equad Insulation Ecpjad Insuaton GafaadCamort 2 Car Gat 2 Car Garow 2 Car Gore= 2 Car Garow Porch. Teruo, Deck Deck, Patio Deck Patio Patio +3,000 Deck, Palo Fire ce s etc. 2 laces 1 lace +3.000 1 lace +3 000 Fireplace fence, Fbd, etc. 4 Season Porch 3 Season Parch +2,0001 None +8Im None +6 000 Agtrsked Sales Nice " - 7600 - 4.8013 - 3,80011 of Com rable t _ 401 400 0 364 800 f 359 800 Comments an Sales Comparison (u[Wdyg IM sutyeI property's compatibility to the neighborhood. etc.): Edina Is a h h desirable suburb with extreme high grorierty values. Due to the relative scarcity of one story homes comps 2 and 3 are over one mile but diev sham the same educational ' and oommu services and are 'es corn In the same market Com 2 and 4 are sales over six months old tut this oi the market was stable to cis and no ac ustrnenl Is necessary. 1 Is superior effective a and condition. Corn 2 and 3 have Inferior bath counts. GLA has been ad'usted at .R. for differences above rade. ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 Date Rice and Data No Prior Sale Source, for prior sales in Past 3 Years No sale In past year. No sale In oast year. No sale In past year. within ar of a anal Analysis of any Inert agreement of sale. option. or listing of subject popery and analysis of an y prior sales of suutyecl and corrggrables within one year of the date d appraisal: The sub ect Is currently bei refinanced a has not been listed or sold in the past 3 ears. INDN'ATEDVALUE BY SALES COMPARISON APPROACH ....... f 365 ..................... ............ ............................... . BIWTED VALUE BYN= APPROACH if A licable Estimated Market Rent WA /Mo. x Gross Rem Multi lie. WA This appraisal is made ® -as is' ❑ utjecl to me repays. alterations, inspections or conditions listed below U R*ct to completion per plains & speofraDorks. Cmakkms of Appaksal: This appraisal is marls 'As Is' Value by the sales comparison arinmadi Is $365.000. Indicated value by the cost alooroach Is $368,400. Final RecarJliation: The market approach has Proven to be the most reliable in estlma market value. The Income avoroach has not been tised due to limited market data of simper farrilly homes. The lost aPproach gives suoport to the estimate of market value. The Purpose of this appraisal is to eslunate the market value or the real popery that is the subject of this report. based on the above conditions and the certification, contingent and knifing conditions. and market value definition that are stated on the attached Freddie Mac form 43WFNMA form 1OD48 (Revised June 1993 ). 1(WE) ESTBUI RET VALUE, AS DEFITED, DF THE REAL PROPERTY THATIS THE SUBJECT OF THIS REPORT, AS OF 3/30/04 mm Is D TE 0 WS CTION AND THT.V DA REPORT) TO BE f 385.000 SUPERVISORY APPRAISER (ONLY IF REQUIRED): S m Signature Did ❑ Dty Not Name David M. Kimbell Name I Date Reocrt Signed April 011. 2004 Inspect Property Slate Cendca tin # 4002621 State MN State Certification # Star. Or Skate License # 4002621 Starek,W fir Sum k M— e Freddie Mac Form m 10 6193 PAGE 2 OF 2 Fannie Mae Form 1004 6.93 form UA2 — 'TOTAL for Windows' anaaisal software by a la mode, Inc. — 1 .800 ALAMODE nc No. 2004144 Page #8 CorPMable pl ic- Page Boirowei/Client R N & L B Ku ath Piciperty Address 6103 Jeffrey Ln Cit y Edina Count fienne in Stale MN lip Codc 55436 -1206 Lender Mid America-Mortgage Corporation Carrperable i 5711 Grove Street Proximity 0.62 miles Sale Price 409,000 GLA 1,476 Iolal Rooms 6 I olal Bedrms 3 total Balhuns 2 Location Eql. Neigh. View Residential Site 8,360 Sq.FI Quality Eal. Quality Aqe 37 Years Ccx- Pwable 2 5829 Eastview Drive Proximity 1.36 miles Sale Pi ice 360,000 GLA 1,563 total Rooms 6 total Bedrms 3 Total Bathrms 1.5 Location Ed. Neigh. View Residential Site 33,541 Sq.Ft Quality Ed. Quality Aqe 49 Years 6133 Birchcresl Drive Proximity 1.39 miles Sale Price 356,000 GLA 1,630 lolal Rooms 8 I otal Bedrms 3 1 mat Rzrh— t F I While i nteres rates are low... www. eoi naree Irymon9+7e. com or call 952 - 928 -5300 1 1 Point of France East Edina .. H - - Here's your opportunity to live in one Fantastic three �� Fast Edlnal �^_- of Edina's top condominium buil bedroom m the 'Master suite with 3/4 bath. Fabulous CaPe Cod Meets East Edina! ins• Morningside neighborhood! Hardwood new family room and game roam in LL charmer in Rue1y on the market. Beautifiil 6th Actors throughout. Master bedroom Completely refreshed Boor unit with view. Amenities galore. suite with fireplace, walk -in closet, and Big beauufcil back premier block. $ Call Nowt Lima Valtelieh yard TsVO�ar nn- Sumptuous mister suite 612-701_U92 or 952- 927 -1649 full bath with separate tub and steam dem garage. Walk to schools and park with huge closet and newer full bath. Lou Ble Shower. Updated kitchen with granite rnaster ......... 952 924$7¢4 Three-season porch overlooks priV2W counters. 3 season porch $690,9()o and �P back yard. Perfect home for Dstve A ° deran......952- 924 -8724 , couple , empty nester... $489, 900. Dave Anderson .......... 952-924.8724 1 Minneapolis Brownstone Parkwood Knolls England Very special -only 3 Brownstones left. Highlights include a fabulous New England Style 2 -Story ``Better Bran new- On the Mississippi river. 3000 Sq Ft minin kitchen/ to G ol,W,, 3 car garage - Private roof top terrace, floor g family room. Main Currier &Ives $ettrna Spacious in des .ed � a.ry Priced from one million plus. master suite, hardwood Boors g by E somroom. Lower level amusement Rooms' Wonderful Privacy. Great 952- 27-112 WMsrian Peterson Family Floor Plan with Unique Walk -out lot, sunny western exposure 952 927 -1127 room and 4 bedrooms) Take a Vrrtnat Space Above Garage, with plenty of room for all Tour s^ s' wedinatealtycom/anderes your needs. and contact Jeff & Drone Ande J- Jaen .......... 612- 281 -5834 6+ bedrooms, 6 baths, hardwood Boo CRS Edina Realty 952- 927 -2842. open and flowing Boor plan. rs Margie S—P-H ......... 952-927-1195 1 / Y� 1 LAe Edina Walkout Dewey Hill Neighborhood) Spacious 4BR 3BA with gorgeous lot $ Indian Hills Areal on Lake Edina, 3835 SF, newer roof, �P freshly updated walkout backing New gourmet kitchen & a Edina Two Story Walkout furnace, AC ............... to wetlands. Features include vaulted great m er Private location on wooded 2-t .$655,000 cedi suite. remodeled 4 +2-r hom Frail, Contact Edina Realty pat Stevens/ , gourmet Kit. in rich wood; 1 neutral decor with new large master bath: with an open floor plan. an in today's Ear-in kitchen, W wood floors. Lent Taddiken c- 612- 720 -9171/ 1 sunmom &new) Y decor. 360 tour a[ 'ohneverert.com. ng room w/ fpk For - 612- 275 - 9408 landscape• 360 tour at johneveren.com meal dining mom, family mom w/ fpfo $1,175,000. Priced $889,900, John Everett-.......... 4 bedrooms, 4 bathrooms. $449,900. John Eveseet ....•...,,952- 927 -1646 952 - 927 -1646 Sh"K ....... 952-91Jtoatn d - "'_"�'4SViews- Avrat7ableNotvj !✓ X-vVillage a St. Anthony Falls - �� Redesig°ed ake Life Easierl 1 I eveU Luxury Loft Style Condominiums and New Stinson - Streeter Custom Brownstones. Almost solo our! 2+ Residence. Breathtaking Cedar Lake No Snow/I a�j views. New in '02,forrrser model /I O,ceils, & 3+ br Unbeatable location. Shops, 0e! Priced Fr. Custom finish your quality constr by JMS hms. This restauranrs Ps+ new home. Priced from $1.7in, Parks just a short walk Kris Cpl &Marian 3BR/3BA Villa w /almost 3,000 fsf, away Extensive list of included017Op HWF's, W/O LL beau[. Mple- Granite upgrades. $600k+ to $1M +. 952 -927 -1127 David Abele ........... 612-281-2022 Kitch open to Grt Rm; Mstr Ste, DR,Den. $599,900, Marcia Ruuell .......... 952-924-s743 EDINIA Heart of Interlachen Parld Spectacular Renovation! 4BR/3BA Expanded 40" Cape. New Mstr ste w /fab. full b4 LR w/beaur.stone fo, new cuss Kitch w/ cambric ears, Den; LL: AM RM w /stone fp, new BR, new BA. Marcia Russell ..........952- 924 -8743 r� t lu LIS d e s Sd er bloo nz nisfill Ea na, rdens witb color 9q f/ ECLASSIC ,EAUTYO F MLISH ARDEFtS.''., ETTING 'OUR Ammy GETHFP 1 7 ,)R GOLF EDINA 1,,- I MME GETS A fMAKEOVER AV i f.7 KNELLS kiaMlr ' MO y,�TGAGE, ": PC' lilur:� http: //www.misfinder.com/mn rmis /misonline /index.cf n ?action = list... �Fe,Ittttud �1 Buildets , - �I hteceady Viewed LBtlngs ] For Showings Call: 763 -S76 -8286 or 6Si- 330 -0627 Retum to Listings < Previous Listing 12 or 42 Next > Contact Agent # Now dhoudeos wait Property Information: Property Type: Listing Status: Style: Area Name: Year Built: Approximate Age: Square Feet: Sqft Above Ground: Sqft Below Ground: Foundation Size: Garage Capadty: Garage Description: Heating: MLS# 2350672 6620 Waterman Avenue Edina, Minnesota 55343 Price: $424,900 Bedrooms: 4 Full Bathrooms: 1 Partial Bathrooms: 2 School District: 270 - Hopkins County: Hennepin Type: (Sf) Two Stories j§0 Request A Showing Inquire about this listing recent Semmes 1 New Search Tools: Request a Showing Inquire about this Listing Contad Agent Save to My Favorites Vlew /Manage Favorites O Save Search Criteria IQ Set up a Showing ® _Email Usting to a Friend ® Mortgage Calculator ® Mag this listing Maps brought to _you try: OlExpeclilri www.E yedia.com P Y t 1 r' Click on a thumbnail photo above to enlarge.. (SO Two Stories Active (Sf) Two Stories Edina 1962 43 2288 1664 624 832 2 Attached Garage, Driveway - Concrete, Garage Door Opener, Insulated Garage Forked Air 1 of 3 4/3/2005 9:25 PM http: / /www.misfinder.com/mn rmis/misonline /index.cfin?action = list... Financial Information: Listing Price: $424,900 Annual Taxes: $2,948.00 Tax With Assessments: $2,948.00 Tax Year. 2004 Return to Listings Previous Usting 12 of 42 Next New Search � �y Courtesy of Edina Realty, Inc Disclaimer: All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor TheMLSonline.com shall be responsible for any typographicaI errors, misinformation, misprints and shall be held totally harmless ©2005 Regional Multiple Listing Service of Minnesota, Inc All rights reserved. For additional Information, contact TheMLSonline.cwm Toll -Free: 14866- MLSonline Phone: 763 - 576 -8286 Fax: 763 - 576 -8276 go Request A Slowing Inquire about this Listing Service by mWklerxam ® 2M Wdf Llt Tedmobgles, 11C 3 of 3 4/3/2005 9:25 PM treat tstatg Air Conditioning: Water: Acres: Lot Dimension: Lot Description: Zoning: Features R Amenities: Amenities: Appliances: Fireplace: Fireplace Location: Total Fireplaces. Fuel Type: Map Coord: Map Page: Road Frontage: Roof: Special Search: http: / /www.misfinder.com/mn rmis/misonline /index.cfm ?action = list... Central City Water - Connected 0.239 77X135.05 Tree Coverage - Medium Residential- Single Hardwood Floors, Kdx:hen Window, Natural Woodwork, Patio, Tiled Floors, Washer /Dryer Hookup Cooktop, Dishwasher, Disposal, Dryer, Exhaust Fan /Hood, Microwave, Refrigerator, Wall Oven, Washer, Water Softener - Owned Y Family Room, Living Room 2 Natural Gas C2 119 Cul De Sac, No Outlet/Dead End, Private Age 8 Years Or Less, Asphalt Shingles 4 Br On One Level Room Information: Basement: Daylight/Lookout Windows, Egress Windows, Full, Walkout Full Baths: 1 3/4 Baths: 1 1/2 Baths: 2 Bathroom Description: 1/2 Basement, Main Floor 1/2 Bath, Master Walk -Thru, Upper Level Bath Room Sizes: Room Level Approx. Size - Desaiption Master Bedroom Upper 1012 Bedroom 2 Upper 13X11 Bedroom 3 Upper 12X11 Bedroom 4 Upper 14X12 Dining Room Main 13X10 - Eat In Kitchen, Separate /Formal Dining Room Family Room Lower 24X12 - Lower Level Wd dhen Main 12X11 Living Room Main 26X13 Den Lower 14X13 School Information: School District: 270 - Hopkins School District Phone: 952- 988 -4000 of 3 4/3/2005 9:25 PM Ark here for a CVE =i_LS +HOME :, ' I.ERGO f http: //www.misfinder.com/mn rmis /misonline /index.cf n ?action = list... �F-C Itu red �� 1 B u -i Id ts 1 wewm iusnngs I L searches. For Showings Call: 763 - 576 -8286 or 651- 330 -0627 Return to Ustings < PreWous Listing 5 of 3232 Next > Contact Agent Now showhms woof Property Information: Property Type: Usting Status: Style: Area Name: Year Built: APprohdmate Age: Square Feet: Sqft Foundation Size: Garage Capacity: Garage Description: Heating: MLS# 2330358 308 Dearborn Edina, Minnesota 55343 Price: $499,999 Bedrooms: 4 Full Bathrooms: 2 Partial Bathrooms: 1 School District: 270 - Hopkins County: Hennepin Type: (St) One Story 16� Request A Showing Inquire about this Listing - I aldc on a thumbnail photo above to enlarge. (St) One Story Active (Sf) One Story Edina 1988 17 3550 1 '1 3550 I v 3 Flo I 1850 2 Attached Garage, Driveway - Asphalt;, Garage Door Opener Forced A r New Search Tools: Request a Showing Inquire about this Listing D Contact Agent N% Save to My Favorites 1P View /Manage Favorites Save Search Criteria Set up a Showing ® Email Usting to a Friend ® Mortgage Calculator ® Man this Listing Maps brought to you by: www.Exnedia.com 1 of 3 4/3/2005 9:12 PM .1- _Omi Ir , nup:iiwww.misrmaer.com/mn rmis/misonime /index.ctin ?action = list... Air Conditioning: Central Water: City Water - Connected Acres: 0 Lot Dimension: 44X120X180X161 Lot Description: City Bus (W /In 6 Blks), Tree Coverage - Medium Zoning: Residential - Single Features f& Amenities: Main 16X12 - 2 Or More, Entertainment/Media Center, Lower Level, Main Level Amenities: Deck, Hardwood Floors, In-Ground Sprinkler, Patio, Security System, Skylight, Vaulted Ceiling(S) Appliances: Central Vacuum, Cooktop, Dishwasher, Disposal, Dryer, Electronic Air Filter, Exhaust Fan /Hood, Freezer, Family Room Microwave, Range, Refrigerator, Washer, Water Softener - Owned Fence: Partial, Wood Fireplace: Y Fireplace Location: Family Room, Master Bedroom, Wood Burning Total! Fireplaces: 2 Fuel Type: Natural Gas Map Coots: C2 Map Page: 119 Road Frontage: Cul De Sac, Paved Streets Roof: Age Over 8 Years, Asphalt Shingles Special Search: 3 Br On One Level, Main Floor Bedroom, Main Floor Laundry Room Information: Basement: Crawl Space, Drain Tiled, Finished (Livable), Full, Sump Pump, Walkout Full Baths- 2 3/4 Baths: 1 Bathroom Description: Full Basement, Full Master, Main Floor 3/4 Bath, Main Floor Full Bath, Master Walk -Thru, Separate Tub &Amp; Shower Room Sizes: Room Level Approx. Sae - Description Master Bedroom Main 14X13 Bedroom 2 Main 12X11 Bedroom 3 Main 13X11 Bedroom 4 Lower 22X16 Dining Room Main 12X10 - Breakfast Area, Separate /Formal Dining Room Family Room Main 16X12 - 2 Or More, Entertainment/Media Center, Lower Level, Main Level 10trhen Main 19X16 Living Room Main 20X18 Family Room Lower 16X14 Game Room Lower 16X14 Office Lower 12X07 Laundry Main 13X06 School Information: 2 of 3 4/3/2005 9:12 PM r uLLF.r r n r v�.uuDaaaluCl .bVUU 11lll 1 WaA/ LW,UI111uC/ LULLC][.l lm !dCL10II °Il$L... School District: 270 - Hopldns School District Rhone: 952 -985 -4000 Financial Information: Listing Price: $499,999 Annual Taxes: $3,615.00 Tax With Assessments: $3,615.00 Tax Year. 2003 Return to Listings I Previous Listing 5 of 3232 Next New Search iii oeity Courtesy of For Sale By Owner Shoppe, Inc Disclaimer: All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor TheMlSonline.com shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. (92005 Regional Multiple Listing Service of Minnesota, Inc. All rights reserved. For additional Information, contact TheMLSonline.com Toll -Free: 1- 866- MLSonline Phone: 763 -576 -8286 Fax: 763 - 576-8276 go Request A Showing Inquire about this Listi ng Savim by mWmder.com O 2005 woiRlet Tedm bgiesr LLC 3 of 3 4/3/2005 9:12 PM 1\b41 l.iJ6pµ. r http: / /www.misttnder.com/mn ants /Mlsonline /index.cfn ?action= sea... e i i Vi>fit O1R �W -�C rn FREE �ft tl� PIIS-a 8 ltirin C3tice ass . MLS SCM& T00I8: �_ Email me whee crew r1stbw match this searcM New Search Refine Your search Nir f+ ", tes .. Save Search Gittria . I Recently VW*ed Listlnw j L Recent SearMes Login Search Results: 1 -12 of 42 that match your search MLS#•2330358 Price: $499,999 Location: Edina, MN Style: (Sf) One Story MLS#•2330701 Price: $499,900 Location: Edina, MN Style: (Sf) One Story MLS#•2356792 Price: $499,900 Location: Edina, MN Style: (Sf) One 1/2 Stories MLS#•3010738 Photo Not Price: $499,900 Available Location: Edina, MN Style: (Sf) One 1/2 Stories MLS#• 2363431 Price: $484,900 Location: Edina, MN Style: (SO Two Stories MLS#•3004889 Price: $479,000 Location: Edina, MN Style: (Sf) One 1/2 Stories MLS#•3000014 Price: $462,900 Location: Edina, MN Style: (Sf) Three Level Split MLS#d3008762 Price: $449,900 Location: Edina, MN Style: (Sf) One Story Sort By: R®guest A Slwwinp hale about the l ubw PREV NEXT Descending by Price Son J Beds: 4 Beds. 2 Baths:3 Baths: 2 Sq. FL: 1978 ReguestAShowig Sq. Year Built: 1941 !� Ft: 3550 Beds: 5 t2dure shalt this tistirru Year Built: 1988 Baths: 2 Sq. FL: 3067 tie about tads ListBro Beds: 4 Baths: 3 Sq. Ft: 2320 Request A Showing inarse about this LISUM Baths: 3 Sq. FL: 2208 R®guest A Slwwinp hale about the l ubw Year Built: 1966 Raq MWI A ina#e abaft this wti w Beds. 2 Baths: 2 Sq. FL: 1978 0 PMgU8*A S1bAlvitlg maims about this t>sbm Year Built: 1941 :h>lquest A 5ltowhlg l about tiffs Listing Beds: 5 Baths: 2 Sq. FL: 3067 tie about tads ListBro Year Built: 1949 Beds: 3 Baths: 2 Sq. FL: 2062 Raq MWI A ina#e abaft this wti w Year Built~ 1912 Beds: 4 Baths: 3 Sq. Ft: 3000 :h>lquest A 5ltowhlg l about tiffs Listing Year Built: 1947 Beds: 4 Baths: 3 Sq. Ft: 2320 Request A Showing inarse about this LISUM Year Built: 1948 Beds: 3 Baths: 2 Sq. Ft: 2642 A T"rwv. a w4wh rW- i aeic..., Year Built: 1948 I of 2 4/3/2005 9:33 PM ■VI.ai uDUILV r r MLS #•2339995 Photo Not price : .$439,900 Available Location: Edina, MN Style: (Sf) One Story MLS#•2380825 Price: $429,900 Location: Edina, MN Style: (Sf) Split Entry (Bi- Level) MLS #:3012471 Photo Not Price: $425,000 Available Location: Edina, MN Style: (Sf) One Story MLS#:2350672 Price: $424,900 Location: Edina, MN Style: (Sf) Two Stories http: / /www.misfinder.com/mn_rmis /misonline /index.cfim ?action= sea... Beds: 3 Baths: 2 Sq. FL: 2627 Year Built: 1971 Beds: 3 Baths: 2 Sq. Ft: 3000 Year Built: 1974 Beds: 3 Baths: 2 Sq. FL: 1841 Year Bufft: 1951 Beds: 4 Baths: 3 Sq. FL: 2288 Year Built: 1962 f „ C 110 ROMWAA lnuie about INS Lstirm A A Search Results: 1 -12 of 42 that match your search Sort By: PREY NEXT Descending by Price A Sort J WS Search Tools: Ernall me when now Nsftp mAc h thus searem New Search Refine Your search Mly tavarires Save Search rlitena Recently Viewed LKtlogs Recent Searches Logic -A R:Mdtv The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the Regional Multiple Listing Service of Minnesota, Inc. Real estate listings held by brokerage firms other than TheMLSonllne.cDrn are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing brokers. Disclaimer: All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor TheMLSonline.com shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. SenAw by mhflndermm ® 2005 WdfNet Terhwbgies, LLC 2 of 2 4/3/2005 9:33 PM a�VY1 LJW�V uup:nwww.mrsrmaer.comimn rm:simisonlmeimaex.ctmYaction= sea... Email me when new Ii I g i match this searcht Search Results: 13-24 of 42 that match your search MLS#:2353319 Price: $419,900 Location: Edina, MN Style: (Sf) One 1/2 Stories MLS#•2377546 Price: $419,900 Location: Edina, MN Style: (Sf) One Story MLS#: 3012151 Photo Not Price: $414,9oo Available Location: Edina, MN Style: (Sf) One Story MLS#•3030142 Photo Not Price: $399,900 Available Location: Edina, MN 1 Style: (Sf) One Story MLS#•2306363 Price: $397,500 Location: Edina, MN Style: (Sf) Two Stories MLS#:2379002 Price: $389,900 Location: Edina, MN Style: (Sf) One Story MLS#: 3003124 Price: $389,900 Location: Edina, MN Style: (Sf) Split Entry (Bi- Level) Sort By: MLS#•3007349 Photo Not Price: $399,800 Available Location: Edina, MN Beds: 3 Style: (Sf) Three Level Split MLS#•2306363 Price: $397,500 Location: Edina, MN Style: (Sf) Two Stories MLS#:2379002 Price: $389,900 Location: Edina, MN Style: (Sf) One Story MLS#: 3003124 Price: $389,900 Location: Edina, MN Style: (Sf) Split Entry (Bi- Level) Sort By: PREV N_ XXTT Descending by Price —A Sort I Beds: 3 Baths: 2 A � Sq. Ft.: 1780 Insure about L Year Built: 1907 Beds: 3 Baths:2 RMUBStA Sq. FL: 2156 &wum about this Lisom Year Built: 1955 Beds: 5 Baths: 4 RIMIMM A Sq. FL: 2697 R ire about this Lkftm Year Built: 1955 / Beds: 3 Baths: 2 A Sq. Ft.: 1460 Insure about ft LiwM Year Built: 1953 Beds: 4 Baths: 3 Igo A S 'lift Sq. FL: 2454 bmure about ft Who Year Built: 1981 Beds: 5 Baths: 2 RMWA A i Sq. FL: 2694 lift about this Who Year Built: Beds: 4 Baths: 2 ROM A g Sq. FL: 2102 Insure about this Latina Year Built: 1951 Beds: 4 Baths: 2 RMFMM* A S110w�1g Sq. FL: 2763 Ins and this Lisurm Year Built: 1969 Jef�r"] k-a.,ie- 1 of 2 4/3/2005 9:27 PM ��v� a+uw�v llLl'!./ / tt h Ptl.LL1lJ1LlLL\,l .►.VLLL LLlll l llll J /llllJV1111i1G/ L1UGA.bLL: At.UVII— JGa... r i Brokw' The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the Regional Multiple listing Service of Minnesota, Inc. Real estate listings held by brokerage firms other than TheMLSonline.com are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing brokers. Disclaimer: All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor TheMLSonline.com shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Service by midkiermm O 2005 WdiNet Tedmdorgles, u.0 2 of 2 4/3/2005 9:33 PM MGM nJLULF 1 of 2 http: / /www.misfmder.com/mn rmis /misonfine /index.cfrn ?action= sea... o r u 'FRE • . 8 P F P MIS $callr& Tools: aws match oft searcm New Search Refine Your search NY Favorites Save Search trRerha Receady Viewed usungs Recent Searches t�gm Search RewHs: 25-36 of 42 that match your search MLS#•2365674 Price: $379,900 Location: Edina, MN Style: (Sf) Four Or More Level Split MLS#: 2379678 IWO Price: $379,900 ,,.. Location: Edina, MN Style: (Sf) Two Stories MLS#• 2368760 Price: $379,000 Location: Edina, MN Style: (Sf) Four Or More Level Split ML.S#• 2379618 Price: $379,000 Location: Edina, MN Style: (Sf) One Story MLS#•2376283 Price: $372,000 Location: Edina, MN Style: (Sf) Two Stories MLS#• 3003785 f Price: $369,900 C L Location: Edina, MN Style: (SO Four Or More Level Split MLS#•2378494 Price: $364,900 Location: Edina, MN Style: (Sf) One Story MLS#:2378268 Price: $359,900 Location: Edina, MN Style: (Sf) One Story Sort By: PREY NEXT Descending by Price Sort J Beds: 3 Baths: 2 /C RequM A t� Sq. FL: 2418 Irene Anut this Lis Year Built: 1957 Beds: 4 Baths: 2 11811111151t A Sq. FL: 2066 Inane about ft Lstirho Year Built: 1964 Beds: 3 Baths: 3 RSQUOA A 9 IO - h Sq. FL: 2259 bawe about lids Listoho Year Built: 1955 Beds: 4 Batihs:2 � RBPNMA�ow�ftA Sq. FL: 2430 Insure about this Us* Year Built: 1953 Beds: 7 Baths: 3 Req&RA A Sq. FL: 3132 moire about ft Listim Year Built: 1965 Beds: 3 Baths: 2 /Ci RMU89 A } Sq. FL: 2200 where a bout this Llstina Year Built: 1959 Beds: 3 Baths:2 AIL ROM A !� Sq. FL: 2324 lnmjb- about this Lstina Year Built: 1962 Beds: 3 Baths: 2 RequestA Sq. A FL: 1868 Wake about this Ligm Year Built: 1953 4/3/2005 9:28 PM a��.ru a;�w►Fi aaLL}/./ I W W W . WlJalaauGr .liVlll/l1L1_I W lJ/ W IJVllIll1C /l11LLGX.l� Wl : a(:UUD— $ @$... MLS#: 3006728 Beds: 3 Price: $389,900 Location: Edina, MN Baths: 2 Sq. Ft.: 2000:+" T ReIPUNt p Ali about q jjg Style: (SO One Story Year Built: 1951 MLS#• 2366131 Beds: 3 Price: $389,500 Location: Edina, MN Baths: 2 Sq. FL: 2403 ReipiM A Imft but ft Listing ' Style: (Sf) One Story Year Built: 1955 MLS#• 2378800 Beds: 3 Price: $389,000 Baths. 2 � A �11oWttlg Location: Edina, MN Sq. Ft.: 2316 lnalak about Style: (Sf) One Story Year Built: 1956 MLS#• 3012002 Beds. 4 Photo Not Price: $389,000 Baths: 2 RequM A Shwmtg Available Location: Edina, MN Sq. FL: 2538 Ina ire about ihsLFstino ' Style: (Sf) One Story Year Built: 1954 Search Results: 13 -24 of 42 that matcl your search Sort By: PREY NEXT Descending by Price L Sort J MU Search Tools: �EnuM me W now HsWW ma" Oft search[ lNew Search Refine Your search My FavarRes save Search Crlterta Recently averred t [stings Pecent Searches t. i ' m R"iprocft The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the Regional Multiple Listing Service of Minnesota, Inc. Real estate listings held by brokerage firms other than TheMLSonline.00m are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing brokers. Disclaimer: All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor TheMLSonline.com shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. SWAM by mkfin W=M O Zoos WoHNet Teftwbgles, u c 2 of 2 4/3/2005 9:27 PM 1lCal >r�har6G alaLiJ. // A A A.aulJlauuVl.VVaau uua ■uaa.aiauauvu„u�� uavvr..va,u: awuvaa JAN... 1VILS Sear& Tools: EmaB am h ibm new its match this sea+chf Nehr Search I Refine Your search [—Wf—F&—mr—Mn--j I Save Search Criteria I Recently Viewed Listings I IPeceritSearch es LogM Search Results: 37-42 of 42 that match your search MLS#•3003729 Price: $344,900 Location: Edina, MN Style: (Sf) One Story MLS#:2374198 Price: $339,899 Location: Edina, MN Style: (Sf) One Story MLS#•3012038 Photo Not Price: $334,9o0 Available Location: Edina, MN Style: (Sf) One 1/2 Stories MLS#:2377796 Price: $329,900 Location: Edina, MN Style: (Sf) One Story MLS#:3008435 Price: $329,900 Location: Edina, MN Style: (Sf) One Story MLS#•2373300 Price: $329,800 ' Location: Edina, MN Style: (Sf) One 1/2 Stories Search Results: 37-42 of 42 that match your search Sort By: PREV NEXT Descending by Price rt Beds: 31 Baths:2 �i ft*IMIASIMMMElg Sq. Ft: 2086 Tnawe about this Listing Year Built: 1946 Beds: 3 Baths: 3 Rtequlst A ShOwitp Sq. Ft:: 1760 VmLwe about this Ustm Year Built: 1962 Beds: 3 Bathes: 2 R®queg A Sbowitg / Sq. FL: 2130 Inoue about this Mm Year Built: 1952 Beds: 4 Bathes: 3 ,ra %Qk A SIt1OWfIg �:+irawre Sq. PL: 1850 about this L"m Year Built: 1964 Beds: 3 Baths: 3 [ Reipwi t A S:IOWitg �! Sq. FL: 1934 wire about this Ustina Year Built: 1963 Beds: 3 Baths: 2 RSA 5�10W �L! Sq. Pt.: 1660 Inadrt' about this Listinc Year Built: 1937 Sort BY: C PREV NEXT Descending by Price __� o• r hMS Search Tools: — Ehosil m when new ltatinp match this search, Search Refine Your search MI► Favories I Save Search Criteria I Recently Viewed LBUrgS I Recent Searches login I of 2 4/3/2005 9:33 PM neat cstale MLS#•3011242 Price: $350,000 Location: Edina, MN Style: (Sf) Split Entry (Bi- Level) MLS#:2340814 Price: $349,000 Location: Edina, MN Style: (Sf) One Story MLS#•2380331 Price: $349,000 Location: Edina, MN Style: (Sf) One Story MLS#•3011812 Photo Not Price: $348,500 Available motion: Edina, MN Style: (Sf) One Story Search Results: 25-36 of 42 that match your search http: / /www.mistmder.com/mn rmis/misonline /index.ctm ?action= sea... Beds: 3 Baths:2 A . Sq. FL: 1690 Ina#e abaut this Listing Year Built: 1968 Beds: 2 Baths: 2 p Sq. FL: 1597 ut ft f Year Built: 1947 Beds: 4 Baths: 2 R®quest A �tow�INA Sq. Ft.: 3000 Irinure about tlhis Listing Year Built: 1960 Beds: 4 Baths: 2 ReqUWA $iIOM►M� ' Sq: Ft.: -1828 TimeatiouYtlrstlstinnT Year Built: 1961 Sort By: 'I Sort Desaeriding by Price i PREV NEXT A.S Seakh Tools: ,� Email one whee now rna" this searcm ;_*; Search Refine Your search . I . HV Sworites Save Search Criteria Recently Viewed Usungs Recent Searches ma B% The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the Regional Multiple Listing Service of Minnesota, Inc. Real estate listings held by brokerage firms other than TheMLSonline.eom _are marked with the Broker Reciprocity logo and detailed information about them includes the name of time listing brokers. Disclaimer: All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor TheMLSonline.com shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Service br mWkK1erxom ® 2W5 WdfNet Tedhndogles, LLC S 2 of 2 4/3/2005 9:28 PM CITY OF EDINA Board Appeal and Equalization A&\ Assessors Commentary ID Number: 32- 117 -21 -23 -0037 Date: Address: 6103 Jeffrev Lane 2005 �! , Owner /Agent Name: Richard N. and Laura B. Kuvath t-�X 2005 EMV $473,500 Requested Value $400,000 Recommended Value $$447,100 Comments: The subject property had a remodel /repair project in 2004. I did not see the property after the project was complete, so an estimate of contributory value due to the project was estimated for the January 2nd, 2005 assessment. I viewed the property on March 21, 2005. The subject is a one story house, built in 1955, with an attached 2 stall garage. It has 1662 sq. ft., 3 bedrooms, one full bath, and one 3/a bath above grade. In addition there is approximately 1,000 sq. ft. of finish in the basement, comprised of a bedroom, family room, and a small office area. The owner has attached some information regarding changes that have been done to the home over time. The most recent project removed the old siding and brick and replaced with shake siding, replaced most of the windows, added 2 new windows on the street side of the home, redid the master bedroom 3/a bath, put on an entirely new roof with higher pitch, new maple kitchen cabinets with laminate counters and wood floor, mudjacked the garage concrete floor, and had the tile resurfaced in the main floor full bath. In 1991 an addition to the dining area was accomplished, as well as converting the screen porch to a den /family room. The owner had an appraisal for $365,000 done before the project commenced. The appraisal date was March 30, 2004, and the first permit for the project was pulled April 1, 2004. The permits pulled totaled to a value of $119,700, although the owner states a remodel total at $152,400 in his attached materials. The owner has been given information per their request, regarding the sales that I am using as comparables. Building $191,300 $179,600 $172,500 $345,300 $308,000 $277,500 Total Land $154,000 Value 2004 History 2003 $128,400 2002 $105,000 Sales 8/87 $137,500 History 11/78 $ 75,000 1$48,500 8/73 Building $191,300 $179,600 $172,500 $345,300 $308,000 $277,500 Total Comparables for 6103 Jeffrey Lane Address Yours Year Built 1955 Sq. Ft. Above Grade 1662 Garage Stalls 2 Sale Price I Sale Date Remarks 5517 Halifax Lane 6800 Sally Lane 5120 Windsor Ave 5401 Interlachen Blvd 1955 1966 1949 1963 1368 1374 1407 1448 2 2 2 2 $410,000 $387,500 $349,900 $ Aug -04 May -04 Feb -04 Nov -04 Tuck garage; updated kitchen but not cabinets No updating or remodeling mentioned Kitchen redone; fresh paint Some interior remodel; busier street: Dower line Comparables for 6103 Jeffrey Lane Square Feet Approx Bsmt Address Lot Sq Ft Yr Blt Above Grade Sq. Ft. Fireplace Garagel Baths Sale Price Sale Date Remarks 5509 Dundee Road 16856 1959 1602 1124 2 2 Full + 2 $520,000 Jun -04 $20,100 over list, kitchen updated'1992, no 3/4 baths major changes since 3/2002 sale of $380,000 6025 Kaymar Dr 12066 1957 1461 1108 2 2 Full, 1/2 $399,900 Mar -04 Sold at list, no major updates 3/4 bath 5805 Amy Dr 13207 1968 1616 800 2 2 Full + 2 $450,000 Jun -04 Did not sell thru MLS, previous sale 2001 3/4 baths for $325,000 The 3 sales listed above more than support the recalculated value that I have given you. From the previous information sent to you, I can add the following: 5401 Interlachen Blvd. Given to show that on a much more traveled street, smaller sq. footage, & next to a power line, the sale was for almost $400,000. Listing information regarding your submitted properties that are currently for sale: Asking $ MLS # 5616 Dalrymple Rd 12780 1951 1245 857 2 2 Full, 3/4 $389,900 2379002 No permits for any recent updates or remodel 5600 Benton Ave 11408 1962 1324 1000 2 2 Full, 1/2 $364,900 2378494 3 seeason porch is included in their square 3/4 bath footage - -no permits for remodel or update Busy street 5908 St. Johns Ave 9026 1953 1268 600 2 2 2, 3/4 baths $359,900 2378268 Garage is tandem. Previous sale 6/00 for 1/2 bath $167,000. New deck & draintile since sale 5925 Wooddale Ave 6777 1951 1480 520 1 2 Full, 1/2 $389,900 3006728 Detached garage and ACnew since 2000 sale for $179,900 6209 St. Johns Ave 10814 1955 1085 1318 3 2 Full, 1/2 $389,500 2366131 3 season porch built 1994, no major updates 3/4 bath Here are a few that I found currently for sale: 6009 Saxony Rd 14564 1957 1658 988 2 2 Full, and $549,900 3007043 Original kitchen; listed with "as is" addendum 2,3/4 6907 Gleason Cir 20931 1966 1544 1244 2 2 2 full $599,500' 3005581 Updated kitchen, no permits for major remodel _ 3/4 bath 5412 Edenmoor St 14043 1952 1970 490 3 2 Full, and $525,000 3004545 Living room vaulted,lots of glass; kitchen 2,2/4 updated; master bedroom bath in process CASE #4 SUBJECT BEFORE REMODEL SUBJECT AFTER REMODEL CASE #4 COMPARABLE SALE #1 ADDRESS: 5517 Halifax La SALE DATE: 8/04 SALE PRICE: $410,000 COMPARABLE SALE #2 ADDRESS: 6800 Sally La SALE DATE: 05/04 SALE PRICE: $387,500 CASE #4 COMPARABLE SALE #3 u =a � ADDRESS: 5120 Windsor Ave SALE DATE: 2/04 SALE PRICE: 349,900 COMPARABLE .4 r il� ADDRESS: 5401 Interlachen Blvd SALE DATE: 11/04 SALE PRICE: $395,000 1/ ���Y Case #4 Addendum #I — Narrative for Comparables Comparable #1 is a 1368 sq. ft. one story house, built in 1955, with a 2 stall tuckunder garage. It has approximately 750 sq. ft. of finish in the basement, one full bath upstairs and a 3/4 bath in the basement, and a kitchen with new appliances and counters. Comparable #2 has a main floor square footage of 1374 sq, ft, 2 stall garage, approximately 500 sq. ft. of basement finish, 1 3/4 baths on the main floor, and a 3/4 bath in the basement. It was built in 1966. No major changes or updates are of record. Comparable #3 was built in 1949 and consists of 1407 sq. ft. above grade. It too has a 2 stall garage. It has one bath on the main floor and a 3/4 bath in the basement. The kitchen was redone in 2004, the hardwood floors were refinished, the home was painted, and the basement got new carpet, paint, and an egress window. This house sold 10 months prior for $268,000. I included this sale because of its 2 recent sales, with some improvements having been made between the 2 sales. This indicates contributory value of improvements made. Comparable #4 was included to show that a home on a more heavily traveled street and next to the power line sold for just under $400,000. After my initial recalculation of estimated market value and contributory value due to the improvements, I was asked by the owner to supply the information to them. I was also asked to consider the information as comparison to properties that are presently listed for sale. That was done and is attached in this report. The additional sales at 5509 Dundee Road, 6025 Kaymar Drive, and 5805 Amy Drive listed in that information further support the recalculated value as given to the owners. 5 i , Case #5: CITY OF EDINA Board Appeal and Equalization ��/41\1\�n Assessor's Commentary ___ Property ID Number: 05- 116 -21 -11 -0100 Date: April 14 2005 Property Address: 6307 Colonial Court Owner/Agent Name: Christopher & Cheryl Pedrolie 2005 EMV $397,800 Requested Value None Requested Recommended Value $370,000 Comments: Subject property is a dormered 1 1/z story, built in 1987, with an attached 2 stall garage, and a screened porch. There is no finish in the basement, and it is not a walkout. The main floor has the laundry room and a half bath as you enter from the garage. There is also access through the screened porch and a French door into the informal dining area, as well as a front door entry. A great room with a fireplace, the kitchen, and a main floor master bedroom complete the first floor. The master bedroom has a bath with whirlpool tub, shower, double sinks, and water closet. Upstairs there is a full bath and 2 bedrooms. Part of the second floor is not finished. The property is on a cul -de -sac off Valley View Road, and it backs to Highway 62. The site is 14,077 sq. ft. There is a total of 2055 finished square feet above grade. Because of the location, I used 2 sales on Valley View Road that also back to Highway 62. The style on those 2 were split level and 2 story. A third comparable that is 1 1/2 story style, and is the 2nd lot in from Highway 62 was used, although it was older than the subject. The information submitted by the owner was not used, as we do not deal with taxes. During my visit to the home, the owner was comparing her home to 2 others in her cul -de -sac that are larger than hers. Having briefly reviewed the data on those 2 homes, I have concluded that they should be looked at f next ear's assessment. I also compared the value of-this property to the one next door at 6305 that is very similar but-slightly larger. The sales comparison approach supports a value of $370,000 for the subject, and that would also equalize the subject with the property next door. Bev Moos, Appraise /ter - Land $ 109,600 Building $ 248,000 Total $ 357,600 Value 2004 History 2003 $ 91,400 $ 236,700 $ 328,100 2002 $ 90,900 $ 239,200 $ 330,100 Sales 9/93 $ 215,000 History 7/99 $ 255,000 Comparables for 6307 Colonial Court Comparable #1 located at 6319 Valley View Road is within 3 houses of the subject and backs to Highway 62. It is a split level style house (although MLS calls it a 2 story), built in 1988, of superior construction, and with a 3 stall garage. Upward adjustments were made for baths, size above grade, and deck vs. screen porch for the subject. Downward adjustments were indicated for the quality, basement area and basement finish, garage stall of 3 vs. 2, fireplace count, and walkout. Comparable #2 is within a block at 6329 Valley View Road. The style of this home is 2 story, built in 1995, with a very large deck, and 3 stall garage. Plus adjustments to the property's sale price were made for a difference in baths, square footage above grade, and basement size. Adjustments in a negative direction were made for lot size, age, basement finish, and garage stall. Comparable #3 is located on the east side of Highway 100 and is the 2nd lot in on the north side of Highway 62. The combination of being a dormered 1 1/2 story style like. the subject, plus its proximity to the highway, is why this comparable was included. It is older than the subject, but an adjustment was made for that difference. Increases to the sale price of the comparable were made for site size, quality of the construction, age, baths, and basement area. Minuses were calculated for a difference in size, for the basement finish, and for a greater number of fireplaces. CASE #5 SUBJECT at 6307 COLONIAL COURT COMPARABLE SALE #1 1 �,r ADDRESS: 6319 Valley View Road SALE DATE: 4/04 SALE PRICE: $455,000 vs 4N r COMPARABLE SALE #1 1 �,r ADDRESS: 6319 Valley View Road SALE DATE: 4/04 SALE PRICE: $455,000 CASE #5 COMPARABLE SALE #2 Lo i� •1 >- :a r J� e s� ADDRESS: 6327 Valley View Road SALE DATE: 2/05 6/02 SALE PRICE: $382,000 $302,000 COMPARABLE SALE #3 ADDRESS: 6308 Concord Avenue SALE DATE: 8/04 SALE PRICE: $380,000 9 Case #5: CITY OF EDINA Board Appeal and Equalization ^�/^11\ Assessors Commentary Property ID Number: 05- 116 -21 -11 -0100 Date: April 7 2005 Property Address: 6307 Colonial Court Owner/Agent Name: Cheryl and Christopher Pedrolie 2005 EMV $397,800 Requested Value None Indicated Recommended Value Comments: On March 31st Cheryl faxed a letter and accompanying information to our office. She stated that she was going out of town until April 4�h. I called her office and home numbers and left messages at both to call me when she got back to town. I had not gotten a call back by April 7t", so tried again to reach her. We talked on April 7t' and set an appointment for April 12"'. Bev Moos, Appraiser Land $ 109,600 Building $ 248,000 Total $ 357,600 Value 2004 History 2003 $ 91,400 $ 236,700 $ 328,100 2002 $239,200 .$330,100 Sales 7/1999 255,0 History 9/1993 $ 2 5,000 3/31/05 To: City of Edina Assessor's Office Fax: 9521826 -0389 From: Cheryl Pedrolie Home Tel: 9521927 -6071 or Work: 612/656-4003 I will be out of the office and out of town 4/1-4 so if you need to send me the City of Edina Board of Appeal application by 4/1/05, please send it to my home address: 6307 Colonial Court Edina, MN 55436 I have attached information on 7 properties in my area (including mine) that are arranged from least amount of finished square footage to the most and 3 of those properties are larger than ours and their taxes are less. One property has taxes that are considerably less, however the finished square footage is only 38 square feet less. Please review the attached documents and call me to discuss this at your earliest convenience. Thank you very much. Finished sq. footage Tax Address 1965 $2,007 6300 Valley View Road 2003 (my home) 3,902 6307 Colonial Court 2324 4,251 6325 Valley View Road 2460 3,332 6309 Colonial Court 2477 3,706 6319 Valley View Road 2777 3,507 6327 Valley View Road 3398 4,500 6321 Valley View Road 60/10"d 68E09282966 01 002CE49 219 E# 3NO088 1 NdWMOa ad 09:91 9002 IC MUW City,of Edina, Minnesota 4801 West SOP Street • Edina, MN 68424 -1394 ■ (952) 826 -0368 • FAX: (952) 828 -0389 - TTY: (952) 826-0379 2005 Notice of Valuation and Classification For taxes payable In 2006 — This is VNOr a bill Property Identification Number. 05. 116.21 -11 -0100 Property Location: 6307 COLONIAL CT CHRISTOPHER J PEDROLIE CHERYL L PEDROLIE 6307 COLONIAL CT EDINA MN 65436 -2576 JANUARY 2, 2005 The values Indicated are for the January 2, 2006, Assessment for taxes payable In 2006. The prior year data has been Included for comparison purposes. 8004 for 2005 Taxes 2005 for 2006 Taxes Property Classification: RESIDENTIAL RESIDENTIAL HOMESTEAD HOMESTEAD Estimated Market Value: $357,600 $397,800 Limited Market Value: $357,600 $397,800 Value of New Improvements: This Old House Exclusion: 1 — Call Local Assessor If you believe the 2005 estimated market value and/or classification of this property has been determined incorrectly, you nave the right to make an appeal. Inquiries concerning valuation or property class should first be directed to your Assessors Office. This is an Important first step of the appeals process. Many times questions and concerns can be addressed Informally, prior to the Local Board meetings. You should contact the Edina Assessor's Office at (952) 826 -0365. — Boards of Appeal and Steor 01 - City of di A ea n uau o If you believe your value or classification is incorrect, you may bring your case to the Local Board of Appeal and Equalization. You may appear In person, by letter, or be represented by an authorized agent. Please call your assessors office first, an appointment may be necessary. It is required that you first attend the Local Board prior to attending the County Board of Appeal. The Board convenes at 5:00 PM, on Monday, April 11, 2005, In the Council Chambers, City Hall, 4801 West 5CP Street, Edina,-MN. 55424._N you wish to make an appeal before the local b Steb 42-,.- Henitsoifl •c6untY Board or AOoem ana •EQuanzapon • • a .'.: . • . • • The County Board of Appeal and Equalization begins on June 13, 2005, at the Hennepin County Government Center, 300 South Sixth St., Minneapolis, MN 66487. Application is required no later than June 8, 2005. TToangeerbe&m 1 3 — Minnesota Tax Court 8ma11 pial ms 'Division You may take your case directly to the Small Claims Division of Tax Court If: a The assessor's estimated market value of your property is less than $300,000: or a The entire parcel Is classified as a residential homestead (1 a or 1 b) and the parcel contains no more than one dwelling unit: or ■ The entire property is classified as an agricultural homestead (2a or 1 b); or • You are appealing the denial of a current year a, p0lcqUon for homestead classification of your property. Regular b'Won Regardless of your property type or the nature of your claim, you always have the option to file directly with the Regular Division of Tax Court. You have until April 30, 2006, to file an appeal with the Small Claims Division or the Regular Division of Tax Court for this years valuation notice. For more information, contact: MN Tax Court, 25 Reverend Dr. Martin Luther King Jr. Blvd., Room 245, St. Paul, MN 55115 Phone: 651- 296 -2806 [TTY Relay (800) 6274529 Teletype Web site: www.taxcourt.state.mn.us E -mail: info(8itaxcou .state.mn.us 60/20 ' d 68CO9282S66 01 002C249 219 C# 3NOOdH 'e NUWMOH ad 0S : S 1 S002 i E NNW Status: Sold List Price: $ 249,500 List #:1477668 Style: (811) One Story old Price: $ 240,000 Construction Status: Previously Owned Bedrooms; 4 Map Page, 119 MLS Area 0: 385 Total Bath: 2 Map Coord: D4 Garage: 2 Lot Size: 25OX221X272X151 Year Built: 1957 Acres: 1.09 Lake/Waterfront Foundation Size: 1400 Lake Name: AbvGrd Fin Sq Ft: 1969 County: HENN - Hennepin BelOrd Fin Sq Ft 0 Tax Year 1999 HS: Y Total Fin Sq Ft 1965 Tax Amt $ 2,007 Property ID: 51 "6,2,j110060 Tax wlassess: $ 2,007 List Date: 211012000 Assess Bal: so - Market Time: 19 Assess Pend: No Assume: Not Assumable 6300 VALLEY VIEW RD Oft Market Date: 212012000 Selling Agent GeomB Q6e1 EDNA - Edina 55436 Date Closed: 7/21/2000 Selling oflioe:LakILB2ft Directions: TRACY TO VALLEY VIEW - EAST TO HOME Legal: LOT 11 BLOCK 5 VALLEY VIEW HEIGHTS School Dist* 1 - Mlnneapolls Common Wall: No Complex0evelopment/3ubdivlslon: - - -- - — Restrlctlons/Covenants: Lot Description: Association Fee ;$ 0 Frequency: Approved Financing: Fee Includes: Public Remarks: Room Lev Dim Desc Lev Dim Heat Forced Alr Living Rm Main 19 x 1a Amusement Lower 19 x 11 Fuel: Natural Gas Dining Rm Main 10 x 9 Room Air Conditioning: Central Family Rm Lower 23 x 12 Water. City Water - Connected Kitohen Main 10 x 8 Sewer: City Sewer - Connected Bedroom i Main 12 x 12 Garage Stalls: 2 Bedroom 2 Main 12 x 11 Other Parking: 0 Bedroom 3 Main 10 x 9 Pool: Bedroom 4 Lower 11 x 11 Baths: Full:1 314 :1 112:0 114:0 Bath Charecteristics:Main Floor Full Bath, 314 Basement, Basement Dining Room:Living /Dining Room Family Room: Fireplaces: Fireplace Characteristics: Amusement Room Appllences:Range, Exhaust FordHood, Dishwasher, RefKgerator, Washer, Water &oftener - Owned, electronic Air Filter BasementWalkout, Full, Finished (Livable), Egress Windows Exterlor.Shakes Fencing: Roof: Amenities - Shared: Amenities - UnitHardwood Floors, Parking Characteristics: Shared Rooms:Amusement/Party ROOM Special Search:3 OR on One Level It Under Construction: Prol Comp Date: Lot Price: $0 Low Price Range:SO High Price Range:$$ Cooperating Broker Comp: Buyer Broker Comp:2.7 Variable Rate:No Sub -Agent O Facilitator Comp-0 Type:Exclusive Right To Sell Listing Agent Geo a Ocgi GEORGE OCEL 209 78891920 6328 Listing Off ce; aakkes� Molb Office Phone: 9524929.0533 Appt Phone: 612 209 7889 Inibrmafion Deemed Reliable But Not ® 2001 -2003 Regional NLS of Minn., Inc. Guaranteed AO Rights Reserved 60 /CO'd SBCO9282966 01 002C2Z9 219 C# 3>10089 1 NUWMOS ad 09:9I 9002 IC NUW Off COLONIAL Cj EDNA -Edina 55436 Status: Sold List Price: $ 259,9.00 OR Market Date: 512711999 Selling Agent Doman E Yaaaie Date Closed: 7119/1999 Self l��ce'Coldwall Ba r Directions: 62 TO TRACY -N TO VALLEY VIEW E TO COLONIAL CT Legal: LOT 2 BLK'I S OUTLOT A COLONIAL COURT _ School Distfk 278 -Edina ----Common Common Wag: No - Comptex/DevelopmenVSubdivision: Restrictions/Covenants: Lot Description: Association Fee:$ 0 Frequency: Approved Financing: Fee Includes: Public Remarks: Room Lev Dim Dose Lev Dim Host Forced Air List it:1425667 Style: (SF) Two Stories Rold Price: $ 265,000 Construction Status: Previously Owned Bedrooms: 3 Map Page: 119 MLS Area # 385 Total Bath: 3 Map Coord: D4 Garage: 2 Bedroom 3 Upper 12 x 10 Lot Size: 67XI89X110X124 Year Built 1987 Acres: O Lake/Waterfront: Foundation Size: 1440 Lake Name: AbvGrd Fin Sq Ft 2003 County: HENN - Hennepin BBIDM Fin Sq Ft 0 Tax Year 1999 HS: Y Total Fin Sq Ft 2003 Tax Amt $ 3,902 Property ID: H001162 111 0100 Tax w /assess: $ 3,902 List Date: 8/18/1999 Assess Bal: so Market Time: 15 Assess Pend: No Assume: Not Assumable OR Market Date: 512711999 Selling Agent Doman E Yaaaie Date Closed: 7119/1999 Self l��ce'Coldwall Ba r Directions: 62 TO TRACY -N TO VALLEY VIEW E TO COLONIAL CT Legal: LOT 2 BLK'I S OUTLOT A COLONIAL COURT _ School Distfk 278 -Edina ----Common Common Wag: No - Comptex/DevelopmenVSubdivision: Restrictions/Covenants: Lot Description: Association Fee:$ 0 Frequency: Approved Financing: Fee Includes: Public Remarks: Room Lev Dim Dose Lev Dim Host Forced Air Living Rm Porch Main 18 x 9 Fuel: Natural Gas Dining Rm Main 11 X11 Informal Main 12 x 7 Air Conditioning: Central Water. Water Family Rm Main 18 x 18 Dining Room City - Connected Kltu;hen Main 15x 12 Laundry Main 11 X6 Sewer. City Sewer - Connected Bedroom 1 Main 17 x 14 Garage Stalls: 2 Bedroom 2 Upper 11 x 10 Other Parking: 0 Bedroom 3 Upper 12 x 10 Pool: Bedroom 4 Baths: Full: 2 314:0 1/2:1 1/410 Bath Characteristics:Main Floor Full Bath, Main Floor 112 Bath, Upper Level Bath, Full Master, Whirlpool. MASTR Dining Room:SeparatelForinal Dining Room, Fat In Kitchen, Breakfast Area Family Room:Main Level, Family Room Fireplaces:Yee Fireplace Characteristics: Other, Family Room Appliances:Range Microwave Exhaust FanlHood, Dishwasher, Softener sher, Refrigerator, Washer, Dryer, Water So - Owned, Disposal BasementFull, Drain Tiled, Sump Pump Exterior.HardboardlMasoNte Fencing :Other Rae. Amenities - Shared: Amenities - UnitDECKP, Porch, Hardwood Floors, Parking Characteristics: Attached Garage. Garage Door Opener Shared RoommOther Special Search:Main Floor Bedroom If Under Construction: Proj Comp Date: Lot Price: $0 Low Price Range:$0 High Price Range;50 Cooperating Broker Comp: Buyer Broker Comp:3.1S Variable Rete:No Sub,Agent:0 Facilitator Comp:O Type:Exctusive Right To Sell Listing Agent E,(izadeth A Knapp BETTY KNAPP 612485 -6271 Listing Office: COLDW _ELL 9ANKt?R $11HNP,I Office Phone: 612-6844878 Information Deemed Reliable But Not Gueranleed Appt Phone: 612 - 885.8280 0 2001 -2003 Regional MILS of Minn., inc. All Rights• Reserved 50ib0 . d 68609282966 Ol 00262L9 219 6## 3>10088 1 NUWMOH NJ 09:91 S002 16 8dW Single Family Raeldentlal Status: Sold List Price: $ 2199900 Lisa #:144ao7o style: (SF) Two Stories old Price: 215,00 Construction Status: Previously Owned Bedrooms: 3 Map Page! 119 MLS Area #: 386 Total Bath: 3 Map Coord: D4 Garage: 2 Lot Size: 62X176X80X154 Year Built 1992 Acm3: 0 LakellNaterfront Foundation Size: 1372 Lake Name: AbvGrd Fin Sq Ft: 1676 County: HENN - Hennepin BelGrd Fin Sq Ft: 446 Tax Year 1999 HS: N Total Fin Sq Ft 2324 Tax Amt: $ 4,213 Property ID: Hg511621120063 Tax Wassess: S4,231 List Date: 611111099 Assess Sal: $ 0 Market Time: 104 Assess Pend: No Assume: Not Assumable Selling Agent: Vtralnie Na Selling Offlcwhots of Lots. inn 6.25 VALLEY VIED_ Off Market Date: 1111911999 EDNA -Edina 55436 Date Closed: 121211999 Directions: CROSSTOWN TO TRACY, N TO VALLEY VIEW FAST Legal: LOT 4 BLOCK 1 VALLEY VIEW HEIGHTS 3RD ADON School Dist #: 273 - Edina Common Wall: No Complex /Development/Subdivision: Restllctions/Covenants: Lot Description: Association Fee:$ 0 Frequency: Approved Financing: Fee Includes: Public Remarks: Room Lev Dim Dese Lev Dim Living Rm Main 17 x 17 Deck Main 12 x 10 Dining Rm Main 13 x 11 Informal Family Rm Lower 26 x 14 Dining Room Maln 11 x 9 10tchen Main 13 x 11 Loft Upper 13 x 8 Bedroom 1 Upper 17 x 14 Bedroom 2 Upper 16 x 11 Bedroom 3 Upper 12 x 11 Bedroom 4 Baths• Full: 2 314: 0 112:1 114: 0 Heat Forced Air Fuel: Natural Gas Air Conditioning: Central Water. City Water - Connected Sewer. City Sewer - Connected Garage Stalls: 2 Other Parking: 0 Pool: Bath Charecterlstics:Main Floor 112 Bath, Upper Level Bath, Full Master, Whirlpool, MASTR Dining Room:Separatellromral Dining Room, Eat In Kitchen Family Room:Family Room Firepiaces:Yes Fireplace Characteristics: Other, Living Room Appllances:Rangs, Dishwasher, Refrigerator, Disposal Basement:Full, Finished (Livable), Drain Tiled, Sump Pump Exterior.Wood, Brickl8tone Fencing: Roof: Amenities - Shared: Amenities - UnitDECKP, Hardwood Floors, Parking Characteristics: Attached Garage, Garage Door Opener Shared Rooms: Special Search: it Under Construction: Pmj Comp Date: Lot Price: $0 Low Price Range:SO High Prioe Range:$0 Cooperating Broker Comp: Buyer Broker Comp:3.15 Variable Rate: Sub Agent:0 Facilitator Comp:3.15 Type:Exclualve Right To sell Listing Agent Linda P Sbarkily KEVIN & LINDA SHARKEY 612.949.0466 Listing Office: Indeol ndent Brokers Realty Office Phone: 952949.0263 Appt Phone: 612.949.0283 Infrormation Deemed Reflable But Not ® 2001.2003 Regional MLS of Minn., Inc. Guaranteed All Rights Reserved 60 /90'd SBC0928296S 01 002C2L9 219 C# 3NO089 1 NUWM08 ad 09 :91 9002 IC NUW 6302 COLONIAL EDNA -Edina 55436 Status: Sold Style: (SF) Two Stories Construction Statu s Bedrooms: Total Bath: Garage: Lot Size: Acres: Foundation Stze; AbvOrd Fin Sq Ft B®IGrd Fin Sq Ft: Total Fin Sq Ft Property ID: List Date: Previously Owned List Price: $ 249,900 List * 1488727 old Price: $ 24s,on 3 4 Map Page: 118 MLS Area #: 388 Map Coord; Dd 2 B1XSDX141X124 Year Bulit: 1985 0 Lake/Waterfront 888 Lake Name: 1608 County: HENN - Hennepin 852 Tax Year 2000 HS' 2460 H0511621120 -954 3/29/2000 Market Time: 67 Off Market Date: 5/2312000 Date Closed: 711712000 .Y Tax Amt $ 3,332 Tax w /assess: $ 3,332 Assess Bal: so Assume: Assess Pend: No Information Coming Selling Agent Dnnatd K FojbX Selling Office :Crossroads Real Directions: TRACY TO VALLEY VIEW N SIDE 062 EAST 2.37 BLOCKS Legal: LOT 1 BLOCK 1 COLONIAL COURT School Dist #. 273 - Edina Common -Wall: No - -- - - Complex /Developm en t/Subdivielon: Restrictions /Covenants: Lot Description: Association Fee:$ 0 Frequency: Approved Financing: Fee Includes: Public Remarks: Room Lev Dim Deso Lev Dim Heat Forced Air Living Rm Main 16 x 11 Recreation Fuel: Natural Gas Dining Rm Main 13 x B Room Lower x 11 Air Conditioning: Central Family Rm Main 17 x 11 Laundry Lower 14 x 9 Water. City Water . Connected Kitchen Main 11 x 10 Office Lower 9 x B Sewer. City Sewer - Connected Bedroom 1 Upper 14 x 11 Garage Stalls: 2 Bedroom 2 Upper 12 x 10 Other Parking: O Bedroom 3 Upper 10 x 10 Pool: Bedroom 4 Baths: Full: 2 314:0 1/2:2 114:0 Bath Charactedstics:Maln Floor 112 Bath, Upper Level Bath, Full Master, 112 Basement, Basemsrd, MASTR Dining Room:Separate/Formal Dining Room, Eat In Kitchen Family Room:Main Level Fireplates:Yes Fireplace Characteristics: Other, Family Room Appnances:Range, Dishwasher, Refrigerator, Washer, Dryer, Water Softener - Owned, Disposal BaaemenkWalkout. Full, Finished (Livable), Sump Pump, Daylight/Lookout Windows Exterlor.Wood Fencing: Roof Amenities - Shared: Amenities - Unit:DECKP, Hardwood Floors, Parking Characteristics: Attached Garage, Garage Door Opener Shared ROOms:Other, AmusementlParty Room Special Searoh:3 BR on One Level If Under Construction: Proj Comp Date: Lot Price: SO Low Price Range:SO High Price Range:SO Cooperating Broker Comp: Buyer Broker Comp:3.15 Variable Rate:No Sub- ftent3,15 Facilitator Comp:9.1B Type-Exclusive ruble Right To 3e11 Listing Agent jowell R Johngorn LOWELL JOHNSON 9524!27.1629 Listing Office: J dItull city. Inc Office Phone: 952 -927 -1100 Appt Phone. 952. 927.1133 Information Deemed Reliable But Not ® 2001 2003 Regional GALS of Minn., Inc. Guaranteed All Rights Reserved 30/901d 68009282966 01 002C249 219 C# 37100811 V NUWM09 8.1 I S t S I S002 IC NNW 1531Q Mallpy View Road Status: Sold List Price: $ 476,000 EDNA - Edina MINNE 55436 Date Closed: 411012004 Selling Office:F -dina Realty Directions: Crosstown Hwy 82 to Tracy Ave to V.V. (Valley View is north Beast of 62 and Tracy) Legal: Lot 1, Block 1 Valley View Heights. 3rd Addition School Dist 0: 273 - Edina Common Wall: No Complex /Development/Subdivision, Restrictions/Covenants: Lot Descripdon:Tmo Coverage - Heavy Association Fee :$ 0 Frequency: NIA Approved Financing: Fee Includes: NIA Public Remarks: Spectacular setting and house beautifull A rare opportunity to won a newer home in Edina featuring luxury master suite, vaulted callings, 3 stall garage, spacious & open rooms. Professional landscaping is stunning. Wooded yard. See Todayl Room Lev Dim Desc Lev Dim Heat: Forced Air Living Rm Main 16x24 Deck Main 1Ox10 Fuel: Natural Gas Dining Rm Main 11x11 Patio Lower 10x'10 AlrConditioning: Central Family Rm Lower 16x24 Laundry Lower 6x10 Water. City Water- Connected Kitchen Main 14x14 Utility Room Lower 24x26 Sewer: City Sewer - Connected Bedroom 1 Upper 13x15 Garage Stalls: 3 Bedroom 2 Upper 10x11 Other Parking: Bedroom 3 Upper 111x11 Pool: Bedroom '4 Lower 12x15 Baths: Full: 2 314:1 1/2: 0 1/4: 0 Bath Charactertstics:Upper Level Bath, Private Master, Full Master, 314 (Basement, Whirlpool Dining Room :Separate /Formal Dining Room, Eat In Kitchen, Breakfast Area Family Room:Maln Level, 2 Story/HighNaulted Ceilings. Family Room Fireplaces:Yes Fireplace Characteristics: Living Room, Farrnlly Room. Wood Burning Appilances:Range, Wall Oven, Microwave, Exhaust Fan/Hood, Dishwasher, Refrigerator, Water Softener - Owned, Disposal Basement :Walkout, Finished (Livable), Drain Tiled, Sump Pump, DaylightlLookout Windows Exterior:Wood, Brick/Stone Fencing: Koor. List 5: 2185963 Style: (SF) Two stories old Price: $ 455,0061 Construction Status: Previously owned Bedrooms: 4 Map Page: 119 MLS Area 0, 365 Total Bath: 3 Map Coord: 04 Garage: 3 Lot Size: 8242307009 Year Built 1988 Acres: 0.38 Lake/Waterfront Foundation Size: 1699 Lake Name: AbvGrd Fin Sq Ft 2477 County: HENN - Hennepin 8910rd Fin Sq Ft: 0 Tax Year 2003 . HS: Yes Total Fin Sq Ft: 2677 Tax Amt: $ 3.706 Property ID: 0511621120080 Tax w /assess: $ 3.706 List Date: 9/212003 Assess Sal: $ 0 Market lime: 141 Assess Pend: No Assume: Not Assumable Off Market Date: 1113/2004 Selling Agent: Rita G Chairoaldril EDNA - Edina MINNE 55436 Date Closed: 411012004 Selling Office:F -dina Realty Directions: Crosstown Hwy 82 to Tracy Ave to V.V. (Valley View is north Beast of 62 and Tracy) Legal: Lot 1, Block 1 Valley View Heights. 3rd Addition School Dist 0: 273 - Edina Common Wall: No Complex /Development/Subdivision, Restrictions/Covenants: Lot Descripdon:Tmo Coverage - Heavy Association Fee :$ 0 Frequency: NIA Approved Financing: Fee Includes: NIA Public Remarks: Spectacular setting and house beautifull A rare opportunity to won a newer home in Edina featuring luxury master suite, vaulted callings, 3 stall garage, spacious & open rooms. Professional landscaping is stunning. Wooded yard. See Todayl Room Lev Dim Desc Lev Dim Heat: Forced Air Living Rm Main 16x24 Deck Main 1Ox10 Fuel: Natural Gas Dining Rm Main 11x11 Patio Lower 10x'10 AlrConditioning: Central Family Rm Lower 16x24 Laundry Lower 6x10 Water. City Water- Connected Kitchen Main 14x14 Utility Room Lower 24x26 Sewer: City Sewer - Connected Bedroom 1 Upper 13x15 Garage Stalls: 3 Bedroom 2 Upper 10x11 Other Parking: Bedroom 3 Upper 111x11 Pool: Bedroom '4 Lower 12x15 Baths: Full: 2 314:1 1/2: 0 1/4: 0 Bath Charactertstics:Upper Level Bath, Private Master, Full Master, 314 (Basement, Whirlpool Dining Room :Separate /Formal Dining Room, Eat In Kitchen, Breakfast Area Family Room:Maln Level, 2 Story/HighNaulted Ceilings. Family Room Fireplaces:Yes Fireplace Characteristics: Living Room, Farrnlly Room. Wood Burning Appilances:Range, Wall Oven, Microwave, Exhaust Fan/Hood, Dishwasher, Refrigerator, Water Softener - Owned, Disposal Basement :Walkout, Finished (Livable), Drain Tiled, Sump Pump, DaylightlLookout Windows Exterior:Wood, Brick/Stone Fencing: Koor. Amenities - Shared: Amenities - UnitDeck, Patio, Natural Woodwork, Kitchen Window. Vaulted Ceinng(s), Hardwood Floors, Tiled Floors, Washer /Dryer Hookup Parking Characteristics: Attached Garage, Driveway - Asphalt, Garage Door Opener Shared Rooms Special Search :3 BR on One Level If Under Construction: Pro) Comp Date: Lot Price: S Low Price Range:$ High Price Range:$ Cooperating Broker Comp: Buyer Broker Comp:3.13% Variable Rate:No Sub- Agent0% Fadlltator Comp :G% Type:Exclusive Right To Sell Listing Agent R.ifa A ,hairealrini Rita O Chairpoldni /6124Bti441629 Listing Office: Edina Realty Office Phone: 952492 -7000 Appt Phone: 862.688.7002 Infibirrration Deemed Reliable But Not ® 2001.2003 Regional ML.S of Minn., inc. Guatenteed All Rights Reserved 60iLO ' d 66609282966 01 002EZL9 219 C## 3>10089 'a NUWMOH 8J I S : S 1 9002 IC NNW Status: Sold Style: ($F) Modified Two Story Construction Status: Previously Owned List Price: $ 399,900 List #: 2331229 Bedrooms: 5 Map Page: 119 MLS Area #: 388 Total Bath: 4 Map Coord: d4 Garage: 3 Lot Size: 278x1S4x184x7S Year Built: 1995 Acme: 0 Lake/Wetedront: Foundation Size: 1009 Lake Name: AbvGrd Fin Sq Ft 1832 County: HENN - Hennepin 8e1Grd Fin Sqq Ft: 948 Tax Year: 2004 • HS: Yes Total Fin Sq Ft 2777 Tax Amt 8 3x455 Property ID: I12MM21120064 Tax w /assess: $ 3,507 Ust Date: 9?AR004 Assess Bal: $ 51 Market Time: 112 Assess Pend: No Assume: Not Assumable CDOM: 6327 VALLEY VIER EM Off Market Date: 1/13/2005 Selling Agent: Tiftny A gh_Aag EDNA - Edina Minnesota 55436 Date Closed: 2/18/2005 Selling OfP,os :Edina Realty Directions: hwy 62 to tracy, north straight off highway on valley view to horns. Legal: lot 5. blk 1, valley view heights 3rd addn - School. Dist V. 273 -Edina Common Wall: No Comp lox /Development/Subdivision: RestrictionslCovenants: Lot Description:irregular Lot, Tree Coverage - Medium Association Fee:$ o Frequency: NIA Approved Financing: Fee includes: NIA Public Remarks: Newer Construction in Edina on huge lot. 1995 Built 5br, 4 bth modified 2 story with heated 3 car garage. Hardwood floors, vaulted callings, amusement room, and huge brand new deck. Home has one year warranty, don't miss this rare oppurtunityl Room Lev Dim Desc Lev Dim Heat: Forced Air Living Rm Main 29x13 Fifth (6th) Lower 14x9 Fuel: Natural Gas Dining Rm Main 12x11 Bedroom Air Conditioning: Centrel Family Rm Lower 17x12 Informal Water. City Water - Connected Kitchen Main 12x12 Dining Room Main 12X9 Sewer. City Sewer - Connected Bedroom 1 upper 14x13 Office Main 10x9 Garage Stalls: 3 Bedroom 2 Upper 12x10 Amusement Lower 17x12 Other Parking: Bedreom.3 Upper 12x10 Room Pool: Bedroom 4 Lower 13x12 Baths: Full:1 3/4:2 1/2 :1 1/4: 0 Bath CharacterlstlowMain Floor 112 Bath, Upper Level Bath, 314 Master, 314 Basement Dining Room:Separate/Formal Dining Room, Informal Dining Room Family Room:Maln Level, Lower Level, 2 or More Fireplsces:Yes Fireplace Characteristics: Living Room, Gas Burning Appllances:Range, Microwave, Dishwasher, Refrigerator. Freezer, Washer, Dryer, Disposal BasementFull, Finished (Livable), Draln Tiled, Sump Pump, Egress Windows Exterior:MetalNinyl, BricklStone Fencing:None Roof.Asphalt Shingles Amenities - Shared: Amenities - UnitDeck Parking Characteristics: Attached Garage, Heated Garage, Driveway - Asphalt Shared Rooms: Special Search: Agent/Owner. No If Under Construdion: Proj Comp Date: • Lot Price: S Low Price Range:$ High Price Range.