Recently I’d been asked about whether home values would be re-assessed due to the falling housing market we’ve seen recently. Bob Nowicki, 5th Ward City Councilman was kind enough to do some research on this subject.
He wrote: “This is certainly not my area of expertise and is one of the functions handled by Mark Krupski, Director of Olmsted County Property Records and Licensing so I asked him. Mark had just completed a report that he prepared for the County Commissioners so we’ve got info hot off the press. It’s more complicated than I care to get into so if you have any questions you’d be best served by contacting Mark.
What I did get from my conversation today with Mark, and the attached data, is that our residential home values are still in the acceptable median range of assessed value to market price so no change will be made. Acceptable range is 90 to 105%. Residential homes are 95.2%.”