--- JIM GRAHAM <[EMAIL PROTECTED]> wrote: > How is it even remotely possible that an EIGHT > THOUSAND square foot house has a value of only > $14,500? Small duplexes are going for $200,000 > and being taxed at several times this amount <snip>
I think that Vicky was talking about lot size and property value as opposed to house size and home value. An 8,000+ sq. ft. house would be ridiculously large. However, I'm not sure which property value number Vicky was using. Looking at my house, there is the "market" value, which I believe is the amount I paid for the house less the value of the house itself. This is listed as $20,000 for a 40ft x 138ft lot (~5,520 sq. ft) I guess this would be about $3.62/sq. ft. And there is my "Land Limited" value. I'm not sure, but I think this is because if market value shoots up, the amount that can be taxed can only increase by a set amount each year. I bought my property in 2000 at twice the price the former owner paid for it in 1994. Because my (house and property) purchase price was 25% over what the estimated market value had been, it'll take a while to catch up. This is listed as $13,500 / $5,520 = $2.45/ sq. ft. I can't remember exactly how it works, but I believe that there is another factor. When my accountant was helping me figure out my taxes just after buying my house, I think I ended up more or less assigning values to the property versus the structure. I don't recall all the various pros and cons to assigning a higher or lower value, but there could be a discrepency between similar properties due to these estimations. Since property taxes come from both the property and the structure, the county gets the same amount either way, so it doesn't really matter. Anyway, all I can say is, I want to go over to RT's next bar-b-que as his lot must be awesome, wow! (his house ownership predates his political career - no taint is implied, i'm just jealous.) - Jason Goray, Sheridan, NE > ----- Original Message ----- > From: Victoria Heller <[EMAIL PROTECTED]> > Subject: [Mpls] Minneapolis Land Values: High Crimes > or Misdemeanors? > >> Land values and lot sizes from current public tax >> records: >> >> MCDA Office Bldg: $462,000 / 18,471 sq. ft. = > $25.01 per ft. >> >> Mayor Rybak's House: $120,000 / 8,442 sq. ft. = > $14.21 per ft. >> >> J. Cherryhomes' House: $14,500 / 8,127 sq. ft. = > $1.78 per ft. >> >> Target Center: $12,159,900 / 127,999 sq. ft. = > $95.00 per ft. >> >> Note: Target Center apparently doesn't pay any >> taxes, despite the $95 per square foot land value. >> The MCDA is listed as the owner of the property >> and NO TAXES appear on the public records. The >> address is 600 1st Avenue N. Check it out for >> yourself. >> > > City's property search: > > > http://apps.ci.minneapolis.mn.us/pi.app/address_selection/address.asp > > > > Hennepin County's property search: > > http://www2.co.hennepin.mn.us/pins/ > > > > How long are Minneapolis residents going to > tolerate such inequities and > > the lies that perpetuate them? > > > > Attention List Journalists: There is a Pulitzer > Prize in this story. > > > > Vicky Heller > > North Oaks and Cedar-Riverside __________________________________________________ Do you Yahoo!? Faith Hill - Exclusive Performances, Videos & More http://faith.yahoo.com _______________________________________ Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: [EMAIL PROTECTED] Subscribe, Unsubscribe, Digest, and more: http://e-democracy.org/mpls
