'08 home values drop in Ramsey County

Most property values in Ramsey County are dropping, according to a recently released report by the assessor's office.

Notices telling owners what their property is worth started going out this week.

About 60,000 Ramsey County single-family homeowners will see their property values decline between less than 1 percent and 10 percent, according to the report. Commercial properties dropped about 1 percent county wide.

A median-value single family home is $222,400 in the suburbs, down 6 percent from last year, and $168,100 in St. Paul, down 8 percent from 2008.

County Assessor Stephen Baker said it's important to note that location plays a big part in valuations this year and that people can't assume national trends are happening in their community.

Valuations are a yearly part of the property-tax discussion and a major ingredient -- along with city, county and school spending -- in the resulting tax bill.

Can property owners predict their 2010 tax bills?

Property owners should note that the tax bills that accompany the 2009 value notices are based on 2008 values.

A year ago, Baker said he was cautiously optimistic that 2008 would bring the bottom of the residential real estate market and some signs of recovery.

"This recovery appears to have been doused by the cold waters of the collapsing Wall Street investment houses and the spreading financial crisis," Baker wrote in his 2009 report.

He noted there were fewer residential sales, about 2,900 in 2008 compared with a peak of 7,900 in 2004.

From 2002 to 2007, there was a general widespread trend of double-digit increases in values. But now, the decreases are more localized. Owners of median-value single-family properties in St. Paul and Ramsey County suburbs will all see decreases, but how much depends on where they live.

In the suburbs, median-value single-family homes in Little Canada are down 10.8 percent, while similar properties in Roseville fell 5.5 percent.

Baker said his office encourages property owners to call or visit his office if they have questions or concerns about their valuations.