HomeMy WebLinkAboutAffordable Judy Weyrens
From: Rausch, Connor <Connor.Rausch@co.stearns.mn.us>
Sent: Tuesday, April 9, 2019 3:42 PM
To: Judy Weyrens
Cc: Pidde,Jake;Johnson,Jeff
Subject: St.Joseph TIF Work-Up
.Judy,
I have completed your request for an estimated market value and payable taxes for a new 48 unit low income
apartment complex in St.Joseph City.This request is based on the following information sent to me.
48 low income units to be constructed. It will include a play area and fitness room.
1 bedrooms are 720 sf estimated rents are$602 to$735
2 bedrooms 1,100 sf estimated rents are$717 to$876
3 bedrooms 1,420 sf estimated rents are$822 to$905
There are garages but the number of units were not available and it was unknown whether or not the projected rents
included a garage.
The income approach was used to derive our values.The sales comparison approach was considered but there were a
small number of qualified sales to base a value on.As for the cost approach,the limited amount of physical information
available prohibits us from using this method of valuation at this time. Based upon mass appraisal techniques and
applications,the total value range is$2,977,000 ($62,021/unit)to $3,500,900($72,935/unit).The tax estimate for
payable 2019 based on the current class rate for 4d property at .75% ranges from$33,788 to$39,733.The Legislature is
proposing a tax rate of.25%.At that rate the tax estimate is$12,753 to$15,016.Taxes as land only based on 48 units
buildable at$8,900 per unit would be approximately$7,975.
This analysis is prepared for TIF or tax abatement planning purposes only.The final valuation may differ due to changes
or differences attributable to the interpretation of the details provided by the owner.The final taxes may differ due to
differences in levies,tax rates, and classification rates that will come into play for taxes payable in the upcoming year.
Thanks,
Connor Rausch
Senior Appraiser
Stearns County Assessor's Office
Phone-320-656-3685
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