New Ulm review. (New Ulm, Brown County, Minn.) 1892-1961, 1912-07-31

me manner OF aScertalnlng the per
centage of assessed to true value o
real estate by the "sales method wa!
briefly explained in the preceding arti
Gle. rs
The necessary data or information
for the tabulation of real estate sales
tax commission. These representa-
is gathered by representatives Of thu
tiyes visit each county of the state
and make list of all transfers of rea
estate made by warranty deed during
q given period, usually two years. Care
is taken to include only such trans
fers as represent bona fde sales, and
in which the consideration stated in
the deed is the actual amount fol
which the property was sold. Trans
fers that give only nominal consid
GRAFTON, or that include the exchange
of one piece Of property for another
ar transfers between near relatives,
such as father to son, are not includ'
ed in the tabulation. a ss.s.a
Each transfer listed shows the pane
of the grantor and grantee, the date OF
the conveyance, the consideration, the
book and page of record, brief des-
cr1ption of the property, and the
assessed value of each description as
shown by the last preceding assess
ment roll.
The sales are compiled and tabu-
lated by assessment districts and by
counties. Separate tabulations are
made for city and village property, and
for farm property, showing in each
case the total number of sales, the
aggregate amount for which the prop
erty was sold, the total assessed value
of the same and the percentage OF
assessed to sales value. This percent
age is then applied to all real estate
in the district or county and becomes
the factor the true value Of real es-
determined. "a
Let us take Mower county as an IL
Illustration. The total number of trans
fers used in compiling the real estate
sales In this county for the four year
period ending December 81, 1911, was
1909. OF this number 500 sales COW
cred farm property, and GIL sales city
and village property. The total con-
.sideration amounted to $4,781,465, and
the assessed value in 1910 to $1,404,-
377, an average of 1887 per cent of
assessed to sales value. The average
assessed value of the farm property
sold was found to be 1888 per cent,
and OF city and village property 1910
per cent. Using these percentages as
the factor by which it's true value is
tate in Mower county is found to be
s22,664,O32, of which amount $27,l74,'
745 is represented in farm property,
and s5.4S9, 2S7 in city and village prop
erty.
The ratio of assessed to sales value
is similarly ascertained in other coun-
ties, and is used as the factor for de-
termining the true value OF real prop
erty in each county of the state. These
ratios will be applied to the 1912
assessment as eQualized by county
boards of equalization and will in a
large measure determine what chang
es are necessary to fairly equalize the
assessment as between the different
counties of the state. ...t,l -.er
It is the policy Of the tax commits
sion to notify the county Auditor OF
any contemplated changes in his coun'
ty, with a request that he give the
same due publicity. Ample time is
given any interested person to file OBJ.
sections, either personally or In wrie'
ing. to the proposed changes. Such
are fairly and impartially
considered before final action Is ta'
ken. "s,-~-"<Ea,I>-r,
While the safes methoo ~ w
termtning true value may not be abso' |
lutely accurate in every instance, 1t
is, as already stated, the best measure
of value that the commission has been
able to find. About 25O,OUO sales have
been listed, and as each transfer rep
resents the judgment of two people
rhe seller and the buyer-as to the
value o. given piece of property, the
total sales included in the tabulation
represent the combined judgment of
100000 people. While the price paid
NAV in some instances have been more
than the true value of the property,
it is not unreasonable to assume that
there are just as many instances in
which the sale price was less than
0ff cnffino