[0:19] GOOD AFTERNOON. MY NAME ISN'TE I.E. WHIC [0:25] EYE AISHA CHUGHTAI. BEFORE WE BEGIN THE MEETING, I WANT TO [0:31] OFFER A FRIENDLY REMINDER TO ALL MEMBERS, STAFF, AND THE PUBLIC THAT THESE MEETINGS ARE [0:37] BROADCAST LIVE TO ENABLE GREATER PUBLIC PARTICIPATION. THESE BROADCASTS INCLUDE REAL TIME CAPTIONING AS A FURTHER METHOD [0:43] TO INCREASE THE ACCESSIBILITY OF OUR PROCEEDINGS TO THE COMMUNITY. THEREFORE, ALL SPEAKERS NEED TO BE MINDFUL OF [0:49] THE RATE OF THEIR SPEECH SO THAT OUR CAPTIONERS CAN FULLY CAPTURE [0:55] AND TRANSSCRIBE ALL COMMENTS FOR [1:01] THE BROADCAST. I'LL ASK THE CLERK TO CALL THE ROLL TO VERIFY THE PRESENCE OF A QUORUM. >> COUNCILMEMBER PAYNE. >> PRESENT. [1:07] >> WONSLEY. >> PRESENT. >> RAINVILLE. >> PRESENT. >> VETAW. >> PRESENT. [1:14] >> ELLISON IS ABSENT. OSMAN. [1:19] >> PRESENT. >> CASHMAN IS ABSENT. JENKINS IS ABSENT. CHAVEZ. [1:24] >> PRESENT. >> CHOWDHURY. >> PRESENT. >> PALMISANO. IS ABSENT. VICE [1:29] CHAIR KOSKI. >> PRESENT. >> CHAIR CHUGHTAI. >> PRESENT. >> THERE ARE NINE MEMBERS [1:35] PRESENT. >> WE HAVE A QUORUM. I'LL NOTE [1:40] WE HAVE BEEN JOINED IN THIS COMMITTEE BY COUNCILMEMBER [1:45] CASHMAN. I'LL REMIND MY COLLEAGUES WE'LL BE USING SPEAKER MANAGEMENT TODAY, PLEASE [1:50] MAKE SURE TO SIGN IN. COLLEAGUES, THE AGENDA FOR OUR MEETING IS BEFORE US. WE WILL [1:57] FIRST BEGIN WITH THE CONSENT AGENDA, WHICH IS APPROVING THREE APPOINTMENTS TO THE 2025 LOCAL [2:04] BOARD OF APPEAL AND EQUALIZATION. ARE THERE ANY QUESTIONS ON THIS ITEM? I'LL [2:15] MOVE APPROVAL OF THESE APPOINTMENTS. CAN I HAVE A SECOND. >> SECOND. >> THAT ITEM HAS BEEN MOVED AND [2:21] SECONDED. AND SEEING NO FURTHER DISCUSSION, ALL THOSE IN FAVOR [2:27] SAY AYE. THOSE OPPOSED SAY NAY. ANY ABSTENTIONS? THE AYES HAVE [2:32] IT. AND THAT MOTION CARRIES. THE NEXT ITEM ON OUR AGENDA IS [2:39] THE CITY ASSESS OR 2025 [2:45] REPORT. I'LL INVITE REBECCA MALMQUIST TO JOIN US AND BEGIN [2:51] THAT PRESENTATION. WELCOME. >> GOOD AFTERNOON, COMMITTEE [2:56] MEMBERS. THANK YOU FOR THE OPPORTUNITY TO PRESENT SOME OF THE HIGHLIGHTS OF THE 2025 [3:02] ASSESSMENT TO YOU TODAY TO THE BUDGET COMMITTEE. I WANT TO THANK OUR STAFF, AND I WOULD [3:08] LIKE TO TAKE A MOMENT TO COMMENT ON THE FACT THAT I DO HAVE SEVERAL OF OUR TEAM WITH US [3:13] TODAY. SO THAT THEY HAD AN OPPORTUNITY FOR NAMES AND FACES AND IN-PERSON. BECAUSE, AS YOU [3:21] KNOW, OUR STAFF ARE IN THE COMMUNITY EACH AND EVERY WORKING WITH OUR PROPERTY OWNERS. AND I THINK IT'S IMPORTANT FOR THEM TO [3:27] BE ABLE TO SEE YOU, AND YOU TO BE ABLE TO SEE THEM, SO WHEN YOU HAVE QUESTIONS OR NEED TO DIRECT [3:33] A CONSTITUENT, PROPERTY OWNER WITH, TO ONE OF THEM, YOU HAVE ALREADY BUILT THAT RELATIONSHIP. [3:39] THANK YOU FOR THE OPPORTUNITY THIS AFTERNOON. IT HAS BEEN A [3:44] TUMULTUOUS YEAR FOR THE ASSESSOR'S OFFICE. I'LL GO INTO THAT MORE AT THE END. I WANT [3:50] TO REMIND COUNCIL THAT WE IMPLEMENTED OUR NEW COMPUTER APPRAISAL SYSTEM LAST SPRING. [3:56] >> I'M SO SORRY, DIRECTOR. I'M GOING TO ASK YOU TO BE CLOSER. YES. SO WE CAN PICK THAT UP FOR [4:02] THE BROADCAST. THANK YOU. >> SORRY. >> YOU'RE ALL GOOD. AND I'LL NOTE WE'VE BEEN JOINED IN THE [4:08] COMMITTEE BY COUNCILMEMBER PALMISANO, AS WELL. >> VERY GOOD. SO WE WENT LIVE [4:15] ABOUT A YEAR AGO, AND INSTEAD OF THE ENTIRE SOFTWARE PROGRAM GOING LIVE, WE DID IT WITH OUR [4:22] CYCLE. SO WE STARTED WITH OUR BOARDS LAST YEAR, WENT INTO THE [4:28] REEVALUATION, AND THEN OUR PERMANENT INSPECTIONS, AND SETTING THE A THE [4:33] ASSESSMENT. WE HAVE GONE THROUGH EACH OF THE PHASES OF THE ASSESSMENT. LEARNING THE NEW SOFTWARE, LEARNING ITS INS [4:41] AND OUTS OF HOW WE DO BUSINESS AND HAVING TO CHANGE SOME BUSINESS PLANS. I WANTED THEM HERE SO THEY COULD RECEIVE THE [4:48] THANKS THEY DESERVE. BECAUSE THEY'RE THE ONES THAT HAVE GONE THROUGH THIS CHANGE. WHEN I FIRST STARTED WITH THE CITY IN [4:54] 2014, WE WERE JUST STARTING THE RFP PROCESS. AND SO 11 YEARS [4:59] LATER, WE NOW HAVE A NEW SYSTEM! AND IT'S IMPLEMENTED! AND WE ARE WORKING WITH IT. IT IS THE [5:06] TYLER TECHNOLOGY SOFTWARE, WHICH IS KNOWN AROUND THROUGH OTHER COUNTIES IN THE STATE, AS WELL, AND AROUND THE WORLD. AROUND [5:13] THE UNITED STATES. SO WE'RE THANKFUL TO OUR PARTNERSHIP THERE. OUR PARTNERSHIP WITH [5:18] I.T. AS THEY'VE HELPED US THROUGH THIS TRANSFORMATION. BUT A HUGE THANK YOU TO OUR WONDERFUL TEAM FOR THEIR [5:25] DEDICATION AND COMMITMENT TO MAKING SURE THAT THE PROCESS HAS GONE NOT PERFECT. BUT IT HAS [5:31] GONE QUITE WELL. AND I'M PROUD OF ALL OF THEM. SO THANK YOU. AND WITH THAT, WITH I WILL GO [5:37] AHEAD AND GET STARTED. SO A [5:43] QUICK OVERVIEW. WE RECENTLY COMPLETED THE ASSESSMENT FOR [5:49] JANUARY 2, 2025 OF ESTIMATED MARKET VