HomeMy WebLinkAboutAgenda Item 5 FINAL 2021-04-27 EDC - Community Growth Packet
City of Lakeville
Finance Department
Memorandum
To: Economic Development Commission
Justin Miller, City Administrator
David Olson, Community & Economic Development Director
From: Jerilyn Erickson, Finance Director
Date: April 27, 2021
Subject: Lakeville Growth
The City of Lakeville has experienced significant growth in the past twenty years. Data is
being presented from multiple sources as well as points in time when the information was
available.
The following table shows a few statistics:
Statistic 2000 2010 2019*/2020 Prelim
2022
Population 43,128 55,954 65,831*
Street Miles 210 261 302
Parks 52 59 61
Parks (Acres) 1,306 1,663 1,677
Water mains (Miles) 205 311 358
Fire hydrants 2,286 3,386 3,969
Sewer mains (miles) 186 259 270
Taxable Market Value N/A $5.7 Billion $8.1 Billion $9.5 Billion
Sources: Lakeville Comprehensive Annual Financial Reports & Dakota County
Exhibit A-1 shows a summary of the changes in taxable market value from 2010 through
preliminary 2022. It is important to note that the payable year values are based on
assessment values as of January 2 of the prior year which are determined during the sales
study period.
Sales Study Period October 2019 – September 2020
Assessment Valuation Date January 2, 2021
Tax Payable Year 2022
The full value of building permits issued in 2021 probably won’t be included in the market
value totals until 2023 or 2024.
Exhibits A-2 and A-3 show the market value growth from valuation and new construction.
The following charts show that even though the total value has increased $3.8 billion from
2010 through 2022, the distribution of values by asset classification hasn’t changed
significantly.
Using Payable 2021 data, Exhibit B shows a stratification of property values for residential,
apartments, commercial and industrial asset classifications.
Residential
The Payable 2021 median “taxable market value” for residential properties is $327,692.
About 44% of properties have a taxable market value at $300,000 or less.
Commercial
About 49% of properties have a taxable market value at $750,000 or less.
Industrial
About 48% of properties have a taxable market value at $1,250,000 or less.
Attachments:
1) Exhibit A-1 – Lakeville Taxable Market Valuation Summary
2) Exhibits A-2 and A-3 – Market Value Growth (Percentage and Amount)
3) Exhibit B – Lakeville Payable 2021Valuations by Classification
Preliminary
2010 2022
Taxable Market Value %
TMV-Residential 4,809,249,700 8,106,405,387
TMV-C/I 711,419,500 953,122,000
TMV-Apartments 92,296,000 317,780,400
TMV-Other 123,637,000 154,674,216
5,736,602,200 9,531,982,003
83.8%
12.4%
1.6%2.2%
Taxable Market Value 2010
TMV-Residential TMV-C/I
TMV-Apartments TMV-Other
85.0%
10.0%
3.3%1.6%
Taxable Market Value 2022
TMV-Residential TMV-C/I
TMV-Apartments TMV-Other
CITY OF LAKEVILLE
Summary
2010 2011 2012 2013 2014 2015 2016 2017
Taxable Market Value (ALL) 5,736,602,200 5,356,855,900 5,030,003,164 4,767,475,321 4,995,818,217 5,553,395,148 5,825,279,418 6,201,221,856
TMV-Residential 4,809,249,700 4,462,812,900 4,150,860,458 3,877,744,947 4,082,756,380 4,613,707,745 4,880,265,929 5,212,594,355
TMV-C/I 711,419,500 672,765,800 659,917,900 654,522,900 656,140,500 653,777,700 660,189,100 694,843,100
