C'mon Vicki, you have been around real estate long enough to know that assessed value of a property is used only to calculate taxes while the market value of a property may be more or less depending on a host of factors!
Jim Bernstein Fulton -----Original Message----- From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED] On Behalf Of Victoria Heller Sent: Monday, September 13, 2004 7:37 AM To: Mpls Forum Subject: [Mpls] Oregon pension fund only lost $23.5 million in Minneapolis The Fifth Street Towers were sold August 30th for $117.5 million. In 1996, the pension fund paid $141 million for the buildings, so it lost $23.5 million in capital plus whatever they lost trying to operate the buildings. The good news for Minneapolis is that the property tax base just increased by $34.9 million -- because the Minneapolis assessor only valued the property at $82.6 million for tax purposes. Let's watch this one to make sure the new taxable market value actually goes up to $117.5 million as of January 1, 2005 for taxes payable for 2006. As they say on Wall Street: For every winner there must be a loser, or else you have inflation! http://www.startribune.com/stories/535/4974768.html Vicky Heller North Oaks and Cedar-Riverside REMINDERS: 1. Think a member has violated the rules? Email the list manager at [EMAIL PROTECTED] before continuing it on the list. 2. Don't feed the troll! Ignore obvious flame-bait. For state and national discussions see: http://e-democracy.org/discuss.html For external forums, see: http://e-democracy.org/mninteract ________________________________ Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Un-subscribe, etc. at: http://e-democracy.org/mpls REMINDERS: 1. Think a member has violated the rules? Email the list manager at [EMAIL PROTECTED] before continuing it on the list. 2. Don't feed the troll! Ignore obvious flame-bait. For state and national discussions see: http://e-democracy.org/discuss.html For external forums, see: http://e-democracy.org/mninteract ________________________________ Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Un-subscribe, etc. at: http://e-democracy.org/mpls