$ Cooperating Broker Comp: Buyer Broker Comp:2.1% Variable Rate:No Sub,Agent:0% Facilitator Comp :016 Typs:Exclusive Right To Sell Usting Agent: George P Dohemr George P. Doherty Listing Office: Igp_9aAent Brokers Realty Office Phone: 952 - 949-0263 Appt Phone: 952849 -0263 Information Deemed Reliable But Not ® 2001.2005 Regional MLS of Minn.. Inc. Guarenfeed All Rights Reserved (30/801d 68CO9282966 01 0021;249 219 C#1 3NO089 1 NUWFIOH lid T S c S t S00Z IC NNW Q321 VALLEY VIEW._eQ EDNA -Edina 55436 Status: Sold List Price: $ 279,900 List #:1405076 Style: (SP) Two stories old Price: $ 274,9001 Construction Status: Previously Owned Bedrooms: 4 Map Page: 119 MLS Area #: 385 Total Bath: 3 Map Coord: D4 Garage: 2 Lot Description: Lot Ste: 82X209X7BX193 Year Built: 1987 Acres: 0 Lake/Waterfront Heat Famed Air Foundation Stze: 1364 Lake Name: Air Conditioning: Central AbvGrd Fin Sq Ft 874 County: HENN - Hennepin BelOrd Fin Sq Ft 1160 Tax Year 1899 HS: Y Total Fin Sq Fl: 3398 Tax Amt: $ 4,500 Property 10: H0511 2112M Tax w /assess: :0 List Date: 212611909 Assess Dal: so Market Time: 113 Oft Market Date: 611811999 Data Closed: 8130/1999 Assess Pend: Assume: Not Unknown Assumable Selling Agent: Jane CQuAak Selling OfflowColdwei_l 1janker Sumet Directions: 82 TO TRACY NO TO VALLEY VIEW E. TO HOME Legal: LOT 2 BILK 1, VALLEY VIEW HMGHTS 3RD ADDITION School Dist#: 273 -Edina - Common Walt No Complex/DevelopmenUSubdivision: Restrictione/Covenants: Lot Description: Association Fee:$ 0 Frequency: Approved Financing: Fee includes: Public Remarks: Room Lev Dim Deac Lev Dim Heat Famed Air Living Rm Main 13 x 20 Informal Main 12 x B Fuel: Natural Gas Dining Rm Main 13 x 11 Dining Room Air Conditioning: Central Family Rm Main 12 x 15 Amusement Lower 37 x 12 Water City Water - Connected Kitchen Main 12 x 12 Room Sewer. City Sewer - Connected Bedroom 1 Upper 13 x 17 Office Lower 13 x 10 Garage Stalls: 2 Bedroom 2 Upper 12 x 12 Other Parking: o Bedroom 3 Upper 12 x 10 Pool: Bedroom 4 Lower 14 x 21 Baths: Full: 2 3/4:1 1/2:1 1/4:0 Bath Characteristics:Main Floor 112 Bath, Upper Level Bath, Full Master, 314 Basement, Basement, Whirlpool, MASTR Dining Room:Sepam Wormal Dining Room. Eat In Kitchen Family Room:Maln Level, Family Room Flreplaces:Yes Fireplace Characteristics: Other, Family Room, Amusement Room Appliances:Rangs, Dishwasher, Refrigerator, Washer, Dryer, Water Softener - Rented, Disposal Basement:Walkout, Finished (Livable) Extertor.Wood Fencing:Other Roof. Amenities - Shared: Amenities - Unft Security System, DGCKP, Unspecified, Hardwood Floors, Parking Characteristics: Attached Garage, Garage Door Opener Shared Rooms:Amusement/Patty Room Special Search:Main Floor Laundry, 3 OR on One Level If Under Construction: Proj Comp Dabs: Lot Prioe: $0 Low Price Range:80 High Price Range:$0 Cooperating Broker Camp: Buyer Broker Comp:2.7 Variable Rate:No Sub- AgentO Facilitator Comp:2.7 Type:Exclusive Right To Sell Listing Agent Charles B Abramson CHUCK ABRAMSON 868-7061 Listing Office: COLDWELL BANKER Office Phone: 9524446780 BURNT Appt Phone: 6124 005 Inhumation Deemed Reliable But Not ® 2001 -2003 Regional MLS of Minn., Inc. Guaranteed AU Rights Reserved 60/60'd 68C09282S66 01 002C2L9 219 C# 3N0088 'a NUWMOH NJ 19:S1 900Z lC NUW .�s d Case #6: CITY OF EDINA ,Board Appeal and Equalization ����� /Ax /411�\\ Assessor °s Commentary Property ID Number: 30- 117 -21 -12 -0079 TDat . April 13 2005 Property Address: 421 Tyler Ave Owner/Agent Name: 2005 EMV $2861400 Requested Value $250,000-$265,000 Recommended Value Sustain at $286,400 Comments: Subject property is a 4 level split style with a 2 stall tuck -under garage that was built in 1959. It is situated on a lot that is 100'x 108' at the corner of Maloney Ave. and Tyler. Maloney Ave has a fair amount of residential traffic. Entry is on the same grade of the garage, is tiled, has an updated 3/4 bath, and provides an open area to either go down to the family room or up to the main living area. The family room is sheetrock and carpeted, with a gas fireplace. A laundry and mechanical area is in the unfinished portion of the family room level. The living room has a gas fireplace, and the living and dining rooms have a trayed ceiling and hardwood floors. There is a sliding glass door from the dining room to the patio. The patio is badly cracked and contributes minimal value. The kitchen was redone in 2001 with maple cabinets and tile floor, and it has an informal dining area. Three bedrooms and 1 3/4 baths are on the uppermost level. Both baths have been updated with some new fixtures and bath vanity, although the 3/4 bath shower is not yet completed. Since the purchase in 2000 the updates have included the kitchen, the baths, all new 6 panel doors, all new windows and sliding glass door, redoing or replacing flooring, new roof, new furnace and air conditioner, and the gas conversion of the fireplaces. My search for comparables was for 4 level splits that have tuck -under garages, but I did include a split entry referenced by the owner, as well as a 4 level of different layout, but in close proximity to the subject. The valuation indicated by the sales comparison approach is $325,000, so we recommend that the present value be sustained at $286,400, with a valuation review for 2006 placed on this appraiser's calendar. Bev Moos Appraiser Land $ 74,700 Building $ 189,400 Total $ 264,100 Value 2004 History 2003 $ 74,700 $ 159,100 $ 233,800 2002 $61,500 $ 170,400 $231,900 Sales 6/1977 $ 64,000 History 7/2000 $197,000 Comparables for 421 Tyler Ave. Comparable #1 was chosen because of its close proximity to the subject and because it is a 4 level split style home. The garage is attached, rather than a tuck- under, but the utility is the same. The site is larger, but is on a small ,pond. It was sold by an original owner, and no mention of updating was indicated. It has 2 bedrooms and one full bath on the upper level, with 2 bedrooms and a 3/4 bath on the lower level. This home was built in 1957 and has 178 lesser sq. ft. above grade, as well as lesser finished area below grade. Comparable #2 was referenced by the owners as.one that they were familiar with and felt would be a good indicator of value for their property. I considered this sale, even though it is a slightly less desirable style as a split entry with a 2 stall tuck -under garage. It is an older sale from January 2003, so required a larger adjustment for time to bring it to the assessment date of January 2005. The property is 168 sq. ft. smaller than the subject above grade and slightly larger below grade. According to MLS the home had new kitchen appliances and flooring, hardwood floors and 6 panel doors on the upper level. 3 bedrooms and one full bath are up, and a half bath was on the lower level. The site is smaller, so an upward adjustment was required. Comparable #3 was used because it had 2 sales within 6 months, during which time the home was remodeled. Since the subject property has had extensive remodeling, I felt this would be a good comparable. This comparable is of the same style and layout and is located across the street from a school, which would generate a fair amount of residential traffic. The sale in October 2003 was for $315,000, while the sale after remodeling was in April 2004 for $404,000. According to MLS the remodel included a new kitchen with granite counter and new appliances. No mention of any other changes was mentioned, and no permits were pulled. There are 4 bedrooms and 1 3/4 baths up, but 3 of the bedrooms are quite small. The lower level has about the same amount of square footage of finish, but has only a half bath. The lot is similar in size at 81 x 125. Comparable #4 sold October 2003 for $317,000 and is the same style as the subject. It was built in 1957, has 3 bedrooms and 1 3/4 baths up, like the subject, and had new kitchen counters and floor mentioned as updates. The home is 200+ sq. ft. larger above grade,, with an equal area of finish in the lower level. 6120 Zenith is close to Hwy. 62, so has a lesser appeal for location. Since the purchase, over $80,000 of permits have been pulled. Comparable #5 was not calculated with adjustments to arrive at an estimate of value for the subject. It is referenced because it was a sale on a busy street, had an original owner with few, if any updates, is a little smaller, built 1959, and has 3 bedrooms and I %2 baths up, with no other bath in the lower level. With a sale price of $267,800 from March 2004, plus the differences noted above, it supports the value of the subject. CASE #6 SUBJECT 421 TYLER AVE "..6 s -• -.r. fir .. �.��A EPoO■ s p� i66L COMPARABLE SALE #1 ADDRESS: 309 Griffit St SALE DATE: May 2004 SALE PRICE: $313,500 CASE #6 ..y V COMPARABLE SALE #2 _ INN, ADDRESS: 416 Harrison Ave SALE DATE: January 2003 SALE PRICE: $245,000 COMPARABLE SALE #3 AUUKt55: iiss c;ornena ur SALE DATE: April 2004 SALE PRICE: $404,000 COMPARABLE SALE #4 do 1 ADDRESS: 6120 Zenith Ave S SALE DATE: October 2003 SALE PRICE: $317,000 COMPARABLE SALE #5 A r A 7 7At f'.L .., r RLOMN -7J. -r.aii i v tea. ri SALE DATE: March 2004 SALE PRICE: $267,800 CASE #6 ,y e ��R. \�� Metropolitan Council Employment Forecasts Regional Development Framework Adopted January 14, 2004 City or Township 1990 2000 2010 2020 2030 City of Edina Assessor's Office 4801 West 50th Street Edina, MN. 55424 -1394 P.I.D. # Date Returned: - - v 5� Time: Phone: (952) 826 -0365 Fax: (952) 826 -0389 Received By: I Case # [TDD (Deaf Only): (952) 826 -0379] :.:•: .:•:•:•:•:.:•:•:•:•.::::.:•:• .................... ������l=. oirr. �: cftice: u• ��e: �on1��•: ����::: ��������������������� :�:�:���:�:�:�:�: ............................. ............................... fA Board o e n E uali Appeal and zati QQ 4 on Residential Request for Review ithdrawn: I Date: Application Date: Attach an !Meeordng documentation Owner Name: Owner Address: " z -1 c jam, Home Phone Number: SL - Z - z 7 Business Phone Number: Property Address: c Assessor's estimated market value for January 2, 2005: Land: Buildings: Total: y0 o 1 believe the estimated market value on January 2, 2005 should be: Land: Buildings: Total: X41 I Purchase Date: 1 Total purchase price (land & bldgs.): 'Zoo, DOS Year Built: House: 1ysy Garage: stet- Additions (Explain): Condition of Structures (Explain): Descriptionnn & value of additions and improvements since your purchase of this property: • :::' ::::•::•'•::' :: : ....................... Pr C s Q:ta: r� .... ...:................................ .............f �a . . .. .......... Appraisal Date: Indicated Value: :E� . aii�:tfi�e�Fes;;ui�s:ivr.�• : • i> ir: a�i' �cti�n: Xc�: tF�e:: as�essQ�:��esfiin���d�irfa�ket: vela+ a:: �:•: �:•:•:•:•:•: �:•:•:•:•:•:•: �:•: �: � :.:.:.:. :.::.:.:.:.:.:.:.:.:.:.:.:.:.:. .vim -y`t c� � .%t � c.�s.�� �ii /� i � C <7s✓ r��-�. .�1`�'/�'y11 �� -mil v l/ -- - - �,�� -�1 t . �/ /� !7'' .i/r � .6 �-! � �• i v .� S r %� /c% ,��v �d S Ba o -- _ _ - -- {iarPi�" .sie 41k:6o. 44' 64.f" f'i� 03 w. 1-;r, fy Sly Gr G I DO HEREBY AFFIRM THAT THE ABOVE INFORMATION IS COMPLETE AND TRUE TO THE BEST OF MY KNOWLEDGE AND BELIEF. Signature of a licanir,.5�,- .-f RETURN THIS APPLICATION TO THE EDINA ASSESSOR'S OFFICE NO LATER THAN FRIDAY, APRIL 1, 2005. PLEASE ATTACH ANY DOCUMENTATION YOU FEEL WILL SUPPORT YOUR CASE. CITY of EDINA Board Appeal Assessor`s and Equalization //,\\ //"\\ AM //,\\\ Commentary Case #6: Property ID Number: 30 117 21 12 0079 Date: April 8 2005 Property Address: 421 Tyler Ave Owner/Agent Name: Richard and Kathy Elkin 2005 EMV 286,400 Requested Value 250,000 to 265,000 Recommended Value Comments: The property is to be inspected Tuesday April 12, at 8:00. \Vr Land $ 112,000 Buildin $ 174,400 $-286;460 Total 00co Value 2004 History 2003 $ 74,700 $ 189,400 $ 264,-.00 9' 2002 $ 74,700 $159,100 $860 Sales 7 -2000 $ 197,000 History \Vr 7 April 7, 2005 Chairperson Edina Board of Appeal and Equalization City Hall 4801 West 50th Street Edina, MN 55424 Dear Chairperson: RECEIVED APR 0, 2005 We are requesting a reduction in the assessed value of our property at 6708 Point Dr. The house was built in 1963 and has had no improvements or renovations since original construction. The property was assessed for $769,400 as of January 2, 2004. We purchased the house in August 2003 for $792,000. We subsequently found that extensive repairs were necessary. These include: • A new roof • Repair of front porch damage due to water leakage through the roof • Repair of rear wall due to water damage, correction of a mold problem in 1 bathroom • Repair of moisture problems in the living room and 1 bedroom that have led to a mold problem The cost of these repairs will likely exceed $50,000 (we have had two remodeling companies in to give estimates on the cost of renovating the house). Therefore we request that the assessed value of our home be reduced to $742,000 until the home is renovated. Thank you for your consideration. Sincerely, Rte- fN� c CD- BpaGe D. McCarthy Susan Lee McCarthy li,� criff& 44 qTZ" $zL- n3 gs 1.0 t T •� m ti 0 W V $. 'eMS.I C-Pfl w'd nr:o•a:sn onL i »nom r n INDUSTRIAL PROPERTY rd ldr •x7 chin iso ann 952 826 0:,85 Park Dept fax 02:55:45 p.m. 03 -31 -2005 1 121 Application Nr Otfter tllafl Ml*nti eonllmued • Apadawt i Office W MotellHotef Corrurrmtial Industrial Other d"q!La . No. d Eff. Mils No. of 14dmm umhs I No. d 24dnm w is Re Mmit RenVunit Renthu No. of 3 -Bdnn unity No. of 443drm unks ` , PoollParty room: RenU nth ( Rentwmt I Olher: Mtotnt s� "C Carrier; Is ow egg of the real pmperly NOT owned Warne d lesaee� Address of lasses: , When did the law start?. Mmw of the lasso: Terms of the lease• Amin! gran polential roost_ .1 Anmiat unnftbursed awenses: Explain ff the tenant pays any faxes &II or partial}, bsuramoe, meifdememoe. eba In support of brooss>• infamstlom p uose a Copy of brooms wards from an sources, opervarm �rcperlse atate,rs�er�s and/or a Copy of arsy M s Isasa Iw ban ncordsd. 1 AM THE OWNERIAOENT OF THE REAL PROPERTY DESCRIBED ON THE REVERSE SIDE OF THS FORM. AND MY OPINION OF VALUE AS STATED ON THE REVERSE SIDE OF Tm FORM IS ACTUAL VALUE EI MONEY AS OF THE ASSESSMENT DATE OF JANUARY 2, 2005. 100 HEREBY AFFIRM THAT THE ABOVE INFORMATION 18 COMPLETE AND TRUE TO THE BEST OF MY KNOWLEDGE AND BELIEF. of RETURN THIS APPLICATION TO THE EDINA ASSESSOR'S OFFICE N21=6 THAN FINDAY_ APRIL 1, ZW& —..J ---------- J... — .... ... ..... E A 'R -01 -2005 21:29 From:WINDERMERE SEATOSKY 6049324120 )/, eie ulna 1'01t VIWL I4A of Edina 4801 We9t SM 811"1 FdIrm, MN. 5644244394 Phone: (852) 828-0385 Fax: (952) 8280389 rroo (Oed Only) (02) 828-0579] d Eggall2affigil est br wow m Requ oo umm Raueenaeh W" I. fi 7J 1 1. V . VN V ry Assessor's Office APARTMENT PROPERTY Atlfth MY MWOM9 dmillmnWon App 0 L Name :%'� 2nff/A t Address: Ham Phone Number: Business Phone Number: PropertV A rh:ss Od lr(.. -0' fi �/i6 -- -i/ --o�i Am mor's wlimated market value For January 2,2005: Land' Buw Tote: 1 bellave the estimated market value on January 2, 2406 should 110-0 Lam; Bulldin : Tomb Purchase date. 2Le" _ Total urcham rtee land 81 .: 6 ql50 ego Whet dm Bnhase indude7: Terms of ado: _ I Existing mortgage amount Condition Ex lsln : - Description B value of eddlom and Improvements since your purchase of this property Professional APP rsisals Press. attach copies : oats: Indicated Value: - name and em c: i .A APPLICATION CONTINUED ON BACK. PLEASE COMPLETE THE REVERSE SIDE OF THIS FORM. RETURN THIS APPLICATION TO THE EDINA ASSESSOR'S OFFICE NO LATER THAN FRIDAY, APRIL. 1, 2005. APR -01 -2005 21:29 From:WINDERMERE SEATOSKY 6049324120 v0-c hio MUM rack uspl imi than No. of EtT. units Rent/unit: - No. of 3-Bdrm units No. of 1.8dnn units No. of -4 -Bdrm units p nt: Canter. rt of the real NOT owned by ? please mlaln: Name of leseee: Address of tssew To:19528260389 -2382 P.2/6 1 I :ud:av 4.111. ua -u I tuua .3 10 Industrial No. of 2•Bdrm units PwWarty room: When .YY the 1VQYO sta1"• �r 1 Amount of the lease: Terms of the lease: Indicate any lowhold lmprovgnenLs: -- ON !_ I Annual u_nreimbursed expermes: ft tenant pays any taxes Og or partial), Ineurance, me Co. eto: - - -- In mrpport Of lnoome Information, pleaes sncbse a copy of Income at,sten=tS from all Sources, operating anpanso sbbmanb "Or a cM of any leases. lndlcmb N a loess has bean mwrdsd. I AM THE OWNEWAGENT OF THE REAL PROPERTY DESCRIBED ON THE REVERSE SIDE OF THIS FORM, AND MY OPINION OF VALUE AS STATED ON THE REVERSE SIDE OF THIS FORM IS ACTUAL VALUE IN MONEY AS OF THE ASSESSMENT DATE OF JANUARY 2,200L 100 HEREBY AFFIRM THAT THE ABOVE INFORMATION IS COMPLETE AND TRUE TO T, B OF MY E AND BELIEF. S. i�min of awlimt: r RETURN THIS APPLICATION TO THE EDINA ASSESSORS OFFICE NOrTHAN hgIDAY. APRIL f, 4005. �Ii� II APR -01 -2005 21:29 From:WTNDERMERE SEATOSKY 6049324120 uai taro urea PHIR uePL City of Edina 4801 West 50th Sbee1 FA ne. MN. 55424 -1394 Phone: (952) 826 -0386 Fax: (952) 8264)389 Date Re (TDD (Deaf Only) (952) B2U379] Rem Board of MAW and EQuallrs or Requsat for Rsvlew DSWV44 r/ 3: r-4,K q-1-05- A Nanre: py' f ,% q!!S! fAgent Address: Hone Phone Number: Progggy Addrem: il 301 44 Y �Av I ��i Low + : d -,oa1* - ,W--ia -00(3: Assessor's estimated market value for Janumy 2.2008: T?: tg5?8��03893? P. 3�6 T?v, fu Assessor's Office Timm Case 0 APARTMENT PROPERTY Mons Number: /tlS 1 belkw the estimated market value on January 2, =5 should be: Land: Bulldinma Told purchase orice 8 bid s. What dfd purchase include?: tl Terms of sale: _ _ Existing m_ a amount: Condition (Explain): - — DescriPtlan 6 Ma of addllions and improvements since your purchase of tMs Property: attach Value: APPLICATION CONTINUED ON BACK. PLEASE COMPLETE THE REVERSE SIDE OF THIS FORM. RETURN THIS APPLICATION TO THE EDINA ASSESSORS OFFICE NO LATER THAN FRIDAY. APRIL 1. 3005. APR -01 -2005 21:29 From:WTNDERMERE SEATOSKY 6049324120 e *.* aie u Soo rnia LAWI. 110w No. of ER. units y30 / V'�'. No. of 1 -Bdrm units To: 1,952826038 - 382u�� P.4/6 u �o No. of 2 -EWm unit8 tAZwnt m units I No. of 4-Bdrm units PcoYParty room: Rentlunit LOOM. : IT Calder: the r eal pmft NOT awned by you? - Neme of lesaee: Address of ism: When did the lease alert?: Amount of tfre (ease• `y _ Two of the lease: Indicate arty leasehold improva mts: Annual gross e5antial rent _1Annual unrebbureed exponaes: Expfaln ti the tenant Pays anti takes Full or Pertlal), Insurarroe, maintenance, etc - In support of tnoome leformation, 09a" enCloss a COPY Of Inoome sdt enents from an source% opMUnp eVenes &Ubmsnfe and/or s copy of any leases. hWkaia N a lease has base rocorded. I AM THE OWNER/AGENT OF THE REAL PROPERTY DESCRIBED ON THE REVERSE SIDE OF THIS FORM, AND MY OPINION OF VALUE AS STATED ON THE REVERSE SIDE THIS FORM IS ACTUAL VALUE IN MONEY AS OF THE ASSESSMENT DATE OF JANUARY 2, 2005, I DO HEREBY AFFIRM THAT THE ABOVE INFORMATION IS COMPLETE AND TRUE TOME 8EP pF WANOV�LEOOE ANO BELIEF. RETURN THIS APPLICATION TO THE EDINA ASSESSOR`S OFFICE NO U1TER THAN FRIDAY APRIL 1, 2008. 11 �L�l� �� APR -01 -2005 21:29 From:WINDERMERE SEATOSKY 6049324120 V049 ocv UaMp I-MR 1jVPL 1HX City of Edina 4801 west 50 Street Edina, MN. W424 -I MM Phone: (952) t126 -0365 Fax: (962) 826-0388 (TDD (OW Only) MW) 826-03791 Board A teat and Eau_alintlon Request For Review For PtfaM01W TrM Re�pW App betlon Detr V¢rb913 J3/ -e -V 445' Pq)( Owrwftent Name: $�d1�4 b4 Ormer /Agent nadress: �/4 N Q Home Phone Number: P.I.D. 8 Data Retumed: To: �95282f0389 -282 P.516 11. J TV d 1 1 u� VVV r .r Assessor's Office APARTMENT PROPERTY Phone Number: PoeS O f"`^4/fi[Q . !^P S . Assessor's estimated market value for January 2, 205: _ 1 believe the estimated market value on January 2. 2008 should be. Land: 9ulldin . Total: Purchase date: Total purchase�prke (land 8•ym.): What did purchase include7: Terms of sale: , S)dsdng mortgage amount; - Condition (ExlWk Descriptlon A value of additions and Improvements since your purchase of this property: Professional Appralsels Oease attach copies): , Date: Ind Med value: _ mtw name and em t gull, APPLICATON CONTINUED ON BACK. PLEASE COMPLETE THE REVERSE SIDE OF THIS FORM. RETURN THIS APPLICATION TO THE EDINA ASSESSORS OFFICE No LATER THAN FRIDAY, APRIL 1, 2005. APR -01 -2005 21:29 From:WTNDERMERE SEATOSKY 6049324120 bole ezo woe I'MR 0.0upt 10. To :19528260389 -2382 P. 6/6 on -Apaftent Hovif' �! T Otilce Wamftuss MoMlMotel Commertlal - -- rIndtsmw Other describe : ... ... No. of Eft unll8 f No. of 14drm units '•'•:•:::;:: No. of 2 -ftm uNte Renkffdt: RenUunt RanftiL No. of m units ; No, d 4-Bdrm units _ Renlhmm � Rentllmit i rty roan: esaaret Amount: .. 1 Is any pert of the real property NOT owned by you? If \IPM. 01�0 In- Name of lessee; Address of lessee: _ When did the lease sterfi?; A - - - -- - _ mount of the lease: Terms of the levee. - _ .. Indicate anyleaseh il-mpro uc "_ -- . -, Arvrdyal (Boss Potential nmt; - - Expleln K the tenant pays eriy texee (/ul�or Annual unrelmbursed expenses: _ Pa uram meintenenc�e. aw: In SUpport of Irtloome IMomatlon, plesse endow m copy of Income statements t om all source o e>rpense smtonmts and/or a wpy of any leases indcats If o lease has been rec orded. s' P�atlna ° I AM THE OWNEWAGENT OF THE REAL PROPERTY DESCRIBED - ESCRIBED ON THE REVERSE SIDE OF THIS FORM AND MY OPINION OF VALUE AS STATED ON THE REVERSE SIDE OF THIS FORM IS ACTUAL VALUE IN MONEY AS OF THE ASSESSMENT DATE OF JANUARY 2.2006. I DO HEREBY AFFIRM THAT THE AB IS COMPLETE AND TRUE TO E 13EIW Iv1Y KN 05. 10 � AND BELIEF. �E INFORMATION RETURN THIS APPLICATION TO THE EDINA ASSESSORS OFFICE NO LATER THAN FRIDAY APRIL 1. 2W5, 12 C a4e/ 12 City of Edina Assessor's Office 4801 West 50th Street P.I.D. # 3 / -,0,2,6 -a q- - Date Returned: Time: Received b : ! Case # :.:::or:offies tiss:riii ::: Edina, MN. 55424 -1394 Phone: (952) 826 -0365 Fax: (952) 826 -0389 [TDD (Deaf Only) (952) 826 -03791 Board of Appeal and Equalization Request for Review For Property Other Than Residential INDUSTRIAL PROPERTY cation Date: S Attar an su rtin documentation r /Agent Name: F r /Agent Address: C� C 1 46 o $u� ar��. 4� AA) S yak Home Phone Number: Business Phone Number: • QS,Z Q Z Z - aZ Q Property Address: L1q 4 q (Al "t q b'A �.� Legal Description: IQ Assessors estimated market value for January 2, 2005: Land: Buildings: Total: 2 Z /60 I believe the estimated market value on January 2, 2005 should be: Land: Buildings: Total: 10 Purchase date: Total purchase price (land S bldgs.: 75EO What did purchase include ?: Terms of sale: 03-576, Cava Exlstin mortgage amount: - - Condition (Explain): Description & value of additions and improvements since yo y r purchase of this property: Professional Appraisals Please attach copies): Date: Indicated Value: IF Appraiser name and employer APPLICATION CONTINUED ON BACK. PLEASE COMPLETE THE REVERSE SIDE OF THIS FORM. RETURN THIS APPLICATION TO THE EDINA ASSESSOR'S OFFICE NO LATER THAN FRIDAY, APRIL 1, 2005. ADolication for property other than residential, continued "r' Apartment Office . Warehouse Motel/Hotel Commercial 0 Industrial Other describe .00 .::�. . e ' i��' th ... rah:•.-; �. •.•.•.•.•:.•.•:.•.•.:•:;:::::;: • :::::::::::: :::•:•:::;:;:::;:•:;:;:;:::::;: •:::;:;:::::;:::;:;:;:;:.;.•.•.•.•:::::;:;;..•.•.;:::;:::::;:::::;. :.::.•.::�:�:�����•••��::�:�: =. No. of Eff. units Rent/unit: No. of 1 -Bdrm units Rent/unit: No. of 2 -Bdrm units Rent/unit: No. of 3-Bdrm units Rent/unit: No. of 4 -Bdrrn units I Rent/unit: Pool/Party room: Other. re nsaran� OXO era * :::............:.....:......:::::::::::............:::::::::......::::::::::::::::::=:::::::::::::::::::::::::::: ::::::::::::::: :::::::::::::::: Amount: Carrier: Is any part of the real property NOT owned by ou? If yes, please explain: Name of lessee: Address of lessee: When did the lease start ?: Amount of the lease: Terms of the lease: Indicate any leasehold improvements: if: #1!A i . :i .. eaee:cclfifi 16te: #tt Se ii : :. :est�b�riioltta : :::::::::::::::.....::::::::::: Annual gross potential rent: Annual unreimbursed expenses: —i�G Explain if the tenant pays any taxes (full or partial), insurance, maintenance, etc: In support of income Information, please enclose a copy of Income statements from. all sources, operating expense statements and /or a copy of any leases. Indicate If a lease has been recorded. I AM THE OWNER/AGENT OF THE REAL PROPERTY DESCRIBED ON THE REVERSE SIDE OF THIS FORM, AND MY OPINION OF VALUE AS STATED ON THE REVERSE SIDE OF THIS FORM IS ACTUAL VALUE IN MONEY AS OF THE ASSESSMENT DATE OF JANUARY 2, 2005. 1 DO HEREBY AFFIRM THAT THE ABOVE INFORMATION IS COMPLETE AND TRUE(fO THE EST..AF MY KNOWLEDGE AND BELIEF. Signature of applicant: RETURN THIS APPLICATIt N TO THE EDI ASSESSOR'S OFFICE NO LATER THAN FRIDAY, APRIL 1, 2005. APR 01,2005 15:18 9529416896 RAy J �� 04 -01 -2008 'Ok lowo FILM-City 01 Fd„ld T -118 P 001/008 F -89e City of Edina Assessor's Office 400,1 West 50th Strout Edina. MN. 55424-1894 P,I.D�# �r — L _.._.. ZY S +'tlbro: (JO2) 82fi -0366 Faux: (952) !!ZB -p3f39 _date Rc�lUrtttltl: ('TOD (Deaf Only$ (952) 826 -03791 Received U : � C.isc # IE3daed of_Ad�a3ea! and 6aua ftAtian Residential .... .. . • _•:_:. - . Request far RBUdAW ' .1• .rt town .!]ale. Appllcltlon Uatc: f IZ 1 t. 4 . Attach Orr am art n tloc mentatlpn - OwnerName: _ .?)rW. ft A 0—+Si "C7Z�C.�.�°! _ 0,A2�" _ Owner Aaansss 7-10-0 Ev, N �p3a�t�G tf �! - �►�I .n7. t<}.... n? _�' S .4 3 ,�:.., . Home PhWm NumGtir: R ... 'Business Phone Numher: r Property Addrrrs9:i Aasarr gr's estimated Malket Volpe olr for January 2005: 2005: � Land �' ad.10�Fbiddinos: 3W l/yl/ To191. 3 ? `TI/�.� PIS CC�S 1 I Wave the as Urnatod market value on danugry Z. 2005 should be: Purchase Date: � . �K , L?0140 %,4007 41 Year Built Houxe:I Additions (Explain).._.... .__.._ Conditlon of Structures finur tplinn R lillong and Wnprovarnents your purchase of thts property: l +�a�rL" �' �a•9 is �Ifi.•tr'ItOtYtliuB�' - N �.. T7.. tcE k.--to tow-1, . ._. .. -- -r...- -- ..._._— ! �t2o. twos C #I N � i�GRTie 91-06. 2.g � _ , .. _. _—. ...-_- _ . F'r acI'W C= ....eav r PM wor .... KNOWLE00E AND BELIEF. of a RE I URN THIS APPI ICATIO t7 THE EDINA q OR'S OFFICE NO LATER T1:1AN FRIDAY' AMIL f. 2005. PLEASE ATTACH ANY DOCtJMPNTAriON YOU FELL WILL SUPPORT YOUR 648E. C•A(C el) tA014 POE S AN)CC'7" ®N Vie. PtW1JC 6N9 AMC 12 AWffi f-e-- hc- }iv1,I6 vt' b A.9 rME,4 _C74n jvis 1 T a-,45 l.,;? 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O•Si, w m 1 III 0 jr :■ R a114, now 177c C m tow 111 IN ci I ,�Illllii �. - 1 F, 0' :xT1 0 86.11 = Zvi so L I I P VF L L A [C umm M' liliil Ira , I ;h T A. Case #13: CITY of EDINA Board Appeal and Equalization //,\\\A\ ����//^,\\ Assessor`s Commentary Property ID Number: 32- 02824 -32 -0474 0421 0422 --FDate: April 8 2005 Property Address: 7400 Edinborou h Way #5308 Owner/Agent Name: Ray DeMont and Patricia DeMont 2005 EMV $313,400 Requested Value $293,600 Recommended Value $313,400 Comments: 7400 Edinborough Way is the Phase V building in the Village Homes of Centennial Lakes. Values for the entire building were reviewed for the 2005 Assessment. Mr. DeMont's purchase of the subject property was one of the three sales used as a basis for revaluing all 28 condominium units in Phase V. The garages were adjusted out of the purchase prices, a value per square foot was determined for each sale. The three sale price per square foot values are $212.36, $184.94, and $172.50. The lowest was Mr. DeMont's purchase price per square foot. I chose to use 95% of the lowest purchase; this is to account for the occasional personal property that may be included in a purchase and other considerations that may occur in a real estate sale. (I usually chose a percentage in the range of 94% to 98 %.) The value (95% of the lowest purchase price per square foot) was then multiplied by the number of square feet in each unit for the unit Estimated Market Value (EMV). The dwelling unit EMV plus the garage EMV(s) should then be below any recent purchase price. A review of the sales showed that was the case. Mr. DeMont had concerns about the correct amount of square feet used for the revaluing. The sizes of the units as listed in the Declaration of Condominium, as recorded at Hennepin County, appear to be the legally recorded sizes and would therefore be the appropriate sizes,to use to revalue each condominium unit. Mr. DeMont's purchase price was less than the average, it was less than the median, and it was the lowest in the range of the sale prices. The median sale price per square foot would typically be the best indicator of value and in this case would indicate a value of about $329,000 plus garage values. That would then indicate a value of about $336,000 for the dwelling unit with garages. The issue of the value of personal property included in the purchase becomes insignificant when it is considered as used personal property, which it usually is when purchased in a used residence. The value of used window treatments, used range, used refrigerator and used microwave is usually pennies on the dollar when compared to the cost of purchasing those items new. When included in the purchase, they are used personal property. A used refrigerator and range can usually be purchased for $150 to $250 each; used draperies and blinds should be available for less than $50 per window, there are four windows; a used microwave, reconditioned is about $75. The Certificate of Real Estate Value signed by Mr. DeMont claimed no personal property. Therefore, since the property is assessed at a value less than it sold, and much less than other properties have sold, and adjustments for personal property would be less than one third of one percent, I recommend no change. 7400 Edinborough Way, Unit #5308, living and dining area, den at far right, kitchen to left, opening to upper bedroom area at top right Land $6,200 Building $384,000 Total $390,200 Value 2004 History 2003 $6,200 $320,200 $326,400 2002 $6,200 $277,400 $283,600 Sales .tune $316,875 Purchase included two History 2004 basement garage stalls 7400 Edinborough Way, Unit #5308, living and dining area, den at far right, kitchen to left, opening to upper bedroom area at top right 7400 Edinborough Way, Unit #5308 view of opening to upper bedroom area Village Homes of Centennial Lakes condominium development, view from the South East at 76th Street and Edinborough Way. "', I 1 .:a April 7, 2005 City of Edina Board of Appeal & Equalization At this time I would like to appeal my estimated residential market value for the 2005 — 2006 property taxes. My property address is: 5615 Schaefer Road. I have enclosed several comparison properties in my surrounding neighborhood that are of like or equal value. I believe the lot sizes and square footages of the homes to be similar. As you can see my estimated value is significantly higher than most. The property at 5701 Schaefer Road, across the street from me, recently sold in the fall of 2004 for $565,000. The discrepancies in the evaluations are significant, and therefore, warrant my request for an appeal. Thank you in advance for your consideration. Sincerely, Cathy McKay Y 952/938 -1843 RECEIVED APR 0 810g5 City of Edina, Minnesota 4801 West 50`" Street ■ Edina, MN 55424 -1394 ■ (952) 826 -0365 ■ FAX: (952) 826 -0389 ■ TTY: (952) 826 -0379 2005 Notice of Valuation and Classification For taxes payable in 2006 — This is NOT a bill Property Identification Number: 31- 117 -21 -14 -0037 Property Location: 5615 SCHAEFER RD CATHY L MCKAY 5615 SCHAEFER RD EDINA MN 55436 -1164 JANUARY 2, 2005 The values indicated are for the January 2, 2005, Assessment for taxes payable in 2006. The prior year data has been included for comparison purposes. 2004 for 2005 Taxes 2005 for 2006 Taxes Property Classification: RESIDENTIAL RESIDENTIAL HOMESTEAD HOMESTEAD Estimated Market Value: $846,600 $1,010,800 Limited Market Value: $845,000 $971,700 Value of New Improvements: This Old House Exclusion: Taxable Market Value: $845,000 $971,700 Est. Market Value Deferred: Appeal Option 1 — Call Local Assessor I If you believe the 2005 estimated market value and /or classification of this property has been determined incorrectly, you have the right to make an appeal. Inquiries concerning valuation or property Gass should first be directed to your Assessor's Office. This is an important first step of the appeals process. Many times questions and concerns can be addressed informally, prior to the Local Board meetings. You should contact the Edina Assessor's Office at (952) 826 -0365. Anneal Option 2 — Boards of Appeal and Equalization I If you believe your value or classification is incorrect, you may bring your case to the Local Board of Appeal and Equalization. You may appear in person, by letter, or be represented by an authorized agent. Please call your assessor's office first, an appointment may be necessary. It is required that you first attend the Local Board prior to attending the County Board of Appeal. The Board convenes at 5:00 PM, on Monday, April 11, 2005, in the Council Chambers, City Hall, 4801 West 50th Street, Edina, MN 55424. If you wish to make an appeal before the local board, an application is required no later than Friday, April 1. 2005. The County Board of Appeal and Equalization begins on June 13, 2005, at the Hennepin County Government Center, 300 South Sixth St., Minneapolis, MN 55487. Application is required no later than June 6, 2005. To appear before i hone: (612) 348 -7050. [TTY (612) 348 -3461 Teletype Appeal Option 3 — Minnesota Tax Court I Small Claims Division You may take your case directly to the Small Claims Division of Tax Court if: • The assessor's estimated market value of your property is less than $300,000; or • The entire parcel is classified as a residential homestead (1a or 1b) and the parcel contains no more than one dwelling unit; or • The entire property is classified as an agricultural homestead (2a or 1b); or • You are appealing the denial of a current year application for homestead classification of your property. Regular Division Regardless of your property type or the nature of your claim, you always have the option to file directly with the Regular Division of Tax Court. You have until April 30, 2006, to file an appeal with the Small Claims Division or the Regular Division of Tax Court for this year's valuation notice. For more information, contact: MN Tax Court, 25 Reverend Dr. Martin Luther King Jr. Blvd., Room 245, St. Paul, MN 55115 Phone: 651 - 296 -2806 [TTY Relay (800) 627 -3529 Teletype] Web site: www.taxcourt.state.mn.us E -mail: info(&-taxcourt.state.mn.us Hennepin county Properly Information VF .. Hennepin County, MN mow- US HENNEPIN COUNTY TREASURER A600 Government Center Minneapolis MN 55487- 0060 Property Tax Information The Hennepin County Property Tax web database is updated daily (Monday - Friday) at approximately 9:15 p.m. (CST) Property ID No.: 31- 117 -21 -14 -0036 HOMESTEAD Property Address: 5609 SCHAEFER RD Owner Name: H B ROSE &A H ROSE Taxpayer Name and Address: JAN H LOVLIE 5609 SCHAEFER RD EDINA MN 55436 Page 1 of 2 2005 TAXES TAX PENALTY TOTALS 1st Half Tax (Due Date May 15th) $4,100.85 2nd Half Tax (Due Date October 15th) $4,100.85 Penalty $0.00 Total Payable Net Paid _ YEAR TO DATE Total Due Property ID No.: 31- 117- 21 -14- 0036 Note: If you are using this page in lieu of Hennepin County payment stub to remit payment; after printing the page, please check the box in front of the payment amount that you are remitting. $8,201.70 $0.00 $8,201.70 $0.00 $0.00 $0.00 $8,201.70 $0.00 $8,201.70 1st Half Tax Due through 05/16/2005 2nd Half Tax Due through 10/17/2005 Total Due - 2005 Tax There are no prior year taxes due on this property. 370 SEAEiCH BY E t❑ $4,100.85 $4,100.85 $8,201.70 http: / /www2.co. hennepin. mn. us /taxpayments /taxesdue.jsp ?pid= 3111721140036 4/7/2005 Property Information Search by Street Address Result page Page 1 of 2 Hennepin County, MN www. - - . .us Property Information Search Result The Hennepin County Property Tax web database is up daily (Monday - Friday) at approximately 9:15 p.m. (4 Search By. Parcel Data for Taxes Payable 2005 PROPERTY ID Click Here for the 2005 State CoP ty o be used when filing for the 2004. Refund HOUSE or BUILDING 560797 STREET NAME: (at least first 3 characters) I.Sch-aefe.r-R-o-ad UUNNIT —# (if applicable) Property ID: Address: Municipality: School Dist: Watershed: Sewer Dist: Owner Name: Taxpayer Name & Address: 31- 117 -21 -14 -0036 5609 SCHAEFER RD EDINA 273 Construction year: 1965 1 Parcel Size: SW152: H B ROSE & A H ROSE ]AN H LOVLIE 5609 SCHAEFER RD EDINA MN 55436 Most Current Sales Information Search Jr.- Clear _J Sales prices are reported as listed on the Certificate of Real Estai are not warranted to represent arms - length transactions. F20 records per page Sale Date: December, 1978 Sale Price: $202,000 Transaction Type: Tax Parcel Description Addition Name: PARKWOOD KNOLLS 11TH ADDN Lot: 003 Block: 001 Metes & Bounds: Abstract or Torrens: TORRENS Value and Tax Summary for Taxes Payable 2 Values Established by Assessor as of January 2 Estimated Market Value: $673,700 Limited Market Value: $673,700 Taxable Market Value: $673,700 Total Improvement Amount: $70,600 Total Net Tax: $8,094.25 http: / /www2.co.hennepin.mn.us /pins /addrresult.jsp 4/7/2005 Property Information Search by Street Address Result page Page 2 of 2 Total Special Assessments: Solid Waste Fee: $107.45 Total Tax: $8,201.70 Property Information Detail for Taxes Payable Values Established by Assessor as of January 2 Values: Land Market Building Market Machinery Market Total Market: Land Limited Building Limited Total Limited: Qualifying improvements Classifications: Property Type Homestead Status Relative Homestead Agricultural Exempt Status 4335 $263,700 $410,000 $673,700 $263,700 $410,000 $673,700 RESIDENTIAL HOMESTEAD There are no prior year taxes due on this property. Hennepin County is providing this information as a public service. Tax related questions: tanfo .1 - ..xi........ _. @ .co,hg.nn.epi.n...-.m..n....u...s. Need help locating a property on our site? Check out our Search. Tips Home I Your.._ County-Gwernmeat I Ucenses . ..... Certificates,. &, . ... . . . ,. .Reg istratior &..Volunteering I Health,H.ousing,.&SocialServices I Law,,Pub1ic Safety Environment,_ Property, a Transportation. Copyright @ 2004 Hennepin County, Minnesota I www.Hennepin.us Accessibili Policy n...... Accessibility .... .. ty- 0.0 Qontoct-Hennepi -Count I Security /Privacy Staten y http://www2.co.hennepin.mn.us/pins/addrresult.jsp 4/7/2005 Hennepin County Property Information 9 Hennepin County, MN www. - • .us HENNEPIN COUNTY TREASURER A600 Government Center Minneapolis MN 55487- 0060 Property Tax Information The Hennepin County Property Tax web database is updated daily (Monday - Friday) at approximately 9:15 p.m. (CST) Property ID No.: Property Address: Owner Name: Taxpayer Name and Address: 31- 117 -21 -14 -0015 NON - HOMESTEAD 5701 SCHAEFER RD EDINA RENOVATIONS LLC EDINA RENOVATIONS LLC C/O CROWN BANK 6600 FRANCE AVE S 125 Page 1 of 2 2005 TAXES TAX PENALTY TOTALS 1st Half Tax (Due Date May 15th) $2,859.24 2nd Half Tax (Due Date October 15th) $2,859.24 Penalty $0.00 Total Payable $5,718.48 $0.00 $5,718.48 Net Paid - YEAR TO DATE $0.00 $0.00 $0.00 Total Due $5,718.48 $0.00 $5,718.48 Property ID No.: 31- 117- 21 -14- 1st Half Tax Due through 05/16/2005 ❑ $2,859.24 Note: If you are using this page 2nd Half Tax Due through in lieu of Hennepin County 9 10/17/2005 ❑ $ 2,859.24 payment stub to remit payment; after printing the page, please check the box in front of the payment amount that you are Total Due - 2005 Tax ❑ $5,718.48 remitting. There are no prior year taxes due on this property. kPOKA http: / /www2.co. hennepin. mn. us /taxpayments /taxesdue.jsp ?pid = 3111721140015 4/7/2005 Property Information Search by Street Address Result page Page 1 of 2 Hennepin County, MN www.jH.u' I Property Information Search Result The Hennepin County Property Tax web database is up daily (Monday - Friday) at approximately 9:15 p.m. (I Search By: Parcel Data for Taxes Payable 2005 PROPERT � ON Property ID: 31- 117 -21 -14 -0015 Address: 5701 SCHAEFER RD ADDITION Municipality: EDINA School Dist: 273 Construction year: 1959 Watershed: 1 Parcel Size: SW140: HOUSE or BUILDING Sewer Dist: #: 5701 Owner Name: EDINA RENOVATIONS LLC Taxpayer Name EDINA RENOVATIONS LLC STREET NAME: & Address: C/O CROWN BANK (at least first 3 characters) a Schaefer Road 6600 FRANCE AVE S 125 . ... EDINA MN 55435 UNIT # (if applicable) Most Current Sales Information Sales prices are reported as listed on the Certificate of Real Estal Search clear are not warranted to represent arms - length transactions. Sale Date: October, 2003 — Sale Price: $565,000 20 records per page Transaction Type: Tax Parcel Description Addition Name: PARKWOOD KNOLLS 08TH ADDN Lot: 001 Block: 001 Metes & Bounds: Abstract or Torrens: TORRENS Value and Tax Summary for Taxes Payable 2 Values Established by Assessor as of January 2 Estimated Market Value: $506,300 Limited Market Value: $495,000 Taxable Market Value: $495,000 Total Improvement Amount: Total Net Tax: $5,639.53 Total Special Assessments: Solid Waste Fee: $78.95 http: / /www2.co.hennepin.mn.us /pins /addrresult.jsp 4/7/2005 Property Information Search by Street Address Result page Page 2 of 2 f Total Tax: $5,718.48 Property Information Detail for Taxes Payable Values Established by Assessor as of January 2 Values: Land Market $261,700 Building Market $244,600 Machinery Market Total Market: $506,300 Land Limited $255,900 Building Limited $239,100 Total Limited: $495,000 Qualifying Improvements Classifications: Property Type RESIDENTIAL Homestead Status NON - HOMESTEAD Relative Homestead Agricultural Exempt Status There are no prior year taxes due on this property. 4419 Hennepin County is providing this information as a public service. Tax related questions: taX info_ @_co.,.h_en,ne.p n.._mn._us Need help locating a property on our site? Check out our Search Tips Home I Y.our,.CountyGover..nme.nt I Lice_nses,Certificates. & i,Regstratior & Volunteering I Healthy Housing,& Social Services I Law,__ Public_ Safety Environment, Property, & Transpo_rtatio_n Copyright © 2004 Hennepin County, Minnesota I www.Hennepin.us Accessibil__Policy I Contact Hennepin . Coun_ty _ I Security /Privacy_Staten http://www2.co.hennepin.mn.us/pins/addrresult.jsp 4/7/2005 Hennepin County Property Information Hennepin County, MN www. - .us HENNEPIN COUNTY TREASURER A600 Government Center Minneapolis MN 55487- 0060 Property Tax Information The Hennepin County Property Tax web database is updated daily (Monday - Friday) at approximately 9:15 p.m. (CST) Page 1 of 2 Property ID No.: 31- 117 -21 -14 -0038 HOMESTEAD Property Address: 5700 VIEW LA Owner Name: R G FREEMAN & A K FREEMAN Taxpayer Name and Address: RUSSELL G FREEMAN Total Due 5700 VIEW LANE $0.00 EDINA MN 55436 2005 TAXES TAX PENALTY TOTALS 1st Half Tax (Due Date May 15th) $3,870.09 2nd Half Tax (Due Date October 15th) $3,870.09 Penalty $0.00 Total Payable $7,740.18 $0.00 $7,740.18 Net Paid - YEAR TO DATE $0.00 $0.00 $0.00 Total Due $7,740.18 $0.00 $7,740.18 Property ID No.: 31- 117- 21 -14- 1st Half Tax Due through 05/16/2005 0038 El Note: If you are using this page in lieu of Hennepin County payment stub to remit payment; after printing the page, please check the box in front of the payment amount that you are remitting. 2nd Half Tax Due through 10/17/2005 Total Due - 2005 Tax There are no prior year taxes due on this property. 402 L0I $3,870.09 $3,870.09 $7,740.18 http: / /www2.co. hennepin. mn. us /taxpayments /taxesdue.jsp ?pid= 3111721140038 4/7/2005 Property information Search by Street Address Result page l.• Page 1 of 2 Hennepin aunty, MN www. - - • .us Property Information Search Result The Hennepin County Property Tax web database is up, daily (Monday - Friday) at approximately 9:15 p.m. (( Search By. Parcel Data for Taxes Payable 2005 Click Here for the 2005 State Cop�to be used when Fling for the 2004. PROPERTY Refund ,tea. t Property ID: 31- 117 -21 -14 -0038 ADDITION NAME Address: 5700 VIEW LA Municipality: EDINA HOUSE or BUILDING School Dist: 273 Construction year: 1963 #: 5700 Watershed: 1 Parcel Size: SE140)( Sewer Dist: STREET NAME: Owner Name: R G FREEMAN & A K FREEMAN (at (east first 3 characters) View Lane Taxpayer Name RUSSELL G FREEMAN & Address: 5700 VIEW LANE UNIT # (if applicable) EDINA MN 55436 Most Current Sales Information Search Clear Sales prices are reported as listed on the Certificate of Real Estai are not warranted to represent arms - length transactions. r277- records per page Sale Date: August, 1985 Sale Price: $275,000 Transaction Type: Warranty Deed Tax Parcel Description Addition Name: PARKWOOD KNOLLS 11TH ADDN Lot: 001 Block: 002 Metes & Bounds: Abstract or Torrens: TORRENS Value and Tax Summary for Taxes Payable Z Values Established by Assessor as of January 2, Estimated Market Value: $694,800 Limited Market Value: $640,600 Taxable Market Value: $640,600 Total Improvement Amount: Total Net Tax: $7,638.01 http: / /www2.co.hennepin.mn.us /pins /addrresult.jsp 4/7/2005 Property Information Search by Street Address Result page Page 2 of 2 Total Special Assessments: Solid Waste Fee: $102.17 Total Tax: $7,740.18 Property Information Detail for Taxes Payable Values Established by Assessor as of January 2, Values: Land Market Building Market Machinery Market Total Market: Land Limited Building Limited Total Limited: Qualifying Improvements . Classifications: Property Type Homestead Status Relative Homestead Agricultural Exempt Status 4453 $240,500 $454,300 $694,800 $221,700 $418,900 $640,600 RESIDENTIAL HOMESTEAD There are no prior year taxes due on this property. Hennepin County is providing this information as a public service. Tax related questions: toxin.fo @.co...h_en.nepin..mn us, Need help locating a property on our site? Check out our Sea_rch.Tips Home I Your County Government I Licenses, Certificates, &_Registratior & Volunteering j Health, Housing,..& Social Services j Law, Public Safety Environment, Prope_rty_, &_Tr_ansportation Copyright @ 2004 Hennepin County, Minnesota I www.Hennepin.us Access bili._.ty____Pol cy_ 1 Contact Hennep n_County I Security /Priyacy_Staten http: / /www2.co.hennepin.mn.us /pins /addrresult.jsp 4/7/2005 Hennepin County Property Information r � Hennepin County, MN www. - .us HENNEPIN COUNTY TREASURER A600 Government Center Minneapolis MN 55487- 0060 Property Tax Information The Hennepin County Property Tax web database is updated daily (Monday - Friday) at approximately 9:15 p.m. (CST) Property ID No.: 31- 117 -21 -14 -0048 HOMESTEAD Property Address: 5701 CAMELBACK DR Owner Name: T C & M L HINES Taxpayer Name and Address: THOMAS & MARY LOU HINES 5701 CAMELBACK DR EDINA MN 55436 Page 1 of 2 2005 TAXES TAX PENALTY TOTALS 1st Half Tax (Due Date May 15th) $4,439.86 2nd Half Tax (Due Date October 15th) $4,439.86 Penalty $0.00 Total Payable $8,879.72 $0.00 $8,879.72 Net Paid - YEAR TO DATE $0.00 $0.00 $0.00 Total Due $8,879.72 $0.00 $8,879.72 Property ID No.: 31- 117- 21 -14- 1st Half Tax Due through 05/16/2005 0048 $4,439.86 Note: If you are using this page in lieu of Hennepin County payment stub to remit payment; after printing the page, please check the box in front of the payment amount that you are remitting. 392 2nd Half Tax Due through 10/17/2005 ❑ Total Due - 2005 Tax There are no prior year taxes due on this property. FE-1 $4,439.86 $8,879.72 http: / /www2.co. hennepin. mn. us / taxpayments /taxesdue.jsp ?pid= 3111721140048 4/7/2005 Property Information Search by Street Address Result page Page 1 of 2 Hennepin County, MN www. - - . .us Property Information Search Result The Hennepin County Property Tax web database is up .dally (Monday - Friday) at approximately 9:15 p.m. (i Search By: Parcel Data for Taxes Payable 2005 Click Here for the 2005 State Copy to be used when filing for the 2004 ' Refund Property ID: 31- 117 -21 -14 -0048 ADDITION NAME Address: 5701 CAMELBACK DR Municipality: EDINA HOUSE or BUILDING School Dist: 273 Construction year: 1965 #: 5701 Watershed: 1 Parcel Size: NW130: Sewer Dist: STREET NAME: Owner Name: T C & M L HINES (at least first 3 characters) Camelback Taxpayer Name THOMAS & MARY LOU HINES & Address: 5701 CAMELBACK DR UNIT # (if applicable) EDINA MN 55436 Most Current Sales Information Search Clear Sales prices are reported as listed on the Certificate of Real Estai are not warranted to represent arms - length transactions. ?O —T records per page Sale Date: April, 1994 Sale Price: $396,000 Transaction Type: Warranty Deed Tax Parcel Description Addition Name: PARKWOOD KNOLLS 13TH ADDN Lot: 001 Block: 001 Metes & Bounds: Abstract or Torrens: TORRENS .Value and Tax Summary for Taxes Payable 2 Values Established by Assessor as of 3anuary 2 Estimated Market Value: $783,200 Limited Market Value: $722,200 Taxable Market Value: $722,200 Total Improvement Amount: Total Net Tax: $8,764.53 http: / /www2.co.hennepin.mn.us /pins /addrresult.jsp 4/7/2005 Property Information Search by Street Address Result page Page 2 of 2 Total Special Assessments: Solid Waste Fee: $115.19 Total Tax: $8,879.72 Property Information Detail for Taxes Payable Values Established by Assessor as of January 2 Values: Land Market Building Market Machinery Market Total Market: Land Limited Building Limited Total Limited: Qualifying Improvements Classifications: Property Type Homestead Status Relative Homestead Agricultural Exempt Status 4437 $250,400 $532,800 $783,200 $230,900 $491,300 $722,200 RESIDENTIAL HOMESTEAD There are no prior year taxes due on this property. Hennepin County is providing this information as a public service. Tax related questions: taxinfo @.co._hen.nepin..m_n.us Need help locating a property on our site? Check out our Search. Tips Home I Your County_GOvern_ment I Llce,nses,_Certifi sates,.....& Re9istra,ti_oc Volunteering I Health,_ Housing, &.Social Services I Law, Publc_Safety,, f Environ_ment,__Prope_rty, &.Trans.portation. Copyright © 2004 Hennepin County, Minnesota I www.Hennepin.us .ccessibi_I.ity Policy I Contact_ Hen_nepinC_.ounty I Security /._.Priva_cy... Staten http: / /www2.co.hermepin.mn.us /pins /addrresult.jsp 4/712005 APR -08 -2005 14:40 From: 9524741898 To:9528260389 P.1 /2 Virginia S. Thomas 6228 Parkwood Road Edina, MN 55436 r RECEIVED APR 111005 April 8, 2005 Beverly Moos City of Edina 4801 West 5& Street Edina, MN SS424 Via Pax: 2 Pages Dear Ms. Moos, I am writing on behalf of my mother, Virginia S. Thomas, and the valuation placed on her property at 6228 Parkwood Road. I do have Power Of Attorney for her and I handle all her affairs since she and my father are in very poor health and unable to leave the house. I believe the most recent valuation of $654,900 placed on my mother home is unfair and unreasonable. This home was built in the early 1950's and for the most part is still all original on the inside and out. Since my parents moved into the house 5 years ago there has been no work done to the house and it is still a basic 50's rambler with the small rooms, small closets, small bathrooms and low ceilings. The home is still virtually all original on the inside right down to the original bathroom fixtures. I do not know what justification could be used to increase the value of this old and outdated home by approximately $100,000 in one year which is about a 179/6 increase. At this rate increase my parents will not be able to stay and be forced out of their home since they have limited means on which they are living. There is no rate indexes I am aware of that would support a 179/6 increase in a single year for any increase. Inflation or average home price increased are no where near that rate, I apologize for this letter being past the deadline mentioned in Option #2 on the Notice of Valuation. I had only read option #1 and called your office. It does not state in option #1 and deadline date for calling the local assessor so I was unaware that there was a deadline date. Perhaps this deadline should also be mentioned in option #1 so a person such as myself who has never done this before would be able to get this done on time for you. APR -08 -2005 14:40 From: Pap 2 of 2 9524741898 To:9528260389 P.2 ,*2 You ere certainly welcome to view the interior of the home for yourself if you wish. Please call me at my office phone which is 952 4013387 to schedule an appointment to review the home if you wish. Thank you fbr your time. Sincerely, 7.e'o--- uck Thomas For Virginia & David Thomas CITY OF EDINA 2005 BOARD OF APPEAL AND EQUALIZATION MARKET VALUES SUMMARY CASE NO. APPLICANT PID PROPERTY TYPE ADDRESS 2005 ORIGINAL 2005 REQUESTED REQUESTED STAFF RECOMMEW COMMENTS BOARD ACTION VOTE +/_ CHANGE ORIGINAL DATION 1 Marie M Anderegg 05- 116 -21 -24 -0004 R 5848 Creek Valley Road $ 406,800 $ 365,000 $ 406,800 2 Mark & 05- 116 -21 -44 -0041 R 6804 Brook Drive $ 452,800 $ 415,470 $ 452,800, vitz Abramovitz 3 Joan McMillan 32- 028 -24 -34 -0706 X 7601 Edinborough Way # $ 178,000 $ 100,000 $ 178,000, 6105 4 Richard N & Laura 32- 117 -21 -23 -0037 R 6103 Jeffrey Lane $ 473,500 $ 400,000 $ 447,100 B Kuyath Cheryl & Will submit staff review 5 Christopher 05- 116 -21 -11 -0100 R 6307 Colonial Court $ 397,800 not specified prior to re- convened Pedrolie meeting. Richard & Kathy $250,000- Will submit staff review 6 Elkin 30- 117 -21 -12 -0079 R 421 Tyler Ave $ 286,400 $265,000 prior to re- convened meeting. 7 Bruce D & Susan 30- 028 -24 -42 -0024 R 6708 Point Drive $ 807,800 $ 742,000 $ 807,800 Letter received Lee McCarthy 4/7/2005 after deadline 8 Jayson Smith 08- 116 -21 -41 -0014 1 7449 Cahill Road Withdrawn Withdrawn Withdrawn Withdrawn Industrial Prop 9 Bradley Bakke 08- 116 -21 -11 -0018 A 5400 West 77th St $ 1,835,500 not specified . $ 1,835,500 0 Apartment Prop 10 Bradley Bakke Apartment Prop 30- 028 -24 -12 -0063 A 4301 Valley View Road $ 557,800 -not specified $ 557,800 11 Bradley Bakke 18- 028 -24 -44 -0113 A 5330 France Ave S $ 959,300 not specified $ 959,300 Apartment Prop 12 Jim Maciej 31- 028 -24 -41 -0008 1 Main Street Partners, LLP $ 1,689,000 $ 1,225,000 $ 1,689,000 Industrial Prop 4444 West 76th St 13 Ray & Patricia 32- 028 -24 -32 -0474 X 7400 Edinborough Way #5308 $ 313,400 $ 293,600 $ 313,400 DeMont 14 Cathy McKay 31- 117 -21 -14 -0037 R 5615 Schaefer Road $ 1,010,800 not specified $ 1,010,800 Letter received 4/8/2005 after deadline 15 Virginia S Thomas 31- 117 -21 -11 -0001 R 6228 Parkwood Road $ 698,500 not specified $ 698,500 Letter received 4/11/2005 after deadline -7(0( ��h�IM 1�d1� (orK(, 0 ')& , �f�JU KEY: R - Residential, X - Condominium, I - Industrial, A - Apartment w91N�1r� o� a =. U) 4 a0 o• �'�mnroww�t�' . City of Edina DATE: March 21, 2005 TO: Honorable Mayor and Council FROM: Robert C. Wilson, City Assessor The 2005 Board of Appeal and Equalization is scheduled for April 11, 2005 at 5:00 P.M. This Assessment Report was prepared to provide information about the 2005 Edina Assessment and your responsibilities as a part of the Local Board of Appeal and Equalization. Some of the information is for background or general information purposes, but some is important to help you in your responsibilities. At a minimum, please read the following sections: 1. Board of Appeal and Equalization Rules and Procedures (p.3) 2. Authority of the Local Board of Appeal and Equalization (p.5) 3. Edina 2004 Assessment Summary (p.8) The Edina Assessing Department consists of Liz Lopez, Assessing Technician; Mitzi Wicklund, Assessing Technician: Diane Koole, Appraiser; Bev Moos, Appraiser; Rick Nelson, Appraiser; Moreau Sankey, Appraiser and Robert Wilson, City Assessor The mass appraisal system depends upon an effective opportunity for appeals by individual property, owners. Edina's assessment procedures provide this opportunity through- inquires to, and reviews by, the assessing staff, and formal appeals to the Local Board of Appeal and Equalization. At the April 11 meeting, the Board members will hear testimony from property owners and assessing staff. No decisions will be made during the initial meeting. The Board will reconvene on April 25, to make their final decisions on the appeals. Real estate taxes continue to bear a larger burden of the costs of government. The Local Board of Appeal4and Equalization is an important step in maintaining an equitable tax system. . City Hall (612) 927 -8861 4801 WEST 50TH STREET FAX (612) 927 -7645 EDINA, MINNESOTA 55424 -1394 TDD (612) 927 -5461 TABLE OF CONTENTS BOARD OF APPEAL AND EQUALIZATION - GENERAL 1. Letter of Transmittal ..................................................... ............................... 1 2. Board of Appeal and Equalization Rules and Procedures ... ............................... 3 3. Authority of the Local Board of Appeal and Equalization ..... ............................... 5 ASSESSMENT /APPRAISAL INFORMATION 4. Edina 2005 Assessment Summary ................................ ............................... 8 5. Sample Real Estate Valuation Notice ............................. ............................... 10 6. Estimating Market Values .................................................. ............................... 12 7. Historical Changes in Market Value ................................ ............................... 15 8. Residential Assessment ............................................... ............................... 20 9. Apartment and Commercial /Industrial Assessment ............ ............................... 37 10. 2004 Assessment Calendar .......................................... ............................... 39 PROPERTY TAX INFORMATION 12. Simplified Chart of Property Tax Process ........................ ............................... 40 13. Property Tax Refunds and Programs .............................. ............................... 41 14. Statutory Requirements ............................................... ............................... 42 15. Limited Market Value .................................................. ............................... 43 16. This Old House .......................................................... ............................... 45 19. Property Tax 101 ........................................................ ............................... 46 MISCELLANEOUS INFORMATION 18. Newspaper Article ..................................................... ............................... 52 City of Edina BOARD OF APPEAL AND EQUALIZATION RULES AND PROCEDURES 1. GENERAL The following rules and procedures shall govern the Board of Appeal and Equalization in the exercise of the authority and responsibilities granted to it pursuant to Chapter 274 of the Minnesota Statutes. 2. MEETINGS a) The Board shall conduct annual meetings and hearings in accordance with Minnesota Statutes, Section 274.01, subd. 1, and make preliminary determinations of property classification and assessment matters. The Board meetings shall be conducted in the City Council Chamber of the City Hall. The City Clerk shall give published and posted notice of the meetings at least ten (10) days in advance thereof. b) All meetings of the Board shall be considered open meetings and shall be conducted in accordance with the provisions of the Minnesota Open Meeting Law (Minnesota Statutes, Section 471.705). c) The Mayor of the City Council shall act as the Chairperson and shall preside at all Board meetings, and shall have duties and responsibilities specifically prescribed by any applicable laws and regulations. d) Board meetings shall be conducted in accordance with Robert's Rules of Order. e) Three (3) members of the Board must be present for a quorum to exist in order to conduct Board reviews. Formal action may be taken by a majority of those members present at a meeting. f) Board meetings, shall be attended by the City Assessor, and /or a designated City staff member, and a recording secretary. The Board may also request the advice of the City Attorney on legal issues which arise. g) Upon receipt of the completed applications of property owners or taxpayers, the City Assessor shall schedule hearings thereon. Board meetings shall be held until all petitions have been heard. Each appellant will be allowed a maximum of ten (10) minutes to present any data or information relevant to the market value or classification of the subject property. The Assessor, or a designee assigned by the Assessor, will be allowed a maximum of five (5) minutes rebuttal to present any relevant information to support the estimated market value or classification assigned by the Assessor. 3 h) The Board shall take each petition under advisement and shall render its determination thereon at a subsequent meeting of the Board. i) A list of all appellants and copies of all Board determinations shall be sent to the City Council for final consideration and decision not more than twenty (20) days from the commencement of the Board of Appeals and Equalization. 3. CONFLICTS: EX PARTE COMMUNICATI.ONS a) When not in session, the Board shall not accept or consider any ex parte communications concerning parcels being reviewed, except as requested by the Board, at a regular Board meeting, in order to render an equitable decision. b) No Board member-shall participate or vote in any deliberation relating to property in which he or she has a conflict of interest. A conflict of interest exists where a member: 1. has a material, financial interest in the property, or is affected by the issues, or proposals greater than other members of his /her business classification, profession, or occupation; or 2. is a director, trustee, officer, employee, or agent of any business or institution directly involved with the property; or 3. is related by blood or marriage to an individual having any ownership interest or other pecuniary interest in the subject property. Prior to the commencement of any discussion or deliberation a member who has a conflict of interest shall disclose orally that he /she has a conflict of interest to the Board chairperson, and excuse himself /herself from any further discussion or deliberation on that case. 4 AUTHORITY OF THE LOCAL BOARD OF APPEAL AND EQUALIZATION Assessments of property are made to provide the means for the measuring of the relative share of each taxpayer in the meeting of the costs of local government. It is the duty of the assessor to assess all real and personal property except that which is exempt or taxable under some special method of taxation. If the burden of local government is to be fairly and justly shared among the owners of all property of value, it is necessary that all taxable property be listed on the tax rolls and that all assessments be made accurately. Whenever any property that should be assessed is omitted from the tax rolls, an unfair burden falls upon the owners of all property that has been assessed. If any property is undervalued in relation to the other property on the assessment record, the owners of the other property are called upon automatically to assume part of the tax burden that should be borne by the undervalued property. Fairness and justice in property taxation demands both completeness and equality in assessment. Minnesota Statutes Section 274.01 provides that the council of each city shall be or appoint a board of appeal and equalization. The provisions of Section 274.01 and this regulation apply to all boards of appeal and equalization. Section 274.01 states the county assessor shall fix a date for each board of appeal to meet for the purpose of reviewing the assessment of property in its respective town or city. The county assessor is required to serve written notice to the clerk of each of such bodies on or before April 1 of each year. These meetings are required to be held between April 1 and May 31 and the clerk of the board of appeal and equalization is required to give published and posted notice at least ten days before the date set for the first meeting. The board of appeal of any city, unless the commissioner of revenue approves a longer period, must complete its work and adjourn within 20 days from the time of convening specified in the notice of the clerk. No action taken subsequent to such date shall be valid. A request for additional time in order to complete the work of the board of appeal must be addressed to the commissioner of revenue in writing. The commissioner's approval is necessary to legalize any procedure subsequent to the expiration of the 20 -day period. The commissioner of revenue will not, however, extend the time for local boards of appeal to meet past the time county boards of appeal and equalization convene in June. The authority of the local board extends over the individual assessments of real and personal property. The board does not have the power to increase or decrease by percentage all of the assessments in the district of a given class of property. 5 The county board of appeal and equalization makes changes in aggregate assessments by classes of property. Although the local board of appeal has the authority to increase or reduce individual assessments, the total of such adjustments must not reduce the aggregate assessment made by the assessor by more than one percent of said aggregate assessment. If the total of such adjustments does lower the aggregate assessment made by the assessor by more than one percent, none of the adjustments will be allowed. This limitation does not apply, however, to the correction of clerical errors or to the removal of duplicate assessments. The local board of appeal does not have the authority in any year to reopen former assessments on which taxes are due and payable. The board considers only the assessments that are in process in the current year. Occasionally a taxpayer may appear before a board to protest an assessment that was made the previous year. The board should explain tactfully that it has no authority to consider such matters and that after taxes have been extended, adjustment can be made only by the process of abatement or by legal action. In reviewing the individual assessments, the board may find instances of under valuation. Before the *board can raise the market value of property, it must notify the owner. The law does not prescribe any particular form of notice except that the person whose property is to be increased in assessment must be notified of the intent of the board to make the increase. The local board of appeal meetings assures a property owner an opportunity to contest any other matter relating to the taxability of his property. The board is required to review the matter and make any corrections that it deems just. When a local board of appeal convenes, it is necessary that a majority of the members be in attendance in order that any valid action may be taken. The local assessor is required by law to be present with his assessment books and papers. He is required also to take part in the proceedings but has no vote. In addition to the local assessor, the county assessor or one of his assistants is required to attend. The board should proceed immediately to review the assessments of property. The board should ask the local assessor and county assessor to present any tables that have been prepared, making comparisons of the current assessments in the district. The county assessor is required to have maps and tables relating particularly to land values for the guidance of boards of review. Comparisons should be presented of assessments of types of property with previous years and with other assessment districts in the same county. It is the primary duty of each board of appeal to examine the assessment record to see that all taxable property in the assessment district has been properly placed upon the list and valued by the assessor. In case if any property, either real or personal, has been omitted, the board has the duty of making the assessment. �9 The board should consider the complaints and objections of persons who feel aggrieved with any assessments for the current year very carefully. Such assessments must be reviewed in detail and the board has the authority to make corrections it deems to be just. The board may adjourn from day to day until all cases have been heard. If complaints are received after the adjournment of the board of appeal, these shall be heard and determined by the county board of appeal and equalization. A non - resident may file written objections to his assessment with the county assessor prior to the meeting of the board for consideration while it is in session. Before adjourning, the board of appeal should cause the official proceedings to be prepared. The law requires that the proceedings be listed on a separate form, which is appended to the assessment book. The assessments of omitted property must be listed in detail and all assessments that have been increased or decreased should be shown as prescribed in the form. After the proceedings have been completed, the record should be signed and dated by the members of the board of appeal. It is the duty of the county assessor to enter changes by boards of appeal in the assessment book of each district. The local board of appeal and equalization has the opportunity of making a great contribution to the equality of all assessments of property in a district. No other agency in the assessment process has the knowledge of the property within a district than is possessed jointly by the individual members of a board of appeal The county or state board of equalization cannot give the detailed attention to individual assessments that is possible in the session of the local board. It is a well considered opinion that the most important single duty placed by law upon the governing body of a municipality is the serving as the board of appeal of assessments. The faithful performance of duty of the board of appeal will make a direct contribution to the attainment of equality in meeting the costs of providing the essential services of local government. In conclusion, the Board of Appeal and Equalization is charged to deal with the appeals of property owners regarding: 1) Whether or not the property is classified in accordance with state law (generally not contested by property owners). 2) Whether or not the valuation of the property is equalized with similar properties. All valuations and property tax data are public information and property owners are able to compare their valuation with any other property. 7 EDINA 2005 ASSESSMENT SUMMARY The 2005 property assessment has been completed, and property owners received a Notice of Estimated Market Value the week of March 7t . The 2005 property assessment applies to property taxes payable in 2006. Key points of the 2005 property assessment include: • The total estimated market value for Edina is $8.73 billion, an increase of $697 million, or 8.7 %, over the $8.03 billion total in 2003. Approximately 81% of the market value comes from residential properties, while 19% comes from commercial, industrial, and apartment properties. a c 0 a N 1998 1999 2000 2001 2002 2003 2004 2005 Assesarrent Year For 2005, most residential properties received statistical adjustments of 5 to 12 %. These adjustments are based on the specific characteristics of the property, its location, and comparisons to actual selling prices. This approach results in similar market value adjustments for like properties throughout the city. • Comparisons with other cities for 2005 indicate most of the southwestern suburban cities are adjusting residential properties by 6% to 9 %. With an overall estimated average of 7.5 %, these comparisons show that Edina's adjustments are consistent with those of most neighboring communities. • The accuracy and equity of the property assessment are evaluated through two statistical measures: the sales ratio and the coefficient of dispersion. The sales ratio is the assessor's estimated market value divided by the actual selling price. For 2005, Edina's overall sales ratio is 95.6 %, indicating a very accurate assessment. The coefficient of dispersion measures how far the assessor's market values deviate from the median. For 2005, it is 7.6, demonstrating an equitable assessment. • Edina, beginning with the 2005 assessment, has initiated the use the computer -aided assessment system, to improve the equity and accuracy of the annual assessment. Three districts, or about 500 residential properties were revalued using this CAA system. It is the intent to expand its use to value all residential property in the city. • For 2004, most apartment properties were increased by 13% on average, and commercial /industrial properties received an upward adjustment of approximately 10 %. These adjustments reverse the trend of the past two years of declining values. • The appeals process is an important part of the annual property assessment. Residents having questions about their 2005 Notice of Estimated Market Value are urged to contact the Assessing Office. This allows staff to discuss the property characteristics and, where needed, conduct an on -site review. Property owners may appeal the market value set by the Assessing Office to the Local Board of Appeal and Equalization, which meets on April 11, 2005. The decision of the Local Board may be appealed to the Hennepin County Board of Appeal and Equalization, which meets on June 13, 2005. Property owners may also appeal their valuation directly to the Minnesota Tax Court. 9 City of Edina, Minnesota 4801 West 5e Street ■ Edina, MN 55424 -1394 ■ (952) 826 -0365 ■ FAX: (952) 826 -0389 ■ TTY: (952) 826 -0379 2005 Notice of Valuation and Classification For taxes payable in 2006 — This is NOT a bill Property Identification Number. Property Location: JANUARY 2, 2005 EDINA MN 55424 -1133 The values indicated are for the January 2, 2005, Assessment for taxes payable in 2006. The prior year data has been included for comparison purposes. 2004 for 2005 Taxes 2005 for 2006 Taxes Property Classification: RESIDENTIAL RESIDENTIAL HOMESTEAD HOMESTEAD Estimated Market Value: $989,900 $989,900 Limited Market Value: $717,700 $825,300 Value of New Improvements: This Old House Exclusion: Taxable Market Value: $717,700 $825,300 Est. Market Value Deferred: 1 — Call Local Assessor If you believe the 2005 estimated market value and/or classification of this property has been determined incorrectly, you have the right to make an appeal. Inquiries concerning valuation or property class should first be directed to your Assessor's Office. This is an important first step of the appeals process. Many times questions and concerns can be addressed informally, prior to the Local Board meetings. You should contact the Edina Assessor's Office at (952) 826 -0365. 2 — Boards of Appeal and stew tvif - :'Grty:ot:Egma Board of Atlgeat'anq Equalization: If you believe your value or classification is incorrect, you may bring your case to the Local Board of Appeal and Equalization. You may appear in person, by letter, or be represented by an authorized agent. Please call your assessor's office first, an appointment may be necessary. It is required that you first attend the Local Board prior to attending the County Board of Appeal. The Board convenes at 5:00 PM, on Monday, April 11, 2005, in the Council Chambers, City Hall, 4801 West 50" Street, Edina, MN 55424. If you wish to make an appeal before the local board an application is required no later than Friday. April 1. 2005. Stet3 #2 - Hennepin. County Board of Aapeaf andEaualization The County Board of Appeal and Equalization begins on June 13, 2005, at the Hennepin County Gov emment Center, 300 South Sixth St., Minneapolis, MN 55487. Application is required no later than June 6, 2005. To appear before the one: 3 — Minnesota Tax Court Small Claims Division You may take your case directly to the Small Claims Division of Tax Court if: ■ The assessor's estimated market value of your property is less than $300,000; or ■ The entire parcel is classified as a residential homestead (1a or 1 b) and the parcel contains no more than one dwelling unit; or ■ The entire property is classified as an agricultural homestead (2a or 1b); or ■ You are appealing the denial of a current year application for homestead classification of your property. Regular Division Regardless of your property type or the nature of your claim, you always have the option to file directly with the Regular Division of Tax Court. You have until April 30, 2006, to file an appeal with the Small Claims Division or the Regular Division of Tax Court for this year's valuation notice. For more information, contact: MN Tax Court, 25 Reverend Dr. Martin Luther King Jr. Blvd., Room 245, St. Paul, MN 55115 Phone: 651 - 296 -2806 [TTY Relay (800) 627 -3529 Teletype] Web site: www.taxcourt.state.mn.us E -mail: info ,taxcourt.state.mn.us IIt] �1N��'W o e City of Edina (� )� 4801 West 5& Street •� Edina, MN 55424 -1394 IMPORTANT: Property Tax Information Valuation Notice EDINA MN 55424 -1133 I�I�I��Irl��l��l��l�lrl��l�r�llr��ll��ll�r�ll�r�l�ll�r�l��llrl PRESORTED FIRST -CLASS MAIL U.S. POSTAGE PAID MINNEAPOLIS, MN PERMIT NO. 3395 IMPORTANT INFORMATION AND DEFINITIONS This notice is to inform you of the market value and classification of your property for assessment year 2005. The property taxes you will pay in 2006 will be based on this valuation and classification. If you believe your valuation and property class are correct, it is not necessary to contact the assessor or attend the meeting listed on this notice. Property Classification The statutory classification that has been assigned to your property based upon your use of the property. A change in classification of your property can have a significant impact on the real estate tax payable. Please compare the 2004 and 2005 classifications listed on the other side of this statement. Estimated Market Value This value is what the assessor estimates your property would likely sell for on the open market. State law (M.S. 273.11 Subd. 1) requires assessors to value property at 100 percent of market value. Limited Market Value (M.S. 273.11. Subd.1a) Limits how much the taxable value of certain properties can increase. With the exception of new improvements, the value is limited to the greater of 1) 15 percent increase over last year's limited value or 2) 33 percent of the difference between this year's estimated value and last year's limited value. This only applies to agricultural, residential, timberland, or noncommercial seasonal recreational residential (cabin) property. Value of New Improvements This is the assessor's estimate of the value of new or omitted improvements you have made to your property. These improvements are not eligible for limited market value. This Old House Exclusion (M.S. 273.11. Subd. 16) Applies only to homestead property 45 years of age or older and valued at less than $400,000. Improvements that increase the estimated market value by $5,000 or more may have some of the value exempted. Only improvements made before Jan. 2, 2003, and assessed for the 2003 assessment will qualify for this exclusion. More information on this exclusion may be obtained by contacting your Assessor's Office. Taxable Market Value (M.S. 273.121) This is the value that your property taxes are actually based on, after all reductions, limitations, exemptions and deferrals. Your 2005 value, along with the class rate and the budgets of your local government, will determine how much you will pay in taxes in 2006. Market Value Deferred -Green Acres and Open Space Only applies to agricultural and open space property that is facing increasing values due to development pressures not related to the agricultural or open space value of the land. The assessor arrives atthis lower value by looking at what comparable agricultural or open space land is selling for in areas where there is not development pressure. The taxes on the highervalue are deferred until the property is sold or no longer qualifies for the program. Market Value Deferred -Plat Deferment For land that has been recently platted (divided into individual lots) but not yet improved with a structure, the increased market value due to platting is added over a 3 year phase -in period. If construction begins before the expiration of the phase -in period, the lot will be assessed at full market value in the next assessment Commercial /Industrial Property (M.S. 273.13. Subd. 24) Each parcel of commercial and industrial property has a reduced, "preferred" class rate on the first tier of market value ($150,000) and a 'non-preferred' rate on the remaining market value, except in the case of contiguous parcels owned by the same person or entity. Contiguous properties are classed at the "non-preferred' rate. Please call your assessor for details and exceptions. 11 ESTIMATING MARKET VALUES The purpose of the assessment process is to make an accurate estimate of the market value of each parcel of property, every year. Doing so requires current information about the properties being assessed, and about the local real estate market. The Edina Assessing Office maintains a record of every property in the City, including its size, location, physical characteristics, and condition. This record is updated whenever new information becomes available — as the result of the five -year reappraisal, or when improvements are made to the property, or when the property owner requests a physical review. This information is computerized, allowing statistical comparisons of properties by type and location. It is important to know that assessors must of necessity use a mass appraisal process for valuing residential property, and the mass appraisal process is different from the individual appraisal system used by banks, mortgage companies and others. The mass appraisal system used in Edina involves the comparison of properties with actual residential market sales from the same neighborhood and throughout the city. New houses, additions, and remodeling are valued based on their individual characteristics and the current costs of construction. Having the local assessment system operate effectively requires as much information about the local real estate market as possible. The Assessing Office makes a record of all property sales, using the Certificate of Real Estate Value (or CRV) filed at Hennepin County for each property sale. This information is augmented with regular sales information obtained from the Multiple Listing Service (MLS) and other sources. The Assessing staff also examines multiple sales — properties that have sold more than once over a period of a few years. After taking into account any physical changes that may have occurred, the Assessor is able to determine what is happening to the real estate market over that period of time. In all cases, the sales information collected by the Assessing Office is closely scrutinized. Evidence suggesting a forced sale, foreclosure, a sale to a relative, or anything but an arms - length transaction results in the sales information being discarded. This is important, because the real estate sales information constitutes the data- base for the statistical comparisons necessary to make the property assessment. 12 The accuracy of the Assessing Department's estimated market values is measured by the sales ratio, which is simply the Assessor's estimated market value divided by the actual selling price. For example, a house having its estimated market value assessed at $180,000 and an actual selling price of $200,000 gives a sales ratio of 90.0. For cities in Hennepin County, the accepted range for the median sales ratio measurement is 90 to 105. In other words, the median (or midpoint) of the sales ratios for all properties sold should fall within 90 to 105. A sales ratio of slightly less than 100 is desirable in order to avoid having a great many properties valued at more than their actual market value. If the median sales ratio were at 100, as shown at the left below, it would mean that half the properties were assessed at less than market value and half were higher, with too many over the actual market value. On the other hand, as shown at the right below, a sales ratio of 95.0 means half the properties are below 95.0% of actual market value, half are higher, and a relative low number are valued by the Assessor at more than actual market value. Therefore, the acceptable range is 90 to 105, with a target of 95.0. Edina's 2005 assessment results in a sales ratio of 95.6. SALES RATIO: MEDIAN MEDIAN 100 95.0 95 97.5 102.5 105 HALF THE VALUES ARE OVER 100% 13 90 92.5 97.5 100 FEW VALUES ARE OVER 100% A measure of the equity of the property assessment is the coefficient of dispersion, which measures the average deviation or dispersion from the midpoint, or median. The more closely the Assessor's values are grouped around the midpoint, the more equitable the assessment. This is true because relatively few properties have been valued too high, or too low, compared to actual selling prices. For the annual property assessment, a coefficient of dispersion of less than 15 is deemed acceptable and less than 10 is considered excellent. Edina's 2005 assessment reflects a coefficient of dispersion of 7.6. COEFFICIENT OF DISPERSION: MEDIAN 95.0 VALUES ARE DISPERSED FROM MEDIAN (HIGH COEFFICIENT) MEDIAN 95.0 VALUES ARE GROUPED CLOSE TO MEDIAN (LOW COEFFICIENT) Historical sales ratios and coefficients of dispersion are as follows: 14 1999 2000 2001 2002 2003 2004 2005 SALES RATIO 93.8 93.6 95.1 95.0 96.1 96.0 95.6 COD 8.8 8.8 10.7 9.8 8.3 6.4 7.6 14 The review process is a key aspect of the mass appraisal system. Because - some properties receive statistic -based adjustments to market value, the review allows the assessing staff the opportunity to individually examine certain properties. Where there is evidence a property has been overvalued or valued inequitably, its market value can be readjusted to an appropriate amount. A property owner who is not satisfied with the assessing staffs review may make an appeal to the Local Board of Appeal and Equalization, which meets on April 11, or make an appeal directly to state tax court. HISTORICAL CHANGES IN MARKET VALUE Edina has typically experienced steady growth in the market value of real property in the community since the mid 19901s. This has occurred through the construction of new single - family, multi - family and commercial properties as well as the appreciation of existing properties. Edina experienced 8.4% growth in 1999, 11.4 % growth in 2000, 14.2% growth in 2001, 13.7% growth in 2002, 5.8% growth in 2003, 7.8% growth in 2004 and 8.7% for the 2005 assessment as depicted on the first chart. The first chart shows the amount of market value change from year to year, and the proportions of the change attributable to new construction and appreciation. As indicated, the city's total market value shows continuing increases for the 2005 assessment. The second chart illustrates total 2004 and 2005 market values divided among major property classes. Residential property represents 81 % of the total market value, with commercial /industrial and apartments comprising the remaining 19 %. The third graph compares tax capacity by property class. Although residential property accounts for 81% of market value, the property tax is based on tax capacity, and for 2005, residential property is 71 % of the total tax capacity. Commercial /industrial and apartment properties make up 19% of market value and approximately 29% of total tax capacity. The last graph compares the changes in total market value and total tax capacity for the city, over the past seven years. It is interesting to note that while the total market value has steadily increased from about 4.5 billion in 1998 to 8.7 billion in 2005, the total tax capacity has increased only 22 percent. In 1998 the total tax capacity was 85 million, for 2005 the total is 104 million. This is primarily due to legislative changes made in 1997, 1998 and 2001 that reduced the tax capacity rates for most classes of property. Also, state law has provided a limited market value for most residential property since 1994. 15 $10,000 $9,000 $8,000 $7,000 $6,000 2 $5,000 N $4,000 $3,000 $2,000 $1,000 $0 GROWTH IN TOTAL MARKET VALUE vs TOTAL TAX CAPACITY CITY OF EDINA Total Market Value 1998 -2005 1998 1999 2000 2001 2002 2003 2004 2005 Assessment Year TOTAL INCREASE IN MARKET VALUE 93 19 $120 $100 $80 $60 i M $40 $20 $0 CITY OF EDINA Total Tax Capacity 1998 -2005 1998 1999 2000 2001 2002 2003 2004 2005 Assessment Yesr TOTAL INCREASE IN TAX CAPACITY 22 CITY OF EDINA Market Value Growth 1998 -2004 YEAR MARKET VALUE NEW CONSTRUCTION VALUE INCREASE TOTAL GROWTH 1998 $4,526,8625400 1.1% 4.4% 5.5% 1999 $4590458695300 1.5% 6.9% 8.4% 2000 $5545758025200 1.5% 9.9% 11.4% 2001 $6523051945800 1.4% 12.8% 14.2% 2002 $7508156845800 0.7% 13.0% 13.7% 2003 $7548759065000 1.0% 4.8% 5.8% 2004 $85033,6795900 1.0% 6.8% 7.8% 2005 $8573058145700 0.7% 8.0% 8.7% 16 Resider Al $6,533 CITY OF EDINA Market Values by Property Class 2004 Commercial/ Industrial rents YO 96 Reside 81 °/< $7,113 2005 Commercial/ Industrial A CO/ 2004 Total Value: $8,033 Million 2005 Total Value: $8,730 Million Values in Millions of Dollars 17 rents YO 43 80.00% 70.00% 60.00% a R CL V 50.00% X R 0 40.00% H 0 as m 30.00% c m a� M 20.00% 10.00% 0.00% CITY OF EDINA Tax Capacity by Property Class 1998 -2005 1998 1999 2000 2001 2002 2003 2004 2005 Assessment Year 18 ■ Residential ■ Comm /Ind ❑ Apts RESIDENTIAL ASSESSMENT For the 2005 assessment, 624 residential sales which occurred between October 2003 and September 2004 were analyzed both for market trends as well as the assessment ratio (assessor's value divided by sale price) on the sales. The following districts received increases based on an analysis of sales within each district and throughout the City. The enclosed charts illustrate the following: 1. Edina Single- Family Residential Sales 2000 -2004 — which indicates the median and mean sales price for the last four years 2. District Map —which shows Edina's 42 geographic districts 3. 2005 Assessment by District —which includes a sales analysis by district and overall increase in 2005 estimated market value 4. Qualifying Single - Family Residential Sales from October 2002 to September 2003 -which shows individual sales by District, included in the ratio sales study period EDINA SINGLE- FAMILY RESIDENTIAL SALES BY CALENDAR YEAR YEAR MEDIAN AVERAGE # OF. SALES 2000 $270,000 $340,000 765 2001 $299,000 $376,000 692 2002 $330,000 $432,000 760 2003 $360,000 $473,800 565 2004 $387,500 $490,700 619 The median sale price (the point where half the homes sell for more and half for less) for single- family homes that sold in 2004 is $387,500. This is an increase of 7.64% from the median sale price in 2003 of $360,000. 20 1 0 I lb • lb IPA. I 1 INS 12005 ASSES _ -- - INCREASE S� I ° Sales ��E -SAC 0 a-r _ 1 _ Morron side 695 29 4.2% 90.8 87.6 95.1 73.5 63.3 90.1 88.2 83.9 73.6 86.9 93.1 98.2 87.3 89.6 84.4 91.6 78.8 90.4 82.4 89.8 93.2 88.3 97 88.1 88 86.1 89.9 80 70.2 83.8 86.7 105 93.1 80.3 91.3 95 86.6 85.3 84.3 73.9 87 8.4 5.7 29 8.7 9.4 8 7.3 0.0 31 0.0 18.5 1 5.3 10.1(CAA) 1 7.9 .3.7 8 8.7 8.2 2 11.2 14.1 29 0.0 16.1 _ 1 8.9 10.2 57 7.5 4.3 18 2.3 5.3 5- 10.7 8.7 31 7.8 8.0 27 5.3 8.8% 4 9.8 5.4% 32 7.9 5.2 %(CAA). 8 9.2 6.2% 19 10.9 11% 22 6.1 6.7% _ 13 11 3.3% _ 47 8.3 10.5% 30 4.9 -0.1% 5 i 11.1 10.0% 21 9.5 8.4% 34 7.3 11.7% 31 13.7 1.8% 2 6.8 14% 7 11.3 3.7% _ 4 11.2 11.3% 7 9.2 10.6% 20 4 -0.4% _ 2 4.9 12.9% 11 7.9 23.4% 5 7 5.1% 15 11.3 3 %(CAA) 9 7.2 5.9% 6 6.4- 11.6% -5 10.5 9.2% 14 18.8 12% 3 j 4.5 0.0% 4 10.2 7.5% 627 9.2 40 10.3 586 i 96.9 1 7.2 2 White Oaks 134 8 6.0% 98.9 7.0 3 Country Club 563 31 5.5% 95.1 6.6 4 Sunnyslope 73 1 1.4% 89.7 0.0 5 Indianola/Juani 135 2 1.5% 74.7 0.0 6 Brucewood 109 8 7.3% 93.5 7.5 7 Golf Ter 91 2 2.2% 94.0 2.0 8 N 58th Sher/Sc 626 29 4.6% 97.1 6.7 9 Woodland/Woc 115 1 0.9% 88.3 0.0 10 E France No 6 828 57 6.9% 96.0 6.6 11 E France Sp 6 286 18 6.3% 96.8 6.9 12 Halifax/Grimes 127 5 3.9% 99.0 2.2 13 S 58th Fairfax 400 31 7.8% 93.6 8.3 14 So. Jr High/Cor 470 27 5.7% 96.1 7.1 15 Parnell /Ryan 84 4 4.8% 92.9 3.3 16 Lake Cornelia 519 35 6.7% 96 1 .4 17 Oscar Roberts 141 7 I 5.0% 84.1 6.6 18 So 70th /Lake 532 21 3.9% i 96.2 7.9 19 Brookview Hts 423 21 5.0% 94 9.2 20 Wilryan So Xtoj 239 1 12 5.0% 96.1 5.7 21 Richmond /Bird 848 49 5.8% 95.8 _ 10_4 22 Brookside 447 29 6.5% 95.8 7.3 23 Rolling Green 92 6 6.5% 5 95.8 2 24 Highland 527 25 , 4.7% 95.8 _ 9.7 25 Countryside 5 687 35� 5.1 % 95.9 _ 9.1 26 Creek Valley /Li' 723 31 4.3% 96 _ _ 6.7 27 Antrim /Dublin I 53 3 8 _ 5.7% _ 2.9% 95.1 14.7 28 KmmHch/Shai 272 90.8 6.2 29 Dewey Hill 103 5 4.9% 81.3 11.9 30 Mendelssohn 243 7 --2.9%-- 95.7 5.6_ 31 Mpls Heights j 277 20 ___ _ 7.2% _ 2 _4.5% 12 _f 3.3 %° 5 _ 1 2.8 %° 15 8.9% _ 9 4.0 %° _ 7 2.6% 7_ 3.5% 13 6.2% __ 3 15.8 %° 5 4 5.1% 96.1 7.7 1.5 33 Malibu 44 99.4 34 _ Park Knolls Nei 369 96 4 35 36 37_ 38 39 40 41 42 mark Knolls Old II Park Knolls Mic Artic Way/Tam Indian Hills_ Sioux Tr 5 i Braemar Glasgow___ Hilldale 177 95.9 5.7 6.9 6 168 226 95.8 99.6 267 96.3 96.1 _ 5.7 4_3 5.2 4.5 202 209 91.9 J-8.7 19 81.8 7 8 95.7 RES RES CITY WIDE LAKE /CREEK "R" j 650 43 I 606 88.4 95.8 97.1 95.8 8.3 6.2 8.4 92 88.2 22 City of Edina Qualifying Sales by District for 2005 Analysis DISTRICT HOUSE NO. STREET NAME SALE PRICE SALE DATEI 01- Morningside 4224 42ND ST W $ 279,000 06/2004 01- Morningside 4120 44TH ST W $ 500,000 03/2004 01- Morningside 4171 44TH ST W $ 369,000 06/2004 01- Morningside 4216 44TH ST W $ 560,000 01/2004 01- Morningside 4605 44TH ST W $ 435,000 12/2003 01- Morningside 4006 44TH ST W $ 424,900 06/2004 01- Morningside 3924 44TH ST W $ 388,900 06/2004 01- Morningside 4301 BRANSON ST $ 316,000 03/2004 01- Morningside 4408 BRANSON ST $ 540,000 08/2004 01- Morningside 4211 BRANSON ST $ 535,000 05/2004 01- Morningside 4234 CROCKER AVE $ 670,000 06/2004 01- Morningside 4235 CROCKER AVE $ 380,000 04/2004 01- Morningside 4231 CROCKER AVE $ 350,000 05/2004 01- Morningside 4416 CURVE AVE $ 390,000 07/2004 01- Morningside 4250 FRANCE AVE S $ 220,000 02/2004 01- Morningside 4544 FRANCE AVE S $ 319,900 08/2004 01- Morningside 4215 GRIMES AVE $ 499,000 07/2004 01- Morningside 4413 GRIMES AVE $ 432,000 03/2004 01- Morningside 4004 GRIMES AVE $ 349,900 06/2004 01- Morningside 4013 LYNN AVE $ 371,300 12/2003 01- Morningside 4015 LYNN AVE $ 282,000 06/2004 01- Morningside 4246 LYNN AVE $ 277,500 12/2003 01- Morningside 4017 LYNN AVE $ 267,800 08/2004 01- Morningside 4011 MONTEREY AVE $ 320,000 04/2004 01- Morningside 3915 MORNINGSIDE RD $ 476,000 07/2004 01- Morningside 3911 MORNINGSIDE RD $ 295,000 05/2004 01- Morningside 4015 NATCHEZ AVE $ 377,000 11/2003 01- Morningside 4215 OAKDALE AVE $ 575,000 03/2004 01- Morningside 4208 SCOTT TER $ 280,000 09/2004 01- Morningside 3907 SUNNYSIDE RD $ 369,900 04/2004 01- Morningside 4001 SUNNYSIDE RD $ 371,000 04/2004 02- White Oaks 3918 49TH ST W $ 279,000 05/2004 02- White Oaks 4900 MAPLE RD $ 787,500 07/2004 02- White Oaks 4908 MAPLE RD $ 538,000 02/2004 02- White Oaks 4933 MAPLE RD $ 416,000 07/2004 02- White Oaks 4709 MEADOW RD $ 340,000 04/2004 02- White Oaks 4619 TOWNES CIR $ 1,000,000 07/2004 02- White Oaks 4829 TOWNES RD $ 429,500 06/2004 02- White Oaks 4821 TOWNES RD $ 451,000 07/2004 03- Country Club 4920 ARDEN AVE $ 460,000 09/2004 03- Country Club 4914 ARDEN AVE $ 565,000 10/2003 03- Country Club 4620 ARDEN AVE $ 679,000 09/2004 03- Country Club 4520 ARDEN AVE $ 724,500 04/2004 03- Country Club 4626 ARDEN AVE $ 950,000 11/2003 03- Country Club 4907 ARDEN AVE $ 595,000 06/2004 03- Country Club 4617 BROWNDALE AVE $ 820,000 12/2003 03- Country Club 4405 BROWNDALE AVE $ 1,600,000 10/2003 03- Country Club 4608 BRUCE AVE $ 500,000 06/2004 03- Country Club 4628 BRUCE AVE $ 825,000 07/2004 03- Country Club 4612 BRUCE AVE $ 836,500 09/2004 03- Country Club 4910 BRUCE AVE $ 1,000,000 06/2004 03- Country Club 4517 BRUCE AVE $ 590,000 10/2003 03- Country Club 4511 BRUCE AVE $ 630,100 08/2004 03- Country Club 4505 CASCO AVE $ 780,000 12/2003 03- Country Club 4615 CASCO AVE $ 827,000 12/2003 03- Country Club 4611 CASCO AVE $ 649,900 01/2004 23 City of Edina Qualifying Sales by District for 2005 Analysis DISTRICT_ HOUSE NO. STREET NAME SALE PRICE SALE DATE1 03- Country Club 4523 CASCO AVE $ 699,900 06/2004 03- Country Club 4510 DREXEL AVE $ 907,500 07/2004 03- Country Club 4509 DREXEL AVE $ 1,020,000 04/2004 03- Country Club 4630 EDGEBROOK PL $ 1,245,000 07/2004 03- Country Club 4519 EDINA BLVD $ 1,449,900 06/2004 03- Country Club 4615 EDINA BLVD $ 1,090,000 06/2004 03- Country Club 4601 EDINA BLVD $ 1,175,000 07/2004 03- Country Club 4618 MOORLAND AVE $ 2,152,500 03/2004 03- Country Club 4610 MOORLAND AVE $ 1,800,000 11/2003 03- Country Club 4706 SUNNYSIDE RD $ 855,000 08/2004 03- Country Club 4805 SUNNYSIDE RD $ 1,000,000 11/2003 03- Country Club 4110 SUNNYSIDE RD $ 680,000 06/2004 03- Country Club 4616 WOODDALE AVE $ 1,140,000 04/2004 03- Country Club 4511 WOODDALE AVE $ 1,249,000 10/2003 03- Country Club 4602 WOODDALE AVE $ 1,060,000 10/2003 03- Country Club 4519 WOODDALE AVE $ 780,000 10/2003 04- Sunnyslope 4805 HILLTOP LA $ 450,000 07/2004 04- Sunnyslope 4805 SUNNYSLOPE RD W $ 725,000 06/2004 05 - Indianola /Juanita 5124 HALIFAX AVE $ 659,000 07/2004 05- Indianola/Juanita 5101 JUANITA AVE $ 695,000 11/2003 06- Brucewood 4431 52ND ST W $ 607,000 12/2003 06- Brucewood 4431 52ND ST W $ 725,000 06/2004 06- Brucewood 5001 ARDEN AVE $ 770,000 08/2004 06- Brucewood 5018 ARDEN AVE $ 959,900 08/2004 06- Brucewood 5002 ARDEN AVE $ 711,000 05/2004 06- Brucewood 5019 BRUCE AVE $ 980,000 08/2004 06- Brucewood 5036 BRUCE PL $ 1,059,000 10/2003 06- Brucewood 5029 BRUCE PL $ 875,000 07/2004 06- Brucewood 5030 BRUCE PL $ 1,375,000 09/2004 06- Brucewood 5309 MINNEHAHA BLVD $ 815,000 04/2004 06- Brucewood 5313 MINNEHAHA BLVD $ 900,000 06/2004 07- Golf Terrace 4505 LAKEVIEW DR $ 622,000 02/2004 07- Golf Terrace 5506 LAKEVIEW DR $ 780,000 10/2003 08- N 58th Sher /So Har Pk 4304 58TH ST W $ 460,000 09/2004 08- N 58th Sher /So Har Pk 5308 BROOKVIEW AVE $ 630,000 07/2004 08- N 58th Sher /So Har Pk 5436 BROOKVIEW AVE $ 780,000 08/2004 08- N 58th Sher /So Har Pk 4609 CONCORD TER $ 370,100 06/2004 08- N 58th Sher /So Har Pk 5608 DALRYMPLE RD $ 419,900 08/2004 08- N 58th Sher /So Har Pk 5517 HALIFAX LA $ 410,000 08/2004 08- N 58th Sher /So Har Pk 5232 KELLOGG AVE $ 509,000 04/2004 08- N 58th Sher /So Har Pk 5401 KELLOGG AVE $ 619,000 05/2004 08- N 58th Sher /So Har Pk 5201 KELLOGG AVE $ 1,391,000 05/2004 08- N 58th Sher /So Har Pk 5400 KELLOGG AVE $ 537,500 09/2004 08- N 58th Sher /So Har Pk 5425 KELLOGG AVE $ 740,000 07/2004 08- N 58th Sher /So Har Pk 5305 KELLOGG AVE $ 975,000 08/2004 08- N 58th Sher /So Har Pk 5608 KELLOGG PL $ 526,000 04/2004 08- N 58th Sher /So Har Pk 4612 OAK DR $ 535,000 11/2003 08- N 58th Sher /So Har Pk 4502 OAK DR $ 635,000 06/2004 08- N 58th Sher /So Har Pk 5227 OAKLAWN AVE $ 620,000 09/2004 08- N 58th Sher /So Har Pk 5400 PARK PL $ 699,900 09/2004 08- N 58th Sher /So Har Pk 5527 PARK PL $ 410,000 11/2003 08- N 58th Sher /So Har Pk 5604 SHERWOOD AVE $ 524,900 04/2004 08- N 58th Sher /So Har Pk 5544 ST JOHNS AVE $ 322,000 04/2004 08- N 58th Sher /So Har Pk 4628 TOWER ST $ 355,000 10/2003 08- N 58th Sher /So Har Pk 5301 WOODDALE AVE $ 634,000 12/2003 08- N 58th Sher /So Har Pk 5645 WOODDALE AVE $ 850,000 03/2004 24 City of Edina Qualifying Sales by District for 2005 Analysis I DISTRICT HOUSE NO. STREET NAME SALE PRICE SALE DATEI 08- N 58th Sher /So Har Pk 5640 WOODDALE AVE $ 560,000 03/2004 08- N 58th Sher /So Har Pk 5712 WOODDALE AVE $ 297,000 08/2004 08- N 58th Sher /So Har Pk 5513 WOODDALE AVE $ 393,000 12/2003 08- N 58th Sher /So Har Pk 5313 WOODDALE AVE $ 640,000 12/2003 08- N 58th Sher /So Har Pk 5529 WOODDALE AVE $ 275,000 08/2004 08- N 58th Sher /So Har Pk 5616 WOODDALE AVE $ 609,000 10/2003 08- N 58th Sher /So Har Pk 5309 WOODDALE AVE $ 615,000 10/2003 08- N 58th Sher /So Har Pk 4609 WOODLAND RD W $ 415,000 05/2004 09- Woodland/Woodcrest 5604 PARK PL $ 675,000 06/2004 09- Woodland/Woodcrest 21 WOODLAND RD $ 1,100,000 08/2004 10- E France /N 60th 3801 54TH ST W $ 217,000 09/2004 10- E France /N 60th 3600 55TH ST W $ 329,000 08/2004 10- E France /N 60th 3700 55TH ST W $ 230,000 09/2004 10- E France /N 60th 3809 55TH ST W $ 291,000 06/2004 10- E France /N 60th 3700 57TH ST W $ 385,000 04/2004 10- E France /N 60th 5913 ABBOTT AVE S $ 242,500 04/2004 10- E France /N 60th 5908 ABBOTT AVE S $ 251,000 06/2004 10- E France /N 60th 5828 ABBOTT AVE S $ 287,750 02/2004 10- E France /N 60th 5925 ABBOTT AVE S $ 308,000 06/2004 10- E France /N 60th 5629 ABBOTT AVE S $ 341,500 03/2004 10- E France /N 60th 5704 BEARD AVE S $ 235,900 04/2004 10- E France /N 60th 5825 BEARD AVE S $ 315,000 07/2004 10- E France /N 60th 5712 BEARD AVE S $ 237,000 05/2004 10- E France /N 60th 5901 BEARD AVE S $ 230,000 04/2004 10- E France /N 60th 5612 BEARD AVE S $ 239,000 10/2003 10- E France /N 60th 5409 BEARD AVE S $ 436,000 07/2004 10- E France /N 60th 5832 BEARD AVE S $ 245,000 11/2003 10- E France /N 60th 5700 BEARD AVE S $ 325,000 04/2004 10- E France /N 60th 5932 CHOWEN AVE S $ 280,000 05/2004 10- E France /N 60th 5705 CHOWEN AVE S $ 263,000 04/2004 10- E France /N 60th 5633 CHOWEN AVE S $ 276,000 05/2004 10- E France /N 60th 5821 CHOWEN AVE S $ 295,000 03/2004 10- E France /N 60th 5629 CHOWEN AVE S $ 255,000 05/2004 10- E France /N 60th 5825 CHOWEN AVE S $ 253,500 08/2004 10- E France /N 60th 5804 CHOWEN AVE S $ 289,900 09/2004 10- E France /N 60th 5912 DREW AVE S $ 283,900 10/2003 10- E France /N 60th 5817 EWING AVE S $ 258,500 02/2004 10- E France /N 60th 5721 EWING AVE S $ 227,000 06/2004 10- E France /N 60th 5836 EWING AVE S $ 290,000 08/2004 10- E France /N 60th 5701 FRANCE AVE S $ 317,000 06/2004 10- E France /N 60th 5925 FRANCE AVE S $ 236,000 03/2004 10- E France /N 60th 5833 FRANCE AVE S $ 222,900 07/2004 10- E France /N 60th 5801 FRANCE AVE S $ 205,000 12/2003 10- E France /N 60th 3600 FULLER ST $ 384,900 04/2004 10- E France /N 60th 5424 XERXES AVE S $ 245,900 08/2004 10- E France /N 60th 5712 XERXES AVE S $ 260,000 07/2004 10- E France /N 60th 5704 XERXES AVE S $ 230,000 03/2004 10- E France /N 60th 7400 XERXES AVE S $ 240,000 07/2004 10- E France /N 60th 5616 XERXES AVE S $ 190,000 11/2003 10- E France /N 60th 7516 XERXES AVE S $ 221,000 10/2003 10- E France /N 60th 5620 XERXES AVE S $ 209,000 11/2003 10- E France /N 60th 6628 XERXES AVE S $ 229,000 08/2004 10- E France /N 60th 5412 XERXES AVE S $ 214,000 01/2004 10- E France /N 60th 5512 XERXES AVE S $ 210,000 01/2004 10- E France /N 60th 5932 YORK AVE S $ 220,500 09/2004 10- E France /N 60th 5845 YORK AVE S $ 245,000 02/2004 25 City of Edina Qualifying Sales by District for 2005 Analysis DISTRICT HOUSE NO. STREET NAME SALE PRICE SALE DAT 10- E France /N 60th 5736 YORK AVE S $ 243,500 12/2003 10- E France /N 60th 5549 YORK AVE S $ 252,900 07/2004 10- E France /N 60th 5533 YORK AVE S $ 192,000 10/2003 10- E France /N 60th 5605 YORK AVE S $ 228,000 07/2004 10- E France /N 60th 5609 YORK AVE S $ 239,900 05/2004 10- E France /N 60th 5904 YORK AVE S $ 287,000 04/2004 10- E France /N 60th 5900 ZENITH AVE S $ 257,397 04/2004 10- E France /N 60th 5925 ZENITH AVE S $ 259,000 04/2004 10- E France /N 60th 5533 ZENITH AVE S $ 215,500 10/2003 10- E France /N 60th 5617 ZENITH AVE S $ 290,000 05/2004 10- E France /N 60th 5829 ZENITH AVE S $ 219,000 01/2004 10- E France /N 60th 5620 ZENITH AVE S $ 221,900 11/2003 11- E France /S 60th 3111 60TH ST W $ 295,000 10/2003 11- E France /S 60th 6017 ABBOTT AVE S $ 319,900 07/2004 11- E France /S 60th 6120 ABBOTT AVE S $ 286,950 11/2003 11- E France /S 60th 6016 BEARD AVE S $ 335,000 07/2004 11- E France /S 60th 6104 BEARD AVE S $ 299,900 08/2004 11- E France /S 60th 6001 BEARD AVE S $ 306,000 08/2004 11- E France /S 60th 6001 CHOWEN AVE S $ 269,500 09/2004 11- E France /S 60th 6016 CHOWEN AVE S $ 365,000 05/2004 11- E France /S 60th 6100 CHOWEN AVE S $ 282,000 08/2004 11- E France /S 60th 6213 CHOWEN AVE S $ 278,000 11/2003 11- E France /S 60th 6132 CHOWEN AVE S $ 288,000 06/2004 11- E France /S 60th 6013 CHOWEN AVE S $ 322,900 09/2004 11- E France /S 60th 6229 EWING AVE S $ 469,900 07/2004 11- E France /S 60th 6004 EWING AVE S $ 256,000 12/2003 11- E France /S 60th 6125 YORK AVE S $ 281,000 08/2004 11- E France /S 60th 6101 YORK AVE S $ 299,900 07/2004 11- E France /S 60th 6128 ZENITH AVE S $ 345,000 02/2004 11- E France /S 60th 6120 ZENITH AVE S $ 317,000 10/2003 12- Halifax/Grimes 3901 58TH ST W $ 303,240 07/2004 12- Halifax/Grimes 3916 58TH ST W $ 272,000 06/2004 12- Halifax/Grimes 5724 FRANCE AVE S $ 280,000 07/2004 12- Halifax/Grimes 5941 GRIMES AVE $ 256,000 11/2003 12- Halifax/Grimes 5920 GRIMES AVE $ 281,000 09/2004 12- Halifax/Grimes 5916 GRIMES AVE $ 329,900 07/2004 13- S 58th / Fairfax Area 5905 ASHCROFT AVE $ 240,000 07/2004 13- S 58th / Fairfax Area 5916 ASHCROFT AVE $ 269,000 06/2004 13- S 58th / Fairfax Area 5928 ASHCROFT AVE $ 335,000 04/2004 13- S 58th / Fairfax Area 5821 ASHCROFT AVE $ 245,000 11/2003 13- S 58th / Fairfax Area 5800 BROOKVIEW AVE $ 272,500 08/2004 13- S 58th / Fairfax Area 5844 FAIRFAX AVE $ 240,000 03/2004 13- S 58th / Fairfax Area 5821 FAIRFAX AVE $ 250,350 04/2004 13- S 58th / Fairfax Area 5908 FAIRFAX AVE $ 248,000 10/2003 13- S 58th / Fairfax Area 5912 FAIRFAX AVE $ 278,000 09/2004 13- S 58th / Fairfax Area 5916 FAIRFAX AVE $ 218,000 06/2004 13- S 58th / Fairfax Area 5804 FAIRFAX AVE $ 365,000 04/2004 13- S 58th / Fairfax Area 5904 FAIRFAX AVE $ 189,900 11/2003 13- S 58th / Fairfax Area 6037 KELLOGG AVE $ 229,700 12/2003 13- S 58th / Fairfax Area 5900 KELLOGG AVE $ 299,900 08/2004 13- S 58th / Fairfax Area 5916 KELLOGG AVE $ 322,500 07/2004 13- S 58th / Fairfax Area 6040 KELLOGG AVE $ 242,900 10/2003 13- S 58th / Fairfax Area 6000 KELLOGG AVE $ 240,000 12/2003 13- S 58th / Fairfax Area 6005 KELLOGG AVE $ 233,000 10/2003 13- S 58th / Fairfax Area 5921 KELLOGG AVE $ 345,400 08/2004 13- S 58th / Fairfax Area 6105 KELLOGG AVE $ 213,000 04/2004 Ki City of Edina Qualifying Sales by District for 2005 Analysis DISTRICT HOUSE NO. STREET NAME SALE PRICE SALE DAT 13- S 58th / Fairfax Area 6024 KELLOGG AVE $ 340,452 11/2003 13- S 58th / Fairfax Area 6036 KELLOGG AVE $ 244,000 06/2004 13- S 58th / Fairfax Area 5800 OAKLAWN AVE $ 238,000 04/2004 13- S 58th / Fairfax Area 6145 OAKLAWN AVE $ 214,900 08/2004 13- S 58th / Fairfax Area 6032 OAKLAWN AVE $ 262,000 06/2004 13- S 58th / Fairfax Area 6120 OAKLAWN AVE $ 330,000 06/2004 13- S 58th / Fairfax Area 6100 OAKLAWN AVE $ 304,500 11/2003 13- S 58th / Fairfax Area 5821 ST JOHNS AVE $ 283,000 06/2004 13- S 58th / Fairfax Area 5812 ST JOHNS AVE $ 268,000 06/2004 13- S 58th / Fairfax Area 6025 WOODDALE AVE $ 277,000 01/2004 13- S 58th / Fairfax Area 6005 WOODDALE AVE $ 239,900 04/2004 13- S 58th / Fairfax Area 6001 WOODDALE AVE $ 320,000 10/2003 14- So Jr High/ Concord 4005 62ND ST W $ 310,000 07/2004 14- So Jr High/ Concord 4808 62ND ST W $ 379,000 07/2004 14- So Jr High/ Concord 6320 ASHCROFT LA $ 356,000 06/2004 14- So Jr High/ Concord 6228 BROOKVIEW AVE $ 410,100 10/2003 14- So Jr High/ Concord 6324 BROOKVIEW AVE $ 334,900 06/2004 14- So Jr High/ Concord 6300 BROOKVIEW AVE $ 230,000 10/2003 14- So Jr High/ Concord 6221 BROOKVIEW AVE $ 300,000 09/2004 14- So Jr High/ Concord 6105 CONCORD AVE $ 298,000 03/2004 14- So Jr High/ Concord 6012 CONCORD AVE $ 285,000 01/2004 14- So Jr High/ Concord 5940 CONCORD AVE $ 246,000 04/2004 14- So Jr High/ Concord 6224 CONCORD AVE $ 585,000 08/2004 14- So Jr High/ Concord 6308 CONCORD AVE $ 380,000 08/2004 14- So Jr High/ Concord 6121 PARNELL AVE $ 285,000 03/2004 14- So Jr High/ Concord 6232 PEACEDALE AVE $ 220,000 12/2003 14- So Jr High/ Concord 6316 PEACEDALE AVE $ 245,000 10/2003 14- So Jr High/ Concord 6306 ROSE CT $ 600,000 05/2004 14- So Jr High/ Concord 6021 ST JOHNS AVE $ 362,900 12/2003 14- So Jr High/ Concord 6316 ST JOHNS AVE $ 308,150 04/2004 14- So Jr High/ Concord 6017 ST JOHNS AVE $ 285,000 10/2003 14- So Jr High/ Concord 6004 ST JOHNS AVE $ 410,000 12/2003 14- So Jr High/ Concord 6013 ST JOHNS AVE $ 299,000 06/2004 14- So Jr High/ Concord 4721 VALLEY VIEW RD $ 275,000 03/2004 14- So Jr High/ Concord 6124 VIRGINIA AVE $ 600,000 10/2003 14- So Jr High/ Concord 4708 VIRGINIA LA $ 444,000 08/2004 14- So Jr High/ Concord 4704 VIRGINIA LA $ 282,000 04/2004 14- So Jr High/ Concord 4709 VIRGINIA LA $ 340,000 06/2004 14- So Jr High/ Concord 6000 WOODDALE AVE $ 292,800 04/2004 15- Parnell /Ryan 6416 PARNELL AVE $ 335,000 10/2003 15- Parnell /Ryan 6516 PARNELL AVE $ 302,500 10/2003 15- Parnell /Ryan 6517 SHERWOOD AVE $ 299,000 10/2003 15- Parnell /Ryan 6509 SHERWOOD AVE $ 416,000 09/2004 16- Lake Cornelia 4905 66TH ST W $ 450,000 11/2003 16- Lake Cornelia 4908 69TH ST W $ 495,000 09/2004 16- Lake Cornelia 4208 70TH ST W $ 280,500 06/2004 16- Lake Cornelia 6808 CORNELIA DR $ 549,000 04/2004 16- Lake Cornelia 6804 CORNELIA DR $ 608,400 11/2003 16- Lake Cornelia 6909 CORNELIA DR $ 352,000 06/2004 16- Lake Cornelia 6829 CRESTON RD $ 300,000 06/2004 16- Lake Cornelia 6932 DAWSON LA $ 319,815 02/2004 16- Lake Cornelia 6908 DAWSON LA $ 369,500 08/2004 16- Lake Cornelia 4424 DUNBERRY LA $ 320,000 09/2004 16- Lake Cornelia 4225 DUNBERRY LA $ 465,000 05/2004 16- Lake Cornelia 4812 DUNBERRY LA $ 425,000 07/2004 16- Lake Cornelia 4524 LAGUNA DR $ 597,000 07/2004 27 City of Edina Qualifying Sales by District for 2005 Analysis DISTRICT HOUSE NO. STREET NAME SALE PRICE SALE DATE] 16- Lake Cornelia 6605 NORMANDALE RD $ 399,000 12/2003 16- Lake Cornelia 6713 NORMANDALE RD $ 535,000 09/2004 16- Lake Cornelia 6840 OAKLAWN AVE $ 479,000 07/2004 16- Lake Cornelia 4813 ROYCAR RD $ 440,000 07/2004 16- Lake Cornelia 4809 ROYCAR RD $ 425,000 10/2003 16- Lake Cornelia 6712 SOUTHDALE RD $ 360,000 08/2004 16- Lake Cornelia 6700 SOUTHDALE RD $ 349,900 06/2004 16- Lake Cornelia 6917 SOUTHDALE RD $ 295,000 07/2004 16- Lake Cornelia 6709 SOUTHDALE RD $ 320,000 06/2004 16- Lake Cornelia 6801 SOUTHDALE RD $, 285,700 08/2004 16- Lake Cornelia 4820 UPPER TER $ 586,000 09/2004 16- Lake Cornelia 6712 WEST SHORE DR $ 554,000 01/2004 16- Lake Cornelia 6633 WEST SHORE DR $ 552,500 05/2004 16- Lake Cornelia 6817 WEST SHORE DR $ 473,000 05/2004 16- Lake Cornelia 6805 WEST SHORE DR $ 475,000 06/2004 16- Lake Cornelia 6609 WEST SHORE DR $ 525,000 10/2003 16- Lake Cornelia 6629 WEST SHORE DR $ 649,900 06/2004 16- Lake Cornelia 4729 WILFORD WAY $ 319,000 01/2004 16- Lake Cornelia 4709 WILFORD WAY $ 320,000 12/2003 16- Lake Cornelia 6808 WOODDALE AVE $ 389,000 09/2004 16- Lake Cornelia 6713 WOODDALE AVE $ 589,000 08/2004 16- Lake Cornelia 6816 WOODDALE AVE $ 280,000 07/2004 17- Oscar Roberts 7005 BRISTOL BLVD $ 348,000 09/2004 17- Oscar Roberts 7133 CORNELIA DR $ 315,000 11/2003 17- Oscar Roberts 7133 CORNELIA DR $ 404,000 04/2004 17- Oscar Roberts 7128 GLOUCHESTER AVE $ 399,000. 07/2004 17- Oscar Roberts 7105 HEATHERTON TR $ 425,000 10/2003 17- Oscar Roberts 7104 HEATHERTON TR $ 389,900 09/2004 17- Oscar Roberts 7117 HEATHERTON TR $ 363,000 04/2004 17- Oscar Roberts 7008 LYNMAR LA $ 325,000 03/2004 18- So 70th /Lake Edina 4417 70TH ST W $ 326,000 05/2004 18- So 70th /Lake Edina 4517 70TH ST W $ 267,800 03/2004 18- So 70th /Lake Edina 4440 ANDOVER RD $ 406,000 03/2004 18- So 70th /Lake Edina 4720 ASPASIA CIR $ 595,000 11/2003 18- So 70th /Lake Edina 4813 ASPASIA LA $ 500,000 07/2004 18- So 70th /Lake Edina 4900 ASPASIA LA $ 321,900 06/2004 18- So 70th /Lake Edina 4816 ASPASIA LA $ 339,000 05/2004 18- So 70th /Lake Edina 4405 DUNHAM DR $ 335,000 04/2004 18- So 70th /Lake Edina 4436 ELLSWORTH DR $ 428,000 08/2004 18- So 70th /Lake Edina 4504 GILFORD DR $ 559,000 11/2003 18- So 70th /Lake Edina 4529 GILFORD DR $ 525,000 06/2004 18- So 70th /Lake Edina 4505 GILFORD DR $ 650,000 07/2004 18- So 70th /Lake Edina 4701 HIBISCUS AVE $ 550,000 08/2004 18- So 70th /Lake Edina 4608 HIBISCUS AVE $ 525,000 08/2004 18- So 70th /Lake Edina 4916 LANTANA LA $ 290,000 07/2004 18- So 70th /Lake Edina 4817 LARKSPUR LA $ 280,000 07/2004 18- So 70th /Lake Edina 4904 LARKSPUR LA $ 327,500 05/2004 18- So 70th /Lake Edina 4905 TRILLIUM LA $ 365,000 07/2004 18- So 70th /Lake Edina 4708 TRILLIUM LA $ 345,000 02/2004 18- So 70th /Lake Edina 7320 WEST SHORE DR $ 334,000 04/2004 18- So 70th /Lake Edina 7313 WOODDALE AVE $ 341,000 10/2003 19- Brookview Hts 5336 64TH ST W $ 325,000 04/2004 19- Brookview Hts 5216 70TH ST W $ 314,000 09/2004 19- Brookview Hts 5100 70TH ST W $ 265,000 10/2003 19- Brookview Hts 5300 70TH ST W $ 354,000 11/2003 19- Brookview Hts 5136 ABERCROMBIE DR $ 337,000 09/2004 4: City of Edina Qualifying Sales by District for 2005 Analysis DISTRICT HOUSE NO. STREET NAME SALE PRICE SALE DAT 19- Brookview Hts 5152 ABERCROMBIE DR $ 265,000 10/2003 19- Brookview Hts 5169 ABERCROMBIE DR $ 290,000 11/2003 19- Brookview Hts 5113 ABERCROMBIE DR $ 356,000 09/2004 19- Brookview Hts 5101 ABERCROMBIE DR $ 320,000 04/2004 19- Brookview Hts 5137 ABERCROMBIE DR $ 370,000 07/2004 19- Brookview Hts 5160 ABERCROMBIE DR $ 322,000 04/2004 19- Brookview Hts 5141 DANENS DR $ 280,000 09/2004 19- Brookview Hts 5116 DUGGAN PLAZA $ 424,000 09/2004 19- Brookview Hts 5100 MEADOW RIDGE $ 365,000 06/2004 19- Brookview Hts 5015 NOB HILL DR $ 1,195,000 03/2004 19- Brookview Hts 5010 NOB HILL DR $ 1,475,000 08/2004 19- Brookview Hts 6609 RIDGEVIEW DR $ 251,000 05/2004 19- Brookview Hts 6320 RIDGEVIEW DR $ 260,000 05/2004 19- Brookview Hts 6608 WARREN AVE $ 295,000 06/2004 19- Brookview Hts 6613 WARREN AVE $ 275,500 04/2004 19- Brookview Hts 5317 WHITING AVE $ 328,500 11/2003 19- Brookview Hts 5345 WHITING AVE $ 315,000 10/2003 20- Wilryan So Xtown 6356 JOSEPHINE AVE $ 245,000 10/2003 20- Wilryan So Xtown 6413 JOSEPHINE AVE $ 244,000 11/2003 20- Wilryan So Xtown 6504 JOSEPHINE AVE $ 244,000 11/2003 20- Wilryan So Xtown 6341 MILDRED AVE $ 260,000 10/2003 20- Wilryan So Xtown 6317 MILDRED AVE $ 324,899 07/2004 20- Wilryan So Xtown 6320 ROLF AVE $ 324,899 08/2004 20- Wilryan So Xtown 6416 ROLF AVE $ 439,000 01/2004 20- Wilryan So Xtown 6340 ROLF AVE $ 269,000 10/2003 20- Wilryan So Xtown 6413 ROLF AVE $ 305,000 08/2004 20- Wilryan So Xtown 6332 TINGDALE AVE $ 219,900 07/2004 20- Wilryan So Xtown 6348 TINGDALE AVE $ 316,000 04/2004 20- Wilryan So Xtown 6540 TINGDALE AVE $ 371,000 03/2004 20- Wilryan So Xtown 6357 WILRYAN AVE $ 274,500 08/2004 21- Richmond /Birchcrest 5121 58TH ST W $ 284,900 10/2003 21- Richmond /Birchcrest 5120 60TH ST W $ 239,900 03/2004 21- Richmond /Birchcrest 5317 61ST ST W $ 380,000 07/2004 21- Richmond /Birchcrest 5304 62ND ST W $ 340,000 04/2004 21- Richmond /Birchcrest 5100 62ND ST W $ 396,000 06/2004 21- Richmond /Birchcrest 5320 62ND ST W $ 374,500 11/2003 21- Richmond /Birchcrest 5328 62ND ST W $ 378,500 10/2003 21- Richmond /Birchcrest 5101 BENTON AVE $ 325,000 09/2004 21- Richmond /Birchcrest 5817 BERNARD PL $ 425,000 11/2003 21- Richmond /Birchcrest 5624 BERNARD PL $ 450,000 04/2004 21 -Rich mond/Birchcrest 5807 BERNARD PL $ 429,500 08/2004 21- Richmond /Birchcrest 6113 BIRCHCREST DR $ 250,000 07/2004 21- Richmond /Birchcrest 5300 BIRCHCREST DR $ 459,000 08/2004 21- Richmond /Birchcrest 5224 BIRCHCREST DR $ 479,500 08/2004 21- Richmond /Birchcrest 5013 CLOVER RIDGE $ 305,000 07/2004 21- Richmond /Birchcrest 5525 CODE AVE $ 267,000 12/2003 21- Richmond /Birchcrest 6125 CODE AVE $ 340,000 08/2004 21- Richmond /Birchcrest 6100 CODE AVE $ 394,900 11/2003 21- Richmond /Birchcrest 5716 DALE AVE $ 287,900 08/2004 21- Richmond /Birchcrest 5828 EASTVIEW DR $ 340,000 02/2004 21- Richmond /Birchcrest 5833 EASTVIEW DR $ 379,900 04/2004 21- Richmond /Birchcrest 5400 EDENMOOR ST $ 291,700 07/2004 21- Richmond /Birchcrest 5113 GROVE ST $ 399,900 03/2004 21- Richmond /Birchcrest 6205 HANSEN RD $ 382,250 08/2004 21- Richmond /Birchcrest 5709 HANSEN RD $ 245,000 07/2004 21- Richmond /Birchcrest 5805 HANSEN RD $ 325,000 08/2004 City of Edina Qualifying Sales by District for 2005 Analysis DISTRICT HOUSE NO. STREET NAME SALE PRICE SALE DATEg 21- Richmond /Birchcrest 5721 HANSEN RD $ 309,900 11/2003 21- Richmond /Birchcrest 5900 JOSEPHINE AVE $ 335,000 05/2004 21- Richmond /Birchcrest 5020 KENT AVE $ 390,000 07/2004 21- Richmond /Birchcrest 5004 KENT AVE $ 272,000 09/2004 21- Richmond /Birchcrest 5229 MADDOX LA $ 352,000 04/2004 21- Richmond /Birchcrest 5621 MELODY LAKE DR $ 332,000 10/2003 21- Richmond /Birchcrest 6213 MILDRED AVE $ 316,500 04/2004 21- Richmond /Birchcrest 5025 NORMANDALE CT $ 325,000 10/2003 21- Richmond /Birchcrest 5033 RICHMOND DR $ 322,000 06/2004 21- Richmond /Birchcrest 5025 RICHMOND DR $ 240,000 06/2004 21- Richmond /Birchcrest 5052 RICHMOND DR $ 285,000 04/2004 21- Richmond /Birchcrest 5113 RICHMOND DR $ 275,000 03/2004 21- Richmond /Birchcrest 5264 RICHWOOD DR $ 350,000 09/2004 21- Richmond /Birchcrest 5109 VALLEY VIEW RD $ 232,000 05/2004 21- Richmond /Birchcrest 6124 WILRYAN AVE $ 385,000 07/2004 21- Richmond /Birchcrest 6112 WILRYAN AVE $ 279,900 07/2004 21- Richmond /Birchcrest 5300 WINDSOR AVE $ 319,000 09/2004 21- Richmond /Birchcrest 5120 WINDSOR AVE $ 349,900 02/2004 21- Richmond /Birchcrest 5112 WINDSOR AVE $ 347,900 08/2004 21- Richmond /Birchcrest 5029 YVONNE TER $ 505,000 01/2004 21- Richmond /Birchcrest 5049 YVONNE TER $ 369,900 11/2003 21- Richmond /Birchcrest 5008 YVONNE TER $ 281,000 05/2004 22- Brookside 5125 49TH ST W $ 265,000_ 08/2004 22- Brookside 5112 49TH ST W $ 221,500 12/2003 22- Brookside 5032 BEDFORD AVE $ 289,900 02/2004 22- Brookside 4808 BROOKSIDE AVE $ 300,100 09/2004 22- Brookside 4524 BROOKSIDE AVE $ 295,000 04/2004 22- Brookside 4428 BROOKSIDE AVE $ 424,050 06/2004 22- Brookside 4528 BROOKSIDE AVE $ 232,500 07/2004 22- Brookside 4605 CASCADE LA $ 392,500 09/2004 22- Brookside 5021 EDINBROOK LA $ 305,000 07/2004 22- Brookside 5033 EDINBROOK LA $ 290,000 10/2003 22- Brookside 5009 EDINBROOK LA $ 242,000 09/2004 22- Brookside 5017 HANKERSON AVE $ 269,000 08/2004 22- Brookside 5029 HANKERSON AVE $ 195,700 12/2003 22- Brookside 5132 HANKERSON AVE $ 321,000 08/2004 22- Brookside 5016 HANKERSON AVE $ 360,000 07/2004 22- Brookside 5233 HOLLYWOOD RD $ 390,000 04/2004 22- Brookside 5332 HOLLYWOOD RD $ 529,000 11/2003 22- Brookside 5340 INTERLACHEN BLVD $ 395,000 05/2004 22- Brookside 5305 INTERLACHEN BLVD $ 337,000 05/2004 22- Brookside 5108 MILLPOND PL $ 325,000 10/2003 22- Brookside 5010 MOORE AVE $ 305,000 09/2004 22- Brookside 5024 OXFORD AVE $ 215,900 12/2003 22- Brookside 4517 PARKSIDE LA $ 316,400 07/2004 22- Brookside 4816 RUTLEDGE AVE $ 273,000 07/2004 22- Brookside 4840 RUTLEDGE AVE $ 315,000 10/2003 22- Brookside 4380 THIELEN AVE $ 435,000 06/2004 22- Brookside 4811 WESTBROOK LA $ 225,000 12/2003 22- Brookside 5137 WILLIAM AVE $ 289,900 11/2003 22- Brookside 5128 WILLIAM AVE $ 262,200 10/2003 22- Brookside 5029 WILLIAM AVE $ 320,000 05/2004 22- Brookside 5132 WILLIAM AVE $ 305,000 08/2004 23- Rolling Green 4601 ANNAWAY DR $ 990,000 10/2003 23- Rolling Green 4805 BYWOOD WEST $ 2,400,000 05/2004 23- Rolling Green 5608 INTERLACHEN BLVD $ 1,225,000 10/2003 01 City of Edina Qualifying Sales by District for 2005 Analysis DISTRICT HOUSE NO. STREET NAME SALE PRICE SALE DATEg 23- Rolling Green 4612 MERILANE $ 852,500 11/2003 23- Rolling Green 4908 ROLLING GREEN PKWY $ 1,550,000 07/2004 23- Rolling Green 4904 ROLLING GREEN PKWY $ 2,100,000 10/2003 24- Highland 5200 AYRSHIRE BLVD $ 705,000 08/2004 24- Highland 5808 AYRSHIRE BLVD $ 468,000 02/2004 24- Highland 5705 AYRSHIRE BLVD $ 449,000 07/2004 24- Highland 5408 CHANTREY RD $ 455,000 06/2004 24- Highland 5400 CHANTREY RD $ 670,000 07/2004 24- Highland 5207 DONCASTER WAY $ 550,000 05/2004 24- Highland 5504 DONCASTER WAY $ 375,000 04/2004 24- Highland 5604 DUNDEE RD $ 472,000 07/2004 24- Highland 5509 DUNDEE RD $ 520,000 06/2004 24- Highland 6108 EDEN PRAIRIE RD $ 305,000 11/2003 24- Highland 5513 HIGHWOOD DR $ 433,000 02/2004 24- Highland 5510 HIGHWOOD DR W $ 330,000 12/2003 24- Highland 5725 INTERLACHEN BLVD $ 440,000 07/2004 24- Highland 5601 INTERLACHEN CIR $ 393,500 12/2003 24- Highland 5600 INTERLACHEN CIR $ 622,500 12/2003 24- Highland 6033 KAYMAR DR $ 359,900 06/2004 24- Highland 6025 KAYMAR DR $ 399,900 03/2004 24- Highland 6020 KAYMAR DR $ 400,000 08/2004 24- Highland 5520 MERRITT CIR $ 580,000 06/2004 24- Highland 5505 MERRITT CIR $ 565,000 06/2004 24- Highland 5117 MIRROR LAKES DR $ 874,000 09/2004 24- Highland 5301 MIRROR LAKES DR $ 510,000 06/2004 24- Highland 5536 MIRROR LAKES DR $ 470,000 06/2004 24- Highland 5820 NORTHWOOD DR $ 820,000 09/2004 24- Highland 6013 PINE GROVE RD $ 485,000 12/2003 25- Countryside 5813 61 ST ST W $ 470,000 07/2004 25- Countryside 5904 AMY DR $ 402,000 06/2004 25- Countryside 5912 AMY DR $ 363,700 03/2004 25- Countryside 5805 AMY DR $ 450,000 06/2004 25- Countryside 5980 ARBOUR AVE $ 680,000 08/2004 25- Countryside 5521 BENTON AVE $ 325,000 08/2004 25- Countryside 5609 BENTON AVE $ 285,000 06/2004 25- Countryside 5529 BENTON AVE $ 376,000 04/2004 25- Countryside 5412 COUNTRYSIDE RD $ 300,000 01/2004 25- Countryside 5420 COUNTRYSIDE RD $ 280,000 09/2004 25- Countryside 5601 COUNTRYSIDE RD $ 339,000 07/2004 25- Countryside, 5517 COUNTRYSIDE RD $ 310,000 04/2004 25- Countryside 6213 CRESCENT DR $ 460,000 04/2004 25- Countryside 5605 GATE PARK RD $ 411,500 03/2004 25- Countryside 5711 GROVE ST $ 409,000 11/2003 25- Countryside 5817 GROVE ST $ 320,000 06/2004 25- Countryside 5609 GROVE ST $ 256,300 06/2004 25- Countryside 6300 HILLSIDE RD $ 368,000 10/2003 25- Countryside 5616 JOHNSON DR $ 340,360 06/2004 25- Countryside 5821 MEROLD DR $ 567,000 08/2004 25- Countryside 5920 MEROLD DR $ 547,000 08/2004 25- Countryside 5920 OLINGER BLVD $ 485,000 07/2004 25- Countryside 6105 OLINGER BLVD $ 345,000 03/2004 25- Countryside 5910 OLINGER RD $ 445,000 03/2004 25- Countryside 6128 RIDGEWAY RD $ 327,000 02/2004 25- Countryside 5920 SUN RD $ 550,000 09/2004 25- Countryside 5617 TRACY AVE $ 323,000 06/2004 25- Countryside 5608 TRACY AVE $ 295,000 05/2004 31 City of Edina Qualifying Sales by District for 2005 Analysis DISTRICT HOUSE NO. STREET NAME SALE PRICE SALE DATEa 25- Countryside 6301 TRACY AVE $ 285,000 12/2003 25- Countryside 6105 TRACY AVE $ 318,000 08/2004 25- Countryside 5621 TRACY AVE $ 334,000 06/2004 25- Countryside 6319 VALLEY VIEW RD $ 455,000 03/2004 25- Countryside 5825 VERNON LA $ 889,000 07/2004 25- Countryside 5816 VERNON LA $ 882,000 10/2003 25- Countryside 5704 WARDEN AVE $ 329,900 12/2003 25- Countryside 6101 WESTRIDGE BLVD $ 290,000 03/2004 26- Creek Valley /Limerick 5812 70TH ST W $ 451,500 08/2004 26- Creek Valley /Limerick 6221 BALDER LA $ 472,000 07/2004 26- Creek Valley /Limerick 6208 BALDER LA $ 525,000 06/2004 26- Creek Valley /Limerick 6213 BALDER LA $ 671,175 06/2004 26- Creek Valley /Limerick 5709 BROOK DR $ 493,000 08/2004 26- Creek Valley /Limerick 6804 BROOK DR $ 507,000 06/2004 26- Creek Valley /Limerick 6716 CAHILL RD $ 692,000 09/2004 26- Creek Valley /Limerick 6004 CHAPEL DR $ 381,900 10/2003 26- Creek Valley /Limerick 5900 CHAPEL DR $ 337,000 09/2004 26- Creek Valley /Limerick 6501 CREEK DR $ 407,000 04/2004 26- Creek Valley /Limerick 6501 CREEK DR $ 440,000 07/2004 26- Creek Valley /Limerick 6509 CREEK DR $ 390,000 12/2003 26- Creek Valley /Limerick 5849 CREEK VALLEY RD $ 420,100 08/2004 26- Creek Valley /Limerick 6604 GLEASON RD $ 635,520 10/2003 26- Creek Valley /Limerick 6604 GLEASON RD $ 649,000 04/2004 26- Creek Valley /Limerick 6717 GLEASON RD $ 510,000 07/2004 26- Creek Valley /Limerick 6624 GLEASON TER $ 908,000 11/2003 26- Creek Valley /Limerick 6621 HILLSIDE LA $ 387,500 09/2004 26- Creek Valley /Limerick 6620 HILLSIDE LA $ 595,400 08/2004 26- Creek Valley /Limerick 6801 HILLSIDE LA $ 639,000 06/2004 26- Creek Valley /Limerick 7013 LEE VALLEY CIR $ 675,000 07/2004 26- Creek Valley /Limerick 6533 LIMERICK DR $ 428,000 09/2004 26- Creek Valley /Limerick 6521 LIMERICK DR $ 408,000 07/2004 26- Creek Valley /Limerick 6504 LIMERICK DR $ 370,000 05/2004 26- Creek Valley /Limerick 6409 LIMERICK LA $ 389,900 07/2004 26- Creek Valley /Limerick 5512 MCGUIRE RD $ 498,000 04/2004 26- Creek Valley /Limerick 6521 NORDIC DR $ 343,000 04/2004 26- Creek Valley /Limerick 6609 NORDIC DR $ 689,900 08/2004 26- Creek Valley /Limerick 6513 SCANDIA RD $ 445,000 04/2004 26- Creek Valley /Limerick 6713 TRACY AVE $ 525,000 09/2004 26- Creek Valley /Limerick 5513 VALLEY LA $ 459,900 06/2004 26- Creek Valley /Limerick 6400 VALLEY VIEW RD $ 278,000 09/2004 27- Antrim /Dublin 2 ANTRIM TER $ 1,150,000 06/2004 27- Antrim /Dublin 4 ANTRIM TER $ 1,425,000 08/2004 27- Antrim /Dublin 7121 TRALEE DR $ 725,000 08/2004 28- Kemmrich /Shannon 7416 COVENTRY WAY $ 710,000 01/2004 28- Kemmrich /Shannon 5716 DEWEY HILL RD $ 449,000 05/2004 28- Kemmrich /Shannon 7313 GLEASON RD $ 619,000 02/2004 28- Kemmrich /Shannon 7504 HYDE PARK DR $ 650,000 07/2004 28- Kemmrich /Shannon 5721 KEMRICH DR $ 449,000 10/2003 28- Kemmrich /Shannon 7000 LANHAM LA $ 460,000 06/2004 28- Kemmrich /Shannon 7015 LANHAM LA $ 575,000 09/2004 28- Kemmrich /Shannon 7116 LANHAM LA $ 710,000 01/2004 29- Dewey Hill 5824 LONG BRAKE TR $ 785,000 08/2004 29- Dewey Hill 5900 LONG BRAKE TR $ 757,500 12/2003 29- Dewey Hill 7710 MARTH CT $ 625,000 08/2004 29- Dewey Hill 7730 MARTH CT $ 800,000 04/2004 29- Dewey Hill 7431 SHANNON DR $ 1,200,000 05/2004 City of Edina Qualifying Sales by District for 2005 Analysis DISTRICT HOUSE NO. STREET NAME SALE PRICE SALE DATq 29- Dewey Hill 7401 SHANNON DR $ 850,000 08/2004 30- Mendelssohn 301 DEARBORN CT $ 449,900 07/2004 30- Mendelssohn 304 GRIFFIT ST $ 1,600,000 09/2004 30- Mendelssohn 309 GRIFFIT ST $ 313,500 05/2004 30- Mendelssohn 508 JOHN ST $ 325,000 06/2004 30- Mendelssohn 508 JOHN ST $ 431,000 09/2004 30- Mendelssohn 6615 MALONEY AVE $ 231,500 10/2003 30- Mendelssohn 6324 WATERMAN AVE $ 295,000 04/2004 30- Mendelssohn 6321 WATERMAN AVE $ 490,000 11/2003 31 -Mpls Heights 6655 2ND ST S $ 200,000 04/2004 31 -Mpls Heights 317 ADAMS AVE $ 237,000 08/2004 31 -Mpls Heights 415 ADAMS AVE $ 225,400 05/2004 31 -Mpls Heights 419 ADAMS AVE $ 204,000 03/2004 31 -Mpls Heights 314 ADAMS AVE $ 190,000 10/2003 31 -Mpls Heights 412 HARRISON AVE $ 304,900 05/2004 31 -Mpls Heights 311 HARRISON AVE $ 206,000 10/2003 31 -Mpls Heights 424 HARRISON AVE $ 230,000 07/2004 31 -Mpls Heights 412 JEFFERSON AVE $ 197,500 06/2004 31 -Mpls Heights 422 MADISON AVE $ 168,000 10/2003 31 -Mpls Heights 313 MADISON AVE $ 246,900 03/2004 31 -Mpls Heights 300 MADISON AVE $ 201,500 12/2003 31 -Mpls Heights 403 MADISON AVE $ 207,000 07/2004 31 -Mpls Heights 409 MONROE AVE S $ 259,000 01/2004 31 -Mpls Heights 417 MONROE AVE S $ 230,000 04/2004 31 -Mpls Heights 424 TYLER AVE $ 220,000 10/2003 31 -Mpls Heights 322 VAN BUREN AVE $ 190,000 10/2003 31 -Mpls Heights 419 VAN BUREN AVE $ 221,000 01/2004 31 -Mpls Heights 405 VAN BUREN AVE $ 405,000 06/2004 31 -Mpls Heights 415 WASHINGTON AVE S $ 189,900 09/2004 33- Malibu 5420 MALIBU DR $ 300,000 10/2003 33- Malibu 5543 MALIBU DR $ 649,900 06/2004 34- Park Knolls New 5216 BLAKE RD $ 655,000 08/2004 34- Park Knolls New 5300 BLAKE RD $ 675,000 06/2004 34- Park Knolls New 5304 EVANSWOOD LA $ 774,400 09/2004 34- Park Knolls New 6501 INTERLACHEN BLVD $ 704,000 12/2003 34- Park Knolls New 6212 INTERLACHEN BLVD $ 1,050,000 01/2004 34- Park Knolls New 5223 LARADA LA $ 900,000 07/2004 34- Park Knolls New 5016 OAK BEND LA $ 2,900,000 04/2004 34- Park Knolls New 5008 RIDGE RD $ 1,245,000 03/2004 34- Park Knolls New 5100 RIDGE RD $ 766,000 01/2004 34- Park Knolls New 5009 RIDGE RD $ 760,000 05/2004 34- Park Knolls New 6500 WILLOW WOOD RD $ 940,000 06/2004 35- Park Knolls Older 6204 IDYLWOOD LA $ 830,000 06/2004 35- Park Knolls Older 6240 KNOLL DR $ 825,000 10/2003 35- Park Knolls Older 6617 PARKWOOD RD $ 675,000 08/2004 35- Park Knolls Older 6404 PARKWOOD RD $ 849,900 11/2003 35- Park Knolls Older 6625 PARKWOOD RD $ 1,125,000 04/2004 36- Park Knolls Middle 6405 BISCAYNE BLVD $ 624,000 07/2004 36- Park Knolls Middle 6409 BISCAYNE BLVD $ 1,175,000 06/2004 36- Park Knolls Middle 5708 CAMELBACK DR $ 644,000 12/2003 36- Park Knolls Middle 5713 CONTINENTAL DR $ 675,000 10/2003 36- Park Knolls Middle 5712 CONTINENTAL DR $ 640,000 10/2003 36- Park Knolls Middle 5709 DEVILLE DR $ 704,000 10/2003 36- Park Knolls Middle 6612 DOVRE DR $ 905,000 10/2003 36- Park Knolls Middle 6609 DOVRE DR $ 949,900 07/2004 36- Park Knolls Middle 6619 LONDONDERRY DR $ 575,400 05/2004 33 City of Edina Qualifying Sales by District for 2005 Analysis DISTRICT _ HOUSE NO. STREET NAME SALE PRICE SALE DATq 36- Park Knolls Middle 6608 LONDONDERRY DR $ 345,000 12/2003 36- Park Knolls Middle 5704 NEWPORT DR $ 750,000 05/2004 36- Park Knolls Middle 5704 PARKWOOD LA $ 719,000 08/2004 36- Park Knolls Middle 5712 PARKWOOD LA $ 750,000 02/2004 36- Park Knolls Middle 5808 VIEW LA $ 480,000 02/2004 36- Park Knolls Middle 5717 VIEW LA $ 660,000 0612004 37- Arctic Way/Tamarac 5912 SCHAEFER RD $ 500,000 08/2004 37- Arctic Way/Tamarac 6020 SCHAEFER RD $ 751,000 11/2003 37- Arctic Way/Tamarac 6129 SHERMAN CIR $ 790,500 06/2004 37- Arctic Way/Tamarac 6133 SHERMAN CIR $ 750,000 05/2004 37- Arctic Way/Tamarac 6112 SHERMAN CIR $ 428,926 12/2003 37- Arctic Way/Tamarac 6124 SHERMAN CIR $ 535,000 03/2004 37- Arctic Way/Tamarac 6108 SHERMAN CIR $ 453,000 04/2004 37- Arctic Way/Tamarac 6016 TAMARAC AVE $ 289,000 07/2004 37- Arctic Way/Tamarac 5941 WALNUT DR $ 320,000 01/2004 38- Indian Hills 6801 DAKOTA TR $ 970,000 09/2004 38- Indian Hills 6520. INDIAN HILLS RD $ 2,775,000 10/2003 38- Indian Hills 6416 INDIAN HILLS RD $ 782,500 04/2004 38- Indian Hills 6429 MARGARETS LA $ 1,550,000 11/2003 38- Indian Hills 6310 MCINTYRE PT $ 1,567,000 11/2003 38- Indian Hills 6525 NAVAHO TR $ 650,000 08/2004 38- Indian Hills 6417 TIMBER RIDGE $ 1,000,000 08/2004 38- Indian Hills 6412 TIMBER RIDGE $ 942,000 09/2004 39- Sioux Tr 7033 COMANCHE CT $ 512,000 01/2004 39- Sioux Tr 6401 MCCAULEY CIR $ 675,000 08/2004 39- Sioux Tr 6609 PAWNEE RD $ 575,000 05/2004 39- Sioux Tr 6611 PAWNEE RD $ 650,000 07/2004 39- Sioux Tr 6800 SALLY LA $ 387,500 05/2004 39- Sioux Tr 6709 SAMUEL RD $ 394,000 04/2004 39- Sioux Tr 6713 WEST TR $ 360,000 07/2004 40- Braemar 6905 GLEASON CIR $ 750,000 06/2004 40- Braemar 7141 GLEASON RD $ 724,900 03/2004 40- Braemar 6913 GLEASON RD $ 335,000 11/2003 40- Braemar 6321 LOCH MOOR DR $ 710,000 03/2004 40- Braemar 6309 LOCH MOOR DR $ 582,000 06/2004 40- Braemar 6203 LOCH MOOR DR $ 590,000 03/2004 40- Braemar 6304 LOCH MOOR DR $ 632,500 06/2004 40- Braemar 6939 MARK TERRACE CIR $ 550,000 10/2003 40- Braemar 6935 MARK TERRACE CIR $ 418,000 06/2004 40- Braemar 6936 MOCCASIN VALLEY RD $ 450,000 07/2004 40- Braemar 6125 SCOTIA DR $ 716,000 12/2003 40- Braemar 6117 SCOTIA DR $ 875,000 06/2004 40- Braemar 6124 SCOTIA DR $ 635,000 03/2004 40- Braemar 7021 VALLEY VIEW RD $ 720,000 06/2004 41- Glasgow /78th St 5828 78TH ST W $ 275,000 09/2004 41- Glasgow/78th St 7705 GLASGOW DR $ 230,000 10/2003 41- Glasgow /78th St 7732 SHAUGHNESSY RD $ 666,328 04/2004 42- Hilldale 12 COOPER AVE $ 739,000 07/2004 42- Hilldale 14 COOPER AVE $ 560,000 09/2004 42- Hilldale 5041 INTERLACHEN BLUFF $ 1,400,000 05/2004 42- Hilldale 5524 INTERLACHEN BLVD $ 354,000 05/2004 42- Hilldale 8 SPUR RD $ 1,250,000 07/2004 34 COMPARISONS WITH OTHER CITIES The Assessing Department has contacted other southwest suburban communities to determine the overall adjustment they have made to the market values of existing residential properties for their 2005 assessment. These amounts do not include increases in value due to new construction. The reported adjustments are as follows: CITY 2001 PERCENT INCREASE 2002 PERCENT INCREASE 2003 PERCENT INCREASE 2004 PERCENT INCREASE 2005 PERCENT INCREASE Bloomington 12.8 12.9 9.0 8.5 7.9 Eden Prairie 11.9 10.4 10.3 7.5 7.5 Edina 15.8 15.5 8.5 8.9 7.5 Hopkins 13.5 13.0 12.0 11.0 9.3 Maple Grove 11.5 13.0 9.5 9.6 8.4 Minnetonka 11.8 10.1 10.5 8.5 6.6 Plymouth 13.8 11.0 9.0 9.0 6.3 St. Louis Park 14.2 14.7 12.0 10.0 8.8 As shown, Edina has market value adjustments for 2005 that are consistent with other municipalities in western Hennepin County. Also of interest is a comparison of city sales ratios as calculated by the Hennepin County Assessor's Office. The significance of these ratios, shown on the following page, is their measurement of the equality or fairness of the assessments made by all Hennepin County communities. As shown, there is little variation among the ratios, which indicates an equitable level of assessment among the cities. 35 "2005 EMV / 10 -2003 THRU 9 -2004 SALES "TOTAL FIGURES (EXCEPT SALES) ARE WEIGHTED MUNIC AVERAGES 36 2Qt���SpR�N�ALLR�SID�N�i�Ll €R& R 3/ OS 03/03/ MUNICIPALITY #SALES % MEDIAN MEAN COD MUNICIPALITY #SALES % MEDIAN MEAN COD BLOOMINGTON 904 4.25% 95.7% 96.7% 6.3 MEDINA 47 3.48% 95.3% 96.9% 5.1 BROOKLYN CENTER 520 7.13% 96.4% 97.0% 4.9 MINNEAPOLIS BROOKLYN PARK 980 6.30% 94.9% 95.4% 5.1 MINNETONKA 500 3.87% 97.0% 96.7% 6.6 CHAMPLIN 361 5.63% 97.1% 97.3% 5.6 MINNETONKA BEACH 12 5.26% 96.1% 98.3% 4.9 CORCORAN 44 2.83% 96.4% 96.0% 6.1 MINNETRISTA 70 3.96% 96.9% 98.3% 5.4 CRYSTAL 417 5.70% 95.9% 96.6% 6.3 MOUND 188 5.70% 95.5% 95.0% 6.6 DAYTON 44 3.43% 97.7% 99.9% 8.3 NEW HOPE 248 5.46% 95.9% 96.9% 5.4 DEEPHAVEN 44 3.15% 96.1% 98.2% 7.4 ORONO 135 4.63% 94.9% 95.8% 10.4 EDEN PRAIRIE 658 5.28% 96.2% 96.0% 5.7 OSSEO 35 5.80% 96.0% 97.4% 8.7 EDINA 624 4.98% 95.6% 95.0% 7.6 PLYMOUTH 699 4.59% 95.1% 95.1% 6.3 EXCELSIOR 25 5.22% 95.5% 97.5% 10.4 RICHFIELD 531 5.40% 95.8% 96.6% 5.6 GOLDEN VALLEY 289 4.60% 95.5% 95.6% 8.1 ROBBINSDALE 302 7.03% 95.3% 96.6% 2.7 GREENFIELD 26 3.46% 95.6% 98.2% 7.3 ROCKFORD 2 4.44% 95.5% 95.5% 0.3 GREENWOOD 12 4.15% 95.1% 96.2% 5.5 ROGERS 78 4.44% 95.6% 95.8% 5.6 HANOVER 4 2.61% 97.5% 98.2% 3.4 ST ANTHONY 61 3.53% 95.6% 97.5% 7.8 HASSAN 25 3.21% 95.6% 94.0% 6.3 ST BONIFACIUS 40 6.02% 95.4% 95.7% 4.2 HOPKINS 123 5.24% 95.6% 96.1% 7.6 ST LOUIS PARK 708 6.15% 95.9% 96.8% 7.0 INDEPENDENCE 36 3.26% 96.0% 95.6% 5.7 SHOREWOOD 101 4.45% 95.7% 95.9% 6.3 LONG LAKE 20 3.91% 95.4% 95.4% 1.9 SPRING PARK 7 3.50% 95.7% 97.4% 5.6 LORETTO 9 4.84% 96.0% 96.2% 6.3 TONKA BAY 26 4.26% 97.5% 97.3% 7.1 MAPLE GROVE 733 5.22% 96.1% 96.5% 5.2 WAYZATA 49 5.57% 96.0% 97.1% 7.1 MAPLE PLAIN 24 4.70% 97.8% 98.4% 4.7 WOODLAND 10 5.29% 94.9% 94.4% 3.6 MEDICINE LAKE 4 3.31% 101.2% 97.4% 15.9 SUBURBAN HENNEPIN "' 9,775 95.8% 96.3% 6.1 'PROPERTY TYPES: B,BJ,D,DJ,P,R,RL ALL HENNEPIN" "2005 EMV / 10 -2003 THRU 9 -2004 SALES "TOTAL FIGURES (EXCEPT SALES) ARE WEIGHTED MUNIC AVERAGES 36 APARTMENT AND COMMERCIAL /INDUSTRIAL ASSESSMENT The assessment for apartment, commercial, and industrial properties is subject to the same general standard as the residential property assessment. That is, there is a target sales ratio of 90 — 105% set for commercial properties (including apartments and industrial property). A significant difficulty encountered with local sales ratio studies for commercial /industrial and apartment property is there are usually relatively few property sales. For example, although there are 486 commercial /industrial parcels in the city, Edina typically has fewer than 10 commercial /industrial property sales in any single year. In order to avoid this difficulty, countywide samples of comparable commercial property sales are used to help determine appropriate adjustment of market values. These studies show the following results: COMMERICAL/INDUSTRIAL Jurisdiction Assessment . Sales Sales Ratio Coefficient of Year Dispersion 2005 6 71.1 19.9 Edina 2004 10 95.0 12.9 Hennepin 2005 174 93.0 14.5 County 2004 139 93.8 15.9 APARTMENTS 2005 1 64.2 0.0 Edina 2004 0 0.0 0.0 Hennepin 2005 52 94.0 6.4 County 2004 42 89.5 9.8 37 APARTMENT AND COMMERICIAL/INDUSTRIAL ASSESSMENT (continued) Until very recently, the Commercial /Industrial market had been adversely affected by the struggling economy. This has been especially true for the office market. The decline in the market has led to numerous tax petitions being filed with the Minnesota Tax Court. In the past two years, over $1 billion in market value has been appealed. These petitions require a substantial amount of time to resolve. Office property vacancies in the southwest suburbs have been increasing from approximately 8% in 2000 to a high of 19% in 2003. In 2004, the overall vacancy rate is reported be in the 16% range. The improving occupancy rate and increased investment activity with several strong office sales resulted in an overall increase of 6% for 2005. The warehouse /industrial market remains relatively flat with vacancy rates in the 16% range. Much of the sales activity is in the single -user industrial buildings. The favorable interest rates have motivated many to purchase their own building. One of the largest sales in the Southwest sector was Film Tech's acquisition of the 200,000 square foot Edina Distribution Center at 5400 Dewey Hill Road. The overall increase for industrial properties was approximately 10 %. The retail market remains quite strong. The sale of Leisure Lane Shopping Center and several other retail properties that sold in 2004 support this fact. Overall increases were in the 20% range. The current apartment market exhibits mixed signals. From the late 1990's through 2001, the vacancy rates were approximately 1% in the southwest suburbs. This factor allowed landlords to increase rents and the apartment market spiked up to new levels. Buyers are still very active, even though the bottom line has been affected by increasing vacancy and insurance rates. In addition, there are a lot of new apartments under construction, which adds to the competition to attract renters. This is somewhat offset by the decline in tax rates, which decreased from 2.4% for pay 2001, to 1.25% for taxes payable in 2004. For the 2005 assessment, apartment properties were increased by 14 %. 2005 ASSESSMENT CALENDAR DATE ACTION March 1 County Auditor's target date for mailing 2005 property tax statements. March 4 City Assessor's target date for mailing .2005 value notices. April 1 Last day for property owners to file an appeal to appear at the Local Board. April 11 Local Board of Appeal and Equalization. April 25 Reconvened meeting for Local Board of Appeal April 30 Last day for property owners to file State Tax Court petitions regarding the 2004 assessment. June 13 Hennepin County Board of Appeal and Equalization. 39 SIMPLIFIED CHART OF PROPERTY TAX PROCESS determines what property is taxed, and by what _ procedures j ASSESSOR lists all taxable P-M.2rt. Ar ;-estimates value of 1 _ _ this roP ert� _ _ sends valuation notices I — to _propel owners I property owners can 11ppeal their assessmentl sends final assessment I roll to Henneein Count STATE LEGISLATURE I determines levy limits and bud et roceduresl IF 1 CITY COUNCIL CITY MANAGER r e view budgets and Sends proposed bud eta 9 L_ -Propmd tax rate _ _ L _ _ to council_ I holds truth -in- taxation L___ meettns____� 1 sets tax levy and sends i I Count -- — — — — I HENNEPIN COUNTY I ---- -------- applies tax rate to assessed I values and sends out I _ _resulting tax bills 40 PROPERTY TAX REFUNDS AND PROGRAMS Prouerty Tax Refunds Available The regular property tax refund provides relief to property owners who meet certain guidelines. For 2004, homeowners whose adjusted gross incomes are less than $85,210 and renters less than $45,970 are eligible for the program. Homeowners may receive a refund of up to $1,590; renters are eligible for up to $1,310. The special refund program offers relief to property owners, regardless of income, whose taxes in 2005 go up more than 12 percent and at least $100. The state will refund 60 percent of any amounts paid beyond those limits, up to a maximum of $1,000. For more information on property tax refunds, contact the Minnesota Department of Revenue at (651) 296 -3781 (TTY users, call 711 for MN relay) Senior Citizens Property Tax Deferral This program allows people 65 years of age or older whose household incomes are $60,000 or less, to defer a portion of their homestead property taxes. The deferred tax is a loan from the state. While in,this program, you will pay no more than 3 percent of your household income toward your property taxes and the state will pay the rest. You or your heirs will need to repay the deferred amount before you can transfer title of the property. A property may qualify even if there are unpaid special assessments or property taxes, penalties or interest. For more information, call the Department of Revenue at (651) 296 -0335 41 STATUTORY REQUIREMENTS Minnesota law establishes specific requirements for the entire property tax system, including the assessment of property. These requirements have not changed during the past year. The law requires the following: All real property is to be valued at market value, which is defined as the usual or most likely selling price. 2. Property is classified according to State law, and the tax capacity amount is calculated. 3. The tax capacity is multiplied by the tax rate (the total of county, school, city and miscellaneous levies) to determine the amount of property tax. 4. Credits for certain property classifications, such as homestead and agricultural properties, are then subtracted to yield the net tax amount. The annual property assessment focuses on the very first step of this process — establishing an estimated market value for each parcel of property. Market values are assessed locally by the city or township assessor, if there is one, or by the county assessor. The work of the local assessor is monitored by the county assessor, whose work is in turn monitored by the Minnesota Department of Revenue. The monitoring agency is authorized by law to adjust the property assessment to help ensure countywide and statewide equalization of property assessments. As a result, Edina and other Hennepin County cities must regularly report to the County Assessor, who has established the standard that local property assessments reach at least 94.5% of actual market values, with a target ratio of 95.0 %. At times, local assessments have been adjusted by the County Assessor or the State of Minnesota to meet this standard. 42 LIMITED MARKET VALUE State law provides a limited market value for most residential property. This imposes a 15.0% cap on the annual increase in market value from the previous market value, or 33% of the difference between the current market value and the previous taxable value, whichever is greater, excluding improvements. Example #1: 15% is applicable 2004 Market Value: $220,000 2005 Market Value: $260,000 2005 Limited Market Value: $253,000 Example #2: Both factors are the same 2004 Market Value: $220,000 2005 Market Value: $320,000 2005 Limited Market Value: $253,000 Example #3: 33% is applicable 2004 Market Value: $220,000 2005 Market Value: $400,000 2005 Limited Market Value: $279,400 For taxes payable in 2006 (2005 assessment), 6,547 parcels will have a limited market Value, representing 33% of all residential parcels in the city. The 2001 Legislature extended the Limited Market Value law for five more years. Limited Market Value had been scheduled to expire in payable 2002, so that property would have been taxed at its full market value beginning with taxes payable in 2003. According to the new schedule, all property will be taxed at its full estimated market value beginning with taxes payable in 2008. Assessment year 2004, the increase will not exceed the greater of: 1) 15 percent of the value in the preceding assessment, or 2) 25 percent of the difference. 43 Assessment year 2005, the increase will not exceed the greater of: 1) 15 percent of the value in the preceding assessment, or 2) 33 percent of the difference. Assessment year 2006, the increase will not exceed the greater of: 1) 15 percent of the value in the preceding assessment, or 2) 50 percent of the difference. 44 Estimated Limited Lost Value Percent Less Total Taxable Assessment Market Value Market Value Due to Lost Qualifying Market Value Year Limited Due to Improvement Market Value Ltd (This Old Market . House) Value 2001 $4,796,773,500 $4,361,486,500 $435,287,000 9.07 $6,941,500 $4,354,545,000 2002 $5,576,453,100 $4,830,536,900 $745,916,200 13.38 $7,187,300 $4,823,349,600 2003 $5,999,694,100 $5,429,059,300 $570,634,800 9.51 $7,654,500 $5,421,404,800 2004 $6,559,558,300 $6,181,837,200 $377,721,100 5.76 $6,865,800 $6,174,971,400 2005 $7,095,236,400 $6,925,181,400 $170,055,000 2.40 $5,923,800 $6,919,257,600 44 THIS OLD HOUSE Since 1993, State law has provided for a deferral of a portion of the market value added to older homes through new improvements. Since its inception, the "This Old House" law has undergone many revisions. The latest version allowed deferrals for: 50% of the first $50,000 of improvements to homes over 45 years old. 100% of the first $50,000 of improvements to homes over 70 years old. Total market value for the property must have been less than $400,000 at the time the permit was issued. The 2002 Legislature allowed this law to sunset, beginning with the 2003 assessment. For the 2005 assessment, 489 properties have qualifying improvement amounts totaling $5,923,800 that will be deferred. Properties that had previously qualified and received a deferral will remain in the program until their 10- year exemption is complete. The 2005 assessment year is the second year for phasing in the excluded values on properties that were eligible for the This Old House program in 1993. For properties with exclusions over $10,000, the excluded value is phased in over a 5 -year period, at 20% per year. For improvements less than or equal to $10,000, the excluded value is phased back in over 2 years, at 50% per year. For the 2005 assessment, 110 properties no longer had deferred values. 45 C League of Minnesota Cities 145 University Avenue West, St Paul, MN 55103 -2044 (651) 281 -1200 - (800) 925.1122 L7 Fax: (651) 281 -1299 - TDD: (651) 281 -1290 01626 0=2LX= www.imnc.org Property Taxation 101 This guide is intended to describe the basics of Minnesota's property tax system. This system collected more than $5.7 billion in 2004 to help fund the services of schools, counties, cities, townships, and special districts and the state general fund. One of the challenges of trying to understand this system is the complex array of terms involved. As new terms are introduced in this guide, they are shown in italics. A glossary at the end of the guide includes short definitions of these terms. Assessment and classification The property tax system is a continuous cycle, but it effectively begins with the estimation of property market values by local assessors. Assessors attempt to determine the approximate selling price of each parcel of property based on the current market conditions. Along with the market value determination, a property class is ascribed to each parcel of property based on the use of the property. For example, property that is owner- occupied as a personal residence is classified as a residential homestead. The "use class" is important because the Minnesota system, in effect, assigns a weight to each class of property. Generally, properties that are associated with income production (e.g. commercial and industrial properties) have a higher classification weight than other properties. The property classification system defines the tax capacity of each parcel as a percentage of each parcel's market value. For example, a $75,000 home, which is classified as a residential homestead has a class rate of 1.0 percent and therefore has a tax capacity of $75,000 x .01 or $750. (A sample of the class rates are included in Table A.) [parcel market value] * [class rate] = [parcel tax capacity] The next step in calculating the tax burden for a parcel involves the determination of each local unit of government's property tax levy. The city, county, school district and any special property taxing authorities must establish their levy by December 28 of the year preceding the year in which the levy will be paid by taxpayers. The property tax levy is set after the consideration of all other revenues including state aids such as LGA. [city budget] - [all non - property tax revenues] = [city levy] For cities within the seven -county Twin Cities metropolitan and on the iron range, the levies are reduced by an amount of property tax revenue derived from the metropolitan and range area fiscal disparities programs (see the Fiscal Disparities 101 document for more information). AN EQUAL OPPORTUNITY /AFFIRMATIVE ACTION EMPLOYER 46 Property Taxation 101 Page 2 Local tax rates Local governments do not directly set a tax rate. Instead, the tax rate is a function of the levy and the total tax base. To compute the local tax rate, a county must determine the total tax capacity to be used for spreading the levies. The total tax capacity is computed by first aggregating the tax capacities of all parcels within the city. Several adjustments to this total must be made because not all tax capacity is available for general tax purposes. The result of this calculation produces taxable tax capacity. Taxable tax capacity is used to determine the local tax rates. [city levy] / [taxable tax capacity] = [city tax rate] The city tax rate is computed by dividing the city levy (minus the fiscal disparities distribution levy, if applicable) by the taxable tax capacity. Under the current property tax system, the tax rate is expressed as a percentage. For example, the average 2004 city tax capacity rate is approximately 40.03 percent. Dramatic changes to the tax system in 2001 increased the average city rate significantly in 2002. This same calculation is completed for the county based on the county's levy and tax base, the school district and all special taxing authorities. The sum of the tax rates for all taxing authorities that levy against a single property produces the total local tax rate. This total local tax rate is then used to determine the overall tax burden for each parcel of property. Parcel tax calculations The property tax bill for each parcel of property is determined by multiplying the parcel's tax capacity by the total local tax rate. The tax statement for each individual parcel itemizes the taxes for the county, municipality, school district, and any special taxing authorities. [parcel tax capacity] * [total local tax rate] = [tax capacity tax bill] To complicate the tax calculations, voter - approved referenda levies are applied to the market value of each parcel, not tax capacity. As a result, each identically- valued parcel, regardless of the property's use, pays the same amount of referenda taxes (with the exception of certain agricultural and seasonal recreational properties, which are exempted from referenda taxes). In 2004, three counties, 43 cities and 337 school districts levied market value -based levies. These communities must have a separate calculation for a market value referenda levy by the total taxable market value of each community. [parcel market value] * [market value tax rate] = [market value tax bill] [tax capacity tax bill] + [market value tax bill] = [total tax bill] State property tax New to the tax system in 2002 was a state property tax on all commercial, industrial, seasonal recreational, and utility real property. In 2004, this new tax raised $621 million statewide; the proceeds are deposited in the state general fund. Prior to 2002, the state last collected a property tax in 1968. 47 Property Taxation 101 Page 3 Property tax credits Several tax credits for various types of properties are available in certain instances. These amounts are subtracted from the overall taxes for each parcel to determine the net tax bill for the individual owner. Minnesota also provides additional property tax relief directly to individual homeowners, cabin owners, and renters through the circuit breaker and the targeting refund programs. Property tax intricacies The technical details of computing property taxes mask many other intricacies of the property tax system. Many communities over the past several years have experienced situations where individual property taxes rise much faster than the increase in the levies that are certified by local units of government. The most common factor that results in an increase in an individual parcel's tax is the change in the parcel's estimated market value. Without any change in local levies, a property owner can experience a tax increase due almost exclusively to any valuation increase. The Legislature frequently changes the classification system. Changes to the classification system can shift property tax burdens from one type of property to another. Table A demonstrates some of the changes the Legislature has made to class rates since 1997. Commercial, industrial, and apartment properties received significant reductions in their class rates. This shifts tax burden to other classes of property that did not receive class rate reductions. In an effort to minimize the effect of these shifts, the Legislature reduced school levies across the state and created the market value homestead credit. This credit reduces property taxes for homesteads by 0.4 percent of the homestead's market value up to a maximum $304 dollars. As part of the credit program, the state has reimbursed cities for the amount by which the credits reduce cities' tax receipts. The 2003 Legislature, however, made significant reductions to the program as part of the budget fix. While cities were estimated to receive about $86 million in credit reimbursement in 2004, they will receive only about $66 million. Economic factors that may affect broad classes of property can also influence the overall tax changes for individual parcels of property. For example, in the early 1990s the metropolitan area experienced major declines in the valuation for commercial and industrial properties. These valuation declines shifted taxes from property classified as commercial and industrial to all other types of property. Valuation declines also may have accentuated the levy changes by local units of government. A 2002 law change exempted agricultural and cabin property from voter - approved referenda levies. In some jurisdictions where these types of property are a significant part of the tax base, this change shifted taxes onto other classes of property. Legislative changes in state aid programs can also affect the revenue needed to be raised from the property tax. In 2002, the Legislature eliminated HACA and increased the other major aid 48 Property Taxation 101 Page 4 program, LGA, by $140 million. In 2003, the Legislature reduced 2003 LGA by about $120 million and 2004 LGA by about $150 million. Levy limits also impact local levy decisions. For eight of the last nine years, the Legislature has imposed strict levy limits on cities over 2,500 population. During the 2003 session, cities that had been previously covered by levy limits lost any unused levy authority. Levy limits expire for 2005. This discussion is only a general overview of the current Minnesota property tax system. Over time, the system has become more complex and difficult for taxpayers to understand. Unfortunately, local officials must frequently explain how the system works and take the blame for the complicated features of the system. Local officials, however, can only control local levy decisions. They have no direct ability to modify the overall structure of the tax system and are at the mercy of the Minnesota Legislature Glossary of Terms Circuit breaker —A state -paid property tax refund program for homeowners who have property taxes out of proportion with their income. A similar program is also available to renters. Class rates —The percent of market value set by state law that establishes the property's tax capacity subject to the property tax. See Table A for a sample list of class rates. Fiscal disparities programs —Local units of government in the Twin Cities metropolitan area and on the Iron Range participate in property tax base sharing programs. Under these two programs, a portion of the growth in commercial and industrial property value of each city and township is contributed to a tax base sharing pool. Each city and township then receives a distribution of property value from the pool based on market value and population in each city. Homestead and agricultural credit aid (HACA )—A $200 million property tax relief program that was eliminated in 2001. Local government aid (LGA) —A state government revenue sharing program for cities and townships that is intended to provide an alternative to the property tax. The formulae for distributing the aid payments were changed for 2004 and beyond. 2004 LGA is distributed using different formulae for cities over 2,500 and cities under 2,500. Large city formula factors are: pre -1940 housing percentage, population decline over last decade, accidents per capita, average household size, metro or non - metro, and adjusted net tax capacity per capita. Small city formula factors are: pre -1940 housing percentage, population decline over last decade, commercial/industrial property percentage, and population. These new formulae will begin to impact city aid amounts in 2004. Transition mechanisms built into the new LGA law mean that it will be several years before all cities are fully "on" the new formula. 49 Property Taxation 101 Page 5 Local tax rate —The rate used to compute taxes for each parcel of property. Local tax rate is computed by dividing the certified levy (after reduction for fiscal disparities distribution levy and disparity reduction) by the taxable tax capacity. Market value —An assessor's estimate of what property would be worth on the open market if sold. The market value is set on January 2 of the year before taxes are payable. Market value homestead credit —This credit offsets a portion of each homestead's property tax burden equal to .4 percent of the homestead's market value up to a maximum credit of $304. Property class —The classification assigned to each parcel of property based on the use of the property. For example, owner- occupied residential property is classified as homestead. Property tax levy —The tax imposed by a local unit of government. The tax is established on or around December 28 of the year preceding the year the levy will be paid by taxpayers. Targeting refund —A state paid property tax refund for homeowners whose property taxes have increased by more than 12 percent. A similar program is available to cabin owners. Tax capacity—The valuation of property based on market value and statutory class rates. The property tax for each parcel is based on its tax capacity. Total tax capacity—The amount computed by first totaling the tax capacities of all parcels of property within a city. Adjustments for fiscal disparities, tax increment and a portion of the powerline value are made to this total since not all tax capacity is available for general tax purposes. Truth in taxation —The "taxation and notification law" that requires local governments to set estimated levies, inform taxpayers about the impacts, and hold a separate hearing to take taxpayer input. 50 Property Taxation 101 Page 6 Table A: Sample Property Class Rates Property Class Taxes Local Taxes Local Taxes State Tax Payable Payable 1997 Payable 2003 Payable 2004 2003/04 Residential Homestead: No state tax <$76,000' 1.0% 1.0% 1.0% $76,000 - $500,000 2.0 1.0 1.0 >$500,000 2.0 1.25 1.25 Residential Non - homestead: Single unit: <$76,0001 2.3 1.0 1.0 No state tax $76,000 4500,000 2.3 1.0 1.0 >$500,000 2.3 1.25 1.25 2 -3 unit buildings 2.3 1.25 1.25 Market -rate Apartments: 3.4 1.5 1.25 No state tax Commercial/Industrial: <$100,0002 3.0 1.5 1.5 1.5 $100,000 - $150,000 4.6 1.5 1.5 1.5 >$150,000 4.6 2.0 2.0 2.0 Seasonal Recreational Residential: <$76,001 $76,000 4500,000 1.75 1.0 1.0 0.4 >$500,000 2.5 1.0 1.0 1.0 2.5 1.25 1.25 1.25 'First tier limit was $72,000 for 1997, $76,000 for 2000, and $500,000 for 2002 2First tier limit was $100,000 for 1997, $150,000 thereafter Updated: 7/23/04 51 Printer version: Home sales on pace for another record year startribune.com 11 . Last update: November 15, 2004 at 8:04 PM Home sales on pace for another record year Neal Gendler Star Tribune Published November 16, 2004 Page 1 of Close wind U.S. home sales in the third quarter were the second - highest ever, following only the pace of this year's second quartei and the median price for a single - family home rose 7.7 percent from a year earlier, the National Association of Realtoi (NAR) reported Monday. Sales easily will set another record this year, said David Lereah, NAR chief economist. A record also is expected in the 13- county Twin Cities metropolitan area, where 49,157 sales closed through October, 1.46 percent more than in the first 10 months of 2003. Last year's 56,528 sales set a fourth - consecutive annual record. "The last six months is the strongest stretch of home sales ever recorded," Lereah said. He credited low mortgage rates and "demand from a growing number of households in an environment of job growth and economic improvement." Benchmark 30 -year mortgage rates below 6 percent and a growing population have kept home sales strong and appreciation in the 7 percent range in the Twin Cities area, although "we expect that sometime in the first or second quarter of 2005, the pace of appreciation will start to slow a little bit," said Mark Allen, CEO of the Minneapolis Area Association of Realtors. "A growing supply of homes for sale is helping to balance supply and demand." The national median home price in the third quarter was $188,500. NAR data showed a third- quarter median of $212,800 in the Minneapolis -St. Paul area. This was up 5.6 percent from $208,300 in the third quarter of 2003. It also is near the area's $220,000 October median price, up 7.34 percent from October 2003. NAR expects the median existing -home price to rise 5.3 percent in 2005. Neal Gendler is at endler(r��,startribune. con. National median home price: $188,500 Minneapolis -St. Paul area median home price: $212,800 ©Copy_right 2004 Star Tribune. All rights reserved. 52 http: / /www.startribune.com/ dynamic /story.php ?template- -print a &story= 5087611 11/16/2004 REMINDER TRUTH IN TAXATION Edina City Hall Council Chambers December 5, 2005 5:00 P.M. Memo To: Mayor Hovland and Members of the City Council From: Gordon Hughes, City Manager Date: December 5, 2005 Re: 2006 CITY BUDGET Enclosed is a packet concerning the City of Edina Truth in Taxation hearing with respect to the proposed 2006 budget. This packet together with a summary of the budget will be available to taxpayers attending the December 5, 2005, Truth in Taxation hearing. Copies of the entire budget will also be available for those desiring more detailed information. The Truth in Taxation process allows a further opportunity for taxpayers to speak to the proposed budget prior to its adoption. The Truth in Taxation process is tightly regulated by the State which prescribes virtually all aspects of the process including notices, advertisements and meeting dates and times. The Council has already completed the first two steps of the process. On September 6, 2005, the Council established dates and times for our Truth in Taxation hearings and also adopted the maximum property tax levy for 2006. This proposed levy is the amount used by Hennepin County for the purpose of calculating the proposed property tax bill for each tax parcel in the County. This calculation is then included in the Truth in Taxation notice sent to the owner of each parcel. In accordance with State law, the final property tax levy certified by the Council may not be greater than the preliminary levy adopted last September. Key Dates December 5, 2005, at 5:00 P.M. - City Council conducts a Truth in Taxation hearing. The Council may continue this hearing until December 12, 2005, at 5:00 P.M. if it feels additional time for testimony is needed. The Council typically has not needed such a "continuation hearing" in past years. December 20, 2005, at 7:00 P.M. - City Council conducts a Levy and Budget Adoption hearing. At this hearing, the Council must take official action to adopt the final levy and budget. • Page 1 Facts Concerning the 2006 Edina City Budget Q. What is the dollar amount of the proposed City expenditures for 2006? A. $27,041,089 Q. How much of an increase is this from 2005? A. $1,808,793 or 7.17 %. $420,205 of this increase is due to the first year's debt service on bonds issued to finance construction of gymnasiums. Not including new debt service for the gymnasium bonds, expenditures in the General Fund will increase 5.43 %. Q. How much do tax revenues need to increase from 2005 to support the 2006 City Budget? A. $1,227,602 or 6.46 %. Without the debt service for the gymnasium bonds, the levy would increase 4.25 %. Q. What are the major categories of City Spending? A. Chart 1 - Distribution by Type of Expenditure Central Services Debt Service 9.6% 6.1% Equipment 4.6% Commodities 4.5% contractuai services 12.5% ialaries 62.7% Chart 2 - Distribution of Expenditures by Area Public Safety 45.9% Debt Service 6.1% Park & Rec. 12.5% Non - Departmental 2.0% General Government 12.8% flic Works 20.6% Q. What are the sources for City revenues? Chart 3- Revenues by Type General Levy 66.9% nPht i PW Q. How are taxes determined for my home? .icenses & Permits 8.3% Fees & Charges 8.3% Court Fines 3.2% aov't Aid. 2.7% Misc. Revenue 4.4% A. For an owner - occupied house or condominium: The first step is to multiply the 2005 assessor's estimated market value (EMV)/Taxable Market Value of your home by the "class rates" imposed by State Law. The result is known as your home's "tax capacity" (i.e. its taxable value). (The class rates for owner - occupied housing are 1 % for the first $500,000 of market value and 1.25% for the market value in excess of $500, 000.) The next step is to multiply the tax capacity by the extension rate (i.e. tax rate) calculated for each taxing jurisdiction based upon their proposed expenditures. The final step is to multiply your tax capacity by the market value homestead credit rate. The result is a subtraction off your total tax bill. The maximum credit is $304.00 and is realized at $76,000 taxable market value. The credit diminishes after $76,000 taxable market value until it is a $0 credit at approximately $413,800 taxable market value. The result is your tax bill. Example $330,600 Home in the Edina School District $330,600 x 1 % _ $3,306.00 $ 0 x 1.25% _ .00 Tax Capacity 3,306.00 Extension Rate x 91.041 % Tax $3,009.82 Plus - School Bond Levy Market Value $330,600 Referendum Rate x.15435% School Bond Tax $510.28 Plus - Park Bond Levy Market Value $330,600 Referendum Rate x.00703% Park Bond Tax $ 23.24 Plus - County Solid Waste Levy Market Value $330,600 Solid Waste Rate x.01600% Solid Waste Tax $ 52.90 Less — Market Value Homestead Credit Market Value Maximum Credit Balance Total Taxes on Home $330,600 76,000 X.40% 254,600 x.09% $3,521.37 304.00 Maximum Credit 229.144 Reduction to Credit 74.86 Homestead Credit Q. Why did my tax bill increase more than the City's increase in its property tax levy? A. Tax increases result from 1) spending /levy decisions made by the city, county and school district and 2) "non-spending" factors that adjust the tax burden shared by different types of properties. First, the spending decisions. The City's tax levy increased by 6.46% (including a debt service levy for the new gyms) and the County's levy increased by 3.97 %. Changes in the levies for the various school districts will also have an impact. Both Hopkins and Richfield School Districts had referendums that passed in November, 2005. Second, the "non - spending' factors. • In terms of tax capacity, the tax base of the city increased by 11.7% for taxes payable in 2006. The tax base of residential property increased by 12.2 %. This means that, as a class, residential property will bear a greater share of the tax burden in 2006 than in 2005, and commercial property will bear a lesser share of the tax burden in 2006 than in 2005. • Limited Market Value. For taxes payable in 2005, 61 % of the residential properties benefited from limited market value. For taxes payable in 2006, only 33% of the residential properties will continue to have a limited market value. In 2006 and 2007, more residential properties will lose limited market value benefits. The average market value increase for taxes payable in 2006 (2005 assessment) was 7.5 %. The average limited or taxable value increased by 10.7 %. Market Value Homestead Credit. Pursuant to State law, a portion of residential property taxes are "subsidized" by the State through the market value homestead credit. This credit is on a sliding scale that decreases as value increases. It phases out at $413,000 of value. Therefore, as valuations increase, the market value homestead credit comprises a smaller percentage of the tax bill. Although this shows as a credit on the property tax statement, the City again will not be reimbursed by the State for this credit. Q. Is there a program to offset unusually large increase in my tax bill? A. The State provides a maximum refund up to $1,590 for homeowners having incomes as high as $85,210. The actual refund depends on your individual income and tax bill. The targeting portion of the program offers tax relief no matter what your income is. If your taxes increase by more than 12 percent and at least $100, the State will refund 60% of any amount paid beyond those limits, up to a maximum of $1,000. The Minnesota Department of Revenue administers both the circuit breaker and targeted form of the Property Tax Refund. Q. The assessor's market value of my property seems too high. Can this be lowered? A. Taxes payable in 2006 are based upon the assessor's valuation of your property on January 2, 2005. This value cannot be changed. The 2006 valuation of your property will be sent to you early in 2006 and will be the basis for your 2007 tax bill. The value placed on your property should reflect a price that could be obtained on the open market between a willing buyer and seller. If you do not feel the value placed on your property on January 2, 2006 could be realized on the open market, it may be appealed to the Edina Board of Appeal and Equalization in April 2006. Q. Where does my tax dollar go? A. Chart 4 - 2006 Property Tax Distribution Metro & Watershed 8% Hennepin County 38% City of Edina 22% ,ocal Schools 32% * Please note, this distribution represents taxes on a $330,600 home in the Edina School District ( #273). Some homes in Edina are in different school districts. Please reference the attached map to see what the school district boundaries are. 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L r11Ii/. �� � \1?.►� -: ��•I:� lI 1I1Iip.G. _� \�' _ �` I■ RE. f MI, - Property Tax Impact on Residential Homesteads in Edina 2005 Payable Taxable Value 2006 Payable Taxable Value 2005 Total Tax 2006 Proposed Total Tax $ Change % Change 2005 City Tax 2006 Proposed City Tax $ Change % Change 150,000 166,100 1,496 1,584 88 5.88% 322 337 15 4.66% 200,000 221,400 2,119 2,235 116 5.47% 459 475 16 3.49% 250,000 276,800 2,741 2,888 147 5.36% 593 626 33 5.560% 275,450 400,000 304,900 442,800 3,059 4,609 3,219 4,817 160 208 5.23% 4.51% 660 999 690 1,032 30 33 4.55% 3.30% 600,000 664,200 7,173 7,599 426 5.94% 1,558 1,641 83 5.33% 800,000 885,600 9,966 1 10,511 1 545 1 5.47%1 2,178 1 2,282 1 104 1 4.78% Note: The above chart: 1.) Assumes an 10.7% average increase in taxable value. The actual value increase varies from property to property. 2.) Is based upon proposed 2006 spending by all taxing jurisdictions. Property Tax Impact on Commercial /Industrial Property in Edina 2005 Payable Market Value 2006 Payable Market Value 2005 Total Tax 2006 Proposed Total Tax $ Change % Change 2005 City Tax 2006 Proposed City Tax $ Change 1 % Change 300,000 330,000 8,886 9,384 498 5.60% 883 986 103 11.66% 550,000 605,000 17,281 18,145 864 5.00% 1,721 1,910 189 10.98% 800,000 1 880,000 25,675 1 26,905 1 1,230 1 4.79%1 2,559 1 2,834 275 1 10.75% 1,245,200 1,350,000 1,369,700 1,485,000 40,625 44,144 42,505 46,178 1,880 2,034 4.63% 4.61% 4,051 4,402 4,480 4,868 429 466 10.59% 10.59% 1,600,000 1,760,000 52,538 54,938 2,400 4.57% 5,240 5,792 552 10.53% 1,800,000 1 1,980,000 59,254 1 61,947 1 2,693 1 4.54%1 5,911 1 6,532 1 621 1 10.51% Note: The above chart: 1.) Assumes a 10.0% average value increase. The actual change in value varies from property to property. 3.) Is based upon proposed 2006 spending by all taxing jurisdictions. Property Tax Impact on Residential Homesteads in Edina ASSUMES 10.7% INCREASE IN TAXABLE VALUE 2005 Payable Taxable Value 2006 Payable Taxable Value 2005 Tax Capacity 2006 Tax Capacity 2005 Total Taxes 2006 Proposed Total Taxes $ Change % Change 2005 City Taxes 2006 Proposed City Taxes $ Change % Change Notes 100,000 110,700 1 000 1,107 873 931 58 6.64% 190 199 9 4.56% MEDIAN VALUE RESID. HOMESTEAD 120,000 132,800 1,200 1,328 1,122 1,192 70 6.24% 243 254 11 4.61% 130,000 143,900 1,300 1,439 1,247 1,322 75 6.01% 270 281 12 4.32% 140,000 155,000 1,400 1,550 1,371 1,453 82 5.98% 298 310 13 4.36% 150,000 166,100 1,500 1,661 1,496 1,584 88 5.88% 322 337 15 4.68% 160,000 177,100 1,600 1,771 1,620 1,713 93 5.74% 351 368 16 4.69% 200,000 221,400, 2,000 2,214 2,119 2,235 116 5.47% 459 475 16 3.41% 250,0001 275,450 350,0001 276,8001 304,900 387,5001 2,5001 2,755 3,5001 2.7681 3,049 3,8751 2,7411 3,059 3,986 2,8881 3,219 4,191 147 160 205 1 5.36% 5.23% 5.14% 593 660 865 1 626 690 1 33 29 29 5.540/- 4.42% 3.32% 400 000 442 800 4 000 4 428 4 609 4 817 208 4.51 % 999 33 3.30% 450,000 498,200 4,500 4,982 5,199 5,419 220 4.23% 1,123 38 3.38 ° 500 000 553 500 5 000 5 669 5 776 6 143 367 6.35% 1 248 j18194 72 5.77% 550 000 608 900 5 625 6 361 6 474 6 871 397 6.13% 1 403 78 5.56% 600 000 664 200 6 250 7 053 7 173 7 599 426 5.94% 1 558 83 5.33% 650,0001 719,600 6.875 7.745 7,871 8,328 457 1 5.81% 1,713 1,801 88 5.14% 700,000 774 900 7,500 8 436 8,569 9 055 486 5.67% 1 868 1,961 93 4.98% 750,000 830!300 8125 9,129 9 267 9 784 517 5.58% 2 023 2,122 99 4.89% 800,000 885 600 8:750 9,820 9:966 10 511 545 5.47% 2 178 2,282 104 4.78% 850,000 941:000 9.375 10,513 10,664 11 240 576 5.40% 2.333 2,443 110 4.71% 900,000 996,300 10,000 11,204 11,362 11 967 605 5.32% 2,488 2,6031 115 4.62% 950,000 11051,700 10 625 11,896 12,060 12 696 636 5.27% 2643, 2,763 120 4.54% 1,000,000 11107,000 11 250 12,588 12,759 13,424 665 5.21% 2 798 2,923 125 4.47% 1,100,000 1,217 700 12,5001— 13,971 14,155 7241 5.11% 3.107 3,244 137 4.41% 1,200,000 11328.400 13 750 15,355 15,552 ____,14879 16,336 784 5.04% 3,417 3,564 147 4.30% 1,300.000 1 439 100 15,000 16,739 16,948 17.792 844 4.98% 3.727 3,885 158 4.24% 1,400,000 1,549,800 16 250 18,123 18,345, 19,248 903 4.92% 4.0371 4.205 168 4.16% 1,500,000 1,660,500 17 500 19,506 19,741 20,704 963 4.88% 4.3471 4,526 179 4.12% 1,600 000 1771200 18,750 20,890 21,138 22 160 1,022 4.83% 4,657 4,846 189 4.06% 1,700,000 1:881:900 20,000 22,274 22,534 23,617 1,083 4.81% 4,967 5,167 200 4.03% 1,800,000 1,992 600 21,250 23.658 23,931 25,073 1,14 4.77% 5 276 5,488 212 4.0% 1,900,000 2 103 300 22,5001 25,041 25,327 26,528 1,201 1 4.74% 5,586 5,808: 222 3.97% 2,000,0001 2,214,0001 23,7501 26,4251 26,724 27,985 1,261 1 4.72% 5,896 6,1291 233 1 3.95% • - Assumes School District 273 Watershed 1, Taxes Calculated include Market Value Rates for School & City Property Tax Impact on Commercial /Industrial Property in Edina 2005 Payable Market Value 2006 Payable Market Value" 2005 Tax Capacity 2006 Tax Capacity 2005 Total Tax 2006 Proposed Taxes $ Change % Change 2005 City Taxes 2006 Proposed City Taxes $ [Chan a % Change Notes 250,000 275,000 4,250 4,750 7,207 7,632 425 5.90% 716 801 85 11.87% MEDIAN VALUE PROPERTY 300,000 330,000 5,2501 5,850 8,886 9,384 498 5.60%1 883 986 103 11.66% 350,000 385,000 6,250 6,950 10,565 11,136 571 5.40% 1,051 1,171 120 11.42% 400,000 440,000 7,250 8,050 12,244 12,889 645 5.27% 1,218 1,355 137 11.25% 450,000 495,000 8,250 9,150 13,923 14,641 718 5.16% 1,386 1,540 154 11.11% 500,000 550,000 9,250 10,250 15,602 16,393 791 5.07% 1,553 1,725 172 11.08% 550,000 605,000 10,250 11,350 17,281 18,145 864 5.00% 1,721 1,910 189 10.98% 600,000 660,000 11,250 12,450 18,959 19,897 938 4.95%1 1,889 2,095 206 10.91% 650,000 715,000 12,250 13,550 20,638 21,649 1,011 4.90%1 2,056 2,280 224 10.89% 700,000 770,000 13,250 14,650 • 22,317 23,401 1,084 4.86%1 2,224 2,465 241 1 10.84% 750,000 825,000 14,250 15,750 23,996 25,153 1,157 4.82% 2,391 2,649 258 10.79% 800,000 880,000 15,250 16,850 25,675 26,905 1,230 4.79% 2,559 2,834 275 10.75% 850,000 935,000 16,250 17,950 27,354 28,657 1,303 4.76% 2,727 3,019 292 10.71% 900,0010 990.000 17,250 19,050 29 033 30,409 1.376. 4.74% 2 894 3,204 310 10.71% 950,000 1,245,200 1,100,000 1 1,045,000 1,369,700 1,210,000 18,250 24,154 21,250 20,150 26,644 23,450 30,712 40,625 35,749 32,161 42,505 37,418 1,449 1,880 1,669 4.72% 4.63% 4.67% 3,062 4,051 3,564 3,3891 4,480 3,944 327 429 380 10.68% 10.59% 10.66% 1,200,000 1,320,000 23,250 25,650 39,107 40,922 1,815 4.64% 3,900 4,313 413 10.59% 1,300,000 1,430,000 25,250 27,850 42,465 44,426 1,961 4.62% 4,235 4,683 448 10.58% 1,400,000 1,540,000 27,250 30,050 45,823 47,930 2,107 4.60% 4,570 5,053 483 10.57% 1,500,000 1,650,000 29,250 32,250 49,180 51,434 2,254 4.58% 4,905 5,422 517 10.54% 1.600.0001 1,760,000 31 250 34,450 52,538 54,938 2.4001 4.57% 5,240 5.792 552 10.53% 1,700,000 1 870 000 33,250 36,650 55,896 58,442 2,546 4.55% 5,575 6,162 587 10.53% 1,800,000 1 980 000 35,250 38,850 59,254 61,947 2,693 4.54% 5,911 6,532 621 10.51% 1,900,002 2 090 000 37,250 41,050 62,612 65,451 2,839 4.53% 6,246 6,901 655 10.49% 2,000,000 2 200 000 39,250 43,250 65,970 68,955 2,985 4.52% 6,581 7,271 690 10.48% 2,100,000 2 310 000 41.250 45,450 69,328 72,459 3.131 4.52% 6,916 7,641 725 10.48% 2.200.000 2 420 000 43.2501 47,650 72,686 75,963 3,277 4.51% 7,251 8,010 759 10.47%. 2,300,000 2 530 000 45 250 49,850 76,044 79,467 3,423 4.50% 7,586 8,380 794 10.47% 2,400,002 2 640 000 47 250 52,050 79,401 82,971 3,570 4.50% 7 922 8,750 828 10.45% 2,600,000 2 660 000 51 250 56,450 86,117 89,980 3,863 4.49% 8,592 9,489 897 10.44% 2,800,00Q 3 080 000 55 250 60 850 92.833 96,988 4,155 4.48% 9 262 10,229 967 10.44% 3,000,000 3 300 000 59 250 65 250 99 549 103 996 4 447 4.47% 9 933 10 968 1 035 10.42% • - Assumes School District 273 Watershed 1, Taxes Calculated Include Market Value Rates for School & City