TMV-Apartments 92,296,000 103,663,200 103,163,200 106,844,100 119,436,200 132,386,400 134,843,400 141,186,500
TMV-Other 123,637,000 117,614,000 116,061,606 128,363,374 137,485,137 153,523,303 149,980,989 152,597,901
Taxable Market Value %
TMV-Residential 83.8%83.3%82.5%81.3%81.7%83.1%83.8%84.1%
TMV-C/I 12.4%12.6%13.1%13.7%13.1%11.8%11.3%11.2%
TMV-Apartments 1.6%1.9%2.1%2.2%2.4%2.4%2.3%2.3%
TMV-Other 2.2%2.2%2.3%2.7%2.8%2.8%2.6%2.5%
Tax Capacity %
TC-Residential 74.4%73.7%72.6%71.1%71.8%73.8%74.7%75.0%
TC-C/I 21.3%21.5%22.4%23.3%22.4%20.3%19.6%19.4%
TC-Other 4.3%4.8%5.1%5.6%5.8%5.9%5.6%5.6%
MV-New Construction (ALL) 79,973,300 68,290,800 46,855,000 53,156,700 99,465,900 137,618,500 135,108,400 145,432,600
MV-Residential 64,708,400 47,557,400 45,323,600 47,420,000 73,697,300 121,276,000 129,319,700 126,294,400
MV-C/I 11,120,100 3,577,900 1,531,400 3,939,200 14,134,100 5,600,300 5,521,200 18,926,700
MV-Apartments - 17,147,900 - 1,530,000 11,367,000 10,392,600 - 211,500
MV-Other 4,144,800 7,600 - 267,500 267,500 349,600 267,500 -
Growth:
Valuation (368,036,600) (448,037,100) (373,707,736) (315,684,543) 128,876,996 419,958,431 136,775,870 230,509,838
New Construction 79,973,300 68,290,800 46,855,000 53,156,700 99,465,900 137,618,500 135,108,400 145,432,600
(288,063,300) (379,746,300) (326,852,736) (262,527,843) 228,342,896 557,576,931 271,884,270 375,942,438
Growth:
Valuation -6.1%-7.8%-7.0%-6.3%2.7%8.4%2.5%4.0%
New Construction 1.3%1.2%0.9%1.1%2.1%2.8%2.4%2.5%
-4.8%-6.6%-6.1%-5.2%4.8%11.2%4.9%6.5%
G:\Budget\Market Valuation Information\Historical Market Valuation Information-Prelim 2022 : Summary 4/22/2021
Exhibit A-1
CITY OF LAKEVILLE
Summary
Taxable Market Value (ALL)
TMV-Residential
TMV-C/I
TMV-Apartments
TMV-Other
Taxable Market Value %
TMV-Residential
TMV-C/I
TMV-Apartments
TMV-Other
Tax Capacity %
TC-Residential
TC-C/I
TC-Other
MV-New Construction (ALL)
MV-Residential
MV-C/I
MV-Apartments
MV-Other
Growth:
Valuation
New Construction
Growth:
Valuation
New Construction
Preliminary Change
2018 2019 2020 2021 2022 21 to 22
6,702,242,762 7,374,033,988 8,106,672,140 8,636,691,303 9,531,982,003 10.4% 3,330,760,147 53.7% 4,501,978,839 89.5%
5,661,668,586 6,255,324,242 6,894,948,126 7,303,921,157 8,106,405,387 11.0%2,893,811,032 55.5% 3,955,544,929 95.3%
729,023,100 779,602,300 822,476,900 911,130,000 953,122,000 4.6%258,278,900 37.2% 293,204,100 44.4%
157,707,200 185,127,200 228,141,100 261,099,600 317,780,400 21.7%176,593,900 125.1% 214,617,200 208.0%
153,843,876 153,980,246 161,106,014 160,540,546 154,674,216 -3.7%2,076,315 1.4% 38,612,610 33.3%
84.5% 84.8% 85.1% 84.6% 85.0%
10.9% 10.6% 10.1% 10.5% 10.0%
2.4% 2.5% 2.8% 3.0% 3.3%
2.3% 2.1% 2.0% 1.9% 1.6%
75.6% 76.2% 76.7% 75.9% 76.7%
18.9% 18.4% 17.7% 18.4% 17.5%
5.5% 5.4% 5.6% 5.7% 5.8%
177,136,800 206,914,200 221,759,800 221,257,100 296,148,600 33.8% 1,123,216,500 100% 1,693,998,600 100%
153,604,600 164,738,200 186,333,100 184,379,700 240,714,700 30.6% 929,770,300 82.78% 1,427,777,700 84.28%
23,024,700 26,818,600 9,806,300 26,876,300 16,646,700 -38.1% 103,172,600 9.19% 151,294,100 8.93%
507,500 15,357,400 25,620,400 9,998,800 38,725,900 287.3% 90,210,000 8.03% 113,711,100 6.71%
- - - 2,300 61,300 2565.2% 63,600 0.01% 1,215,700 0.07%
323,884,106 464,877,026 510,878,352 308,762,063 599,142,100 2,207,543,647 66.3% 2,807,980,239 62.4%
177,136,800 206,914,200 221,759,800 221,257,100 296,148,600 1,123,216,500 33.7% 1,693,998,600 37.6%
501,020,906 671,791,226 732,638,152 530,019,163 895,290,700 3,330,760,147 100.0%4,501,978,839 100.0%
5.2% 6.9% 6.9% 3.8% 6.9% New Construction: Last Five of Last Ten 66%
2.9% 3.1% 3.0% 2.7% 3.5%
8.1%10.0%9.9%6.5%10.4%
Totals 2018-2022
Change from
2018 to 2022
Totals 2018-2022 Totals 2013-2022
TEN YEARSFIVE YEARS
Totals 2013-2022
Change from
2013 to 2022
G:\Budget\Market Valuation Information\Historical Market Valuation Information-Prelim 2022 : Summary 4/22/2021
G:\Budget\Market Valuation Information\Historical Market Valuation Information-Prelim 2022 : Summary 4/22/2021
-10.0%
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Market Value Growth 2010-2022
Valuation New Construction
Exhibit A-2
G:\Budget\Market Valuation Information\Historical Market Valuation Information-Prelim 2022 : Summary 4/22/2021
(600,000,000)
(400,000,000)
(200,000,000)
-
200,000,000
400,000,000
600,000,000
800,000,000
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Market Value Growth 2010-2022
Valuation New Construction
Exhibit A-3
PRELIMINARY PROPERTY VALUATIONS BY CLASSIFICATION
As of 04/11/2021
RANGE No. of Properties % of Properties RANGE No. of Properties % of Properties
<$20,000 786 3.3%All 58 100.0%
$20,001-$100,000 1,111 4.7%
$100,001-$200,000 2,009 8.5%Values of Apartments range from $100,000 to $20+ million
$200,001-$300,000 6,479 27.5%
$300,001-$400,000 6,573 27.9%
$400,001-$500,000 4,471 19.0%
$500,001-$600,000 1,443 6.1%
$600,001-$700,000 429 1.8%
$700,001-$800,000 109 0.5%
$800,001-$900,000 56 0.2%
$900,001-$1,000,000 21 0.1%
$1,000,000+51 0.2%
Total 23,538 100.0%
RANGE No. of Properties % of Properties RANGE No. of Properties % of Properties RANGE No. of Properties % of Properties
<$250,000 96 31.3%<$250,000 77 18.5%<$250,000 19 12.8%
$250,001-$500,000 90 26.0%$250,001-$500,000 80 19.2%$250,001-$500,000 10 6.8%
$500,001-$750,000 64 22.3%$500,001-$750,000 48 11.5%$500,001-$750,000 16 10.8%
$750,001-$1,000,000 44 16.2%$750,001-$1,000,000 31 7.5%$750,001-$1,000,000 13 8.8%
$1,000,001-$1,250,000 45 16.5%$1,000,001-$1,250,000 32 7.7%$1,000,001-$1,250,000 13 8.8%
$1,250,001-$2,000,000 94 33.5%$1,250,001-$2,000,000 69 16.6%$1,250,001-$2,000,000 25 16.9%
$2,000,001-$3,000,000 58 22.6%$2,000,001-$3,000,000 38 9.1%$2,000,001-$3,000,000 20 13.5%
$3,000,001-$4,000,000 25 10.4%$3,000,001-$4,000,000 15 3.6%$3,000,001-$4,000,000 10 6.8%
$4,000,001-$7,000,000 26 11.0%$4,000,001-$7,000,000 15 3.6%$4,000,001-$7,000,000 11 7.4%
$7,000,001-$10,000,000 13 5.7%$7,000,001-$10,000,000 7 1.7%$7,000,001-$10,000,000 6 4.1%
$10,000,000+9 4.3%$10,000,000+4 1.0%$10,000,000+5 3.4%
Total 564 100.0%416 100.0%148 100.0%
NOTE: These figures are preliminary. Finance staff will continue to analyze and reconcile the data received from Dakota County.
COMBINED COMMERCIAL/INDUSTRIAL COMMERCIAL INDUSTRIAL
PAYABLE 2021 PAYABLE 2021
RESIDENTIAL APARTMENTS/ASSISTED SENIOR HOUSING
PAYABLE 2021 PAYABLE 2021
G:\Budget\Market Valuation Information\Lakeville-All Property Valuation\City of Lakeville- All Prop Valuation - 2020 pay 2021 4/20/2021
Exhibit B