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3. Staff Report-Valuations DiscussionSCANDIA Staff RepoVt Date of Meeting: May 7, 2014 To: City Council From: Kristina Handt, City Administrator Re: Discuss Valuations with County Background: As was discussed at the Board of Appeal and Equalization, Scandia property owners are seeing a significant increase in their valuations this year following a decrease last year. These wide swings in valuations are due in part to the limited sales data the County uses to help compute values each year. At the April Council meeting a letter to Commissioner Miron and copied to the other commissioners, the County Assessor and the Property Records and Taxpayer Services Director Issue: Can anything be done to prevent these wide swings? Proposal Details: A copy of the letter is included in your packets. In addition to the staff from the County and Commissioner Miron, Scandia Assessor Frank Langer will also be at the meeting. As described by the County, the Local Assessor, the County Assessor, and the Department of Revenue all operate under the same rules and laws with the County Assessor setting targets based on sales ratios, the Local Assessor determining the specific distribution of value, and finally both the County Assessor and the Department of Revenue evaluating the assessment to ensure the median ratio is appropriate.