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Tony Rasmuson
Wright County Assessor
Wright County Government Center
10 2nd Street NW, Room 100
Buffalo, MN 55313-1183
Phone: (763) 682-73671(763) 682-7368
1 (800) 362-3667
FAX.- (763) 684-4553
www. co. wright. mn. us
2021 City of Otsego Assessment
Residential land and building assessed values (less new construction) increased approximately 4.41%
throughout Otsego. The property value increases are the result of 365 "qualified" sales used in the residential
sales ratio study. (Assessed value divided by sale price equals sales ratio). The unadjusted sales ratio for the
City of Otsego came in at 93.90% before State Time Adjustment and value changes were made. After the
changes were made the final ratio is 95.03%.
Median appraised value for 2020 $258,455
Median appraised value for 2021 $290,081
Median sale price paid in 2020 $271,333
Median sale price paid in 2021 $301,343
Commercial & industrial values increased by approximately 3.78%
Agricultural land values changed as follows:
Ag land outside the sewer district remains at $14,000/Ac
Ag land inside the sewer district remains at $25,000/Ac
Exception-Ag land in commercial areas along Co Rd 19 remains at $30,000/Ac.
Exception-Ag along Parrish Ave and along Hwy101 remains at $25,000/Ac.
Agricultural values increased approximately 8.30%
Total dollar value of new construction for 2021 (residential): $114,057,900
Total dollar value of new construction for 2021 (comm / Ind): $ 8,080,100
Total dollar value of new construction for 2021 (agricultural): $ 182,400
Total dollar value of new construction for 2021 (apartments): $ 8,604,500
Total $130,924,900
History of Otsego City yearly value total:
Year
2018
2019
2020
2021
Value
$1,800 425,200
$1,978,985,400
$2 204,869 200
$2 433 1851600
%Change
+9.92%
+11.41%
10.36+%
Sincerely,
Mike Vanderlinden and Jaimee Jensen
Wright County Assessor's Office
Minnesota State Law requires assessors to value property based on historical data.
Taxes payable are always based on the prior year's value, which was determined
using sales data from a previous time period (see chart below).
Therefore, in an escalating market, assessed values are typically lower than the
current market. Likewise, if values are declining it's possible that assessed values
will be higher than the current market. This is due to the time frame we are
required to work with and the effects of a rapidly changing market.
SOLD
*ft� N
Gather & Verify
Sales Data
So
Valuation
Year
Pay taxes
CURRENT VALUE/
PREVIOUS MARKET
'"M
Oct. 1, 2019
thru
Sept. 30, 2020
202
FUTURE VALUE/
CURRENT MARKET
Oct.1, 2020
thru
Sept. 30, 2021
2022
Otsego City 2020 Assessment Value Distribution
Classification Value Per Class Percent of Total Value
Residential
$1,885,296,500 86%
Commercial
$176,590,600 8%
Agricultural
$127,790,900 6%
Apartments
$15,191,200 1%
Total Value
$2,204,869,200
■ 6% • 1%
■ 8%
■ Residential
■ Commercial
■ Agricultural
■ Apartments
■ 85%
Otsego City 2021 Assessment Value Distribution
Classification Value Per Class Percent of Total Value
Residential
$2,078,708,450 85%
Commercial
$189,772,600 8%
Agricultural
$138,582,150 6%
Apartments
$26,122,400 1%
Total Value
$2,433,185,600
e 6% 0 1%
■ &M
■ Residential
Commercial
i Agricultural
® Apartments
MOD. TWO STORY
18 Total sales
Range of Time Adjusted Sales.........................................................$268,010 to $649,520
Median Estimated Market Value.....................................................$353,030
Median Time Adjusted Sale..............................................................$379,281
Ratio.....................................................................................................93%
SPLIT ENTRY
52 Total sales
Range of Time Adjusted Sales...............................................$220,610 to $399,780
Median Estimated Market Value...........................................$278,520
Median Time Adjusted Sale...................................................$295,298
Ratio..........................................................................................94%
ONE STORY
49 Total sales
Range of Time Adjusted Sales..................................$276,401 to $611,848
Median Estimated Market Value..............................$341,480
Median Time Adjusted Sale......................................$360,870
Ratio............................................................................95%
THREE/FOUR LEVEL SPLIT
45 Total sales
Range of Time Adjusted Sales.........................................$242,300 to $351,560
Median Estimated Market Value.....................................$302,000
Median Time Adjusted Sale.............................................$313,380
Ratio.....................................................................................96
TWO STORY
74 Total sales
Range of Time Adjusted Sales...........................................$273,965 to $491,924
Median Estimated Market Value.....................................$264,356
Median Time Adjusted Sale..............................................$277,125
Ratio.....................................................................................95%
TOWNHOMES
101 Total Sales
Range of Time Adjusted sales.........................................$287,610 to $577,724
Median Estimated Market Value.....................................$195,100
Median Time Adjusted Value..........................................$204,300
Ratio.....................................................................................95%