Homes lose Value In Ramsey County. Property Tax Soar Higher
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posted by Bob at Tuesday, March 20, 2007
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Tuesday, March 20, 2007
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7 Comments:
Half of homes in Ramsey County lose value
This year's sudden decline called unusual; meanwhile, property taxes get a bump
BY TIM NELSON
Pioneer Press
There may or may not be a real estate bubble in Ramsey County, but there's no denying Ramsey County's housing market is losing some serious air.
Tax statements that hit mailboxes this week show that as many single-family homes in St. Paul lost assessed value as gained value for 2007, according to a county report.
It's the first such widespread decline county officials said they can remember. In each of the previous four years, nine of 10 homes in the city gained value, a Pioneer Press analysis found.
Suburban homeowners also saw a slump on their tax statements this week — although not quite what St. Paul experienced. Outside the city, values of 46 percent of single-family homes declined.
The numbers mark a sea change for residential real estate, which makes up almost three-quarters of the nearly $50 billion worth of assessed property in Ramsey County. The declines also parallel stagnating middle-class incomes and the changing fortunes of the mortgage business.
The news came in the mail for people like Phyllis Folta, who lives on East Third Street in St. Paul. Like nearly all of her neighbors, she saw the assessed value of her home slip by thousands of dollars on the tax statement she got this week — while her taxes went up 17 percent.
"I'm not happy about it," said Folta, a human resources assistant at a Minneapolis law firm.
After more than a decade of steady rises in her home's value, she noticed the change immediately and cited the decline from memory when asked.
"I have the statement right here by my phone," she said. "I was hoping the county would send something, some kind of explanation."
County assessor Stephen Baker cited a number of factors in the change: Real estate investors have been pulling out of the market as homes easy to "turn around" have become scarcer; first-time buyers may be sitting on the sidelines and waiting for the market to bottom out; tightening credit may be both putting more homes on the market and winnowing the number of buyers with the wherewithal to buy them.
"It reflects some uncertainty in the market that we saw," Baker said. He said actual sale prices alternately led assessments, trailed assessments and switched back and forth during the last year. "It looks like the market is stagnating, and this is where the models told us to go."
It didn't produce a precipitous drop in value, either, since the total value of residential property in the county still managed to rise 0.1 percent, excluding improvements.
And county officials note a small upside to the change: The gap between taxable and market values is shrinking, years ahead of the statutory phase-out of the state's "limited market value" law. This stumble in values may avert some nasty tax surprises in coming years.
"The other thing that's happening here is the affordability index is improving," Baker said. "This is giving wages a chance to catch up a little with home prices and may bring more buyers into the market." Baker expects values to tick up again next year, as well.
But that's small consolation to existing homeowners. While 48 percent of them saw their value decrease, just 6.6 percent got a break on their property taxes after excess school levies in Mounds View and St. Paul were factored in, according to county tax analyst Chris Samuel.
"I'd thought we were overvalued as it was," said Roy Wendt, a retired Ramsey County accountant who lives with his wife, Delores, in the home they built in 1950, just south of the Ford Motor Co. plant in Highland Park. He said the "for sale" signs on his street seem to indicate a slump.
"There's no way our house was going to sell for what it was assessed for," he said. "This is a little more reasonable … but then my taxes went up 16.4 percent anyway."
Tim Nelson can be reached at tnelson@pioneerpress.com or 651-292-1159.
Maybe the drop was skewed due to anomolies on Surrey, Grand, and Morton. I bet the homes lost value due to something with Dean Barkley, Jesse, and John Woodele.
Well all I can say to this post is that the Pioneer Press must of made a misprint because if you go to e-democracy all their home values are going up and so are the rest of the homes and businesses in St.Paul according to the people that seem to KNOW IT ALL!
yes, up 17.83%
The taxman in Ramsey County need to finance the county board's raise of 25%.
Oh well, life in Ramsey County
Guess thats another good reason to leave Ramsey Co.
Going all the way to US Supreme Court for the 4th time on Bad Judges: www.sharon-mn-ecf.blogspot.com Keep the pressure on
I have been seeing that people are using Sharon and I, as escape goats.
Do I scare the people that steal from us poor?
Do they really give gratitude, to their buddies.
My home has cause this state more trouble, then any other house in Minnesota.
Truth hurts government, and who are government.
The list of the crooks, would take all day to read.
You in power are out to lose, more people daily are standing up and speaking their minds.
Vote's count, but when the DFL start letting illegal citizens vote.
That is a form of "bribery".
Wake up Dem-O-'s, and look at the Democratic Party closely.
But Jesse and his Side-Kick Dean Barkley bribed,
Bill Dahn.
Watch the 2 minute movie on my web site.
3rd. Parties, are just as bad.
Thank You All
www.billdahn.com
Bill Dahn
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