Before the East Bethel City Council meeting April 16, the council heard the official assessor’s report and held its annual Board of Appeal and Equalization hearing.
City Administrator Jack Davis said the board heard and will follow up on one concern. East Bethel’s overall taxable market value increased 9.8 percent, which the report says is a considerable change over last year’s decline in tax base of 2.8 percent.
The report says based on the results of previous-year sales studies, “downward adjustments were made to all areas of the city” to reflect current market trends. East Bethel has a total of 5,763 parcels consisting of 80 percent residential, 6.8 percent “other,” 5 percent manufactured homes, 4 percent agricultural, and 3 percent commercial-industrial.
The assessor’s report includes data from the Minneapolis Area Association of Realtors’ 2013 Annual Report on Twin Cities Housing Market, which lists the median-average home-sale price in East Bethel at $179,900, a 9 percent increase over 2012. The number of closings in the city show an 8.5 percent decrease, and nearly half of the 151 homes sold last year were “distressed sales,” according to the report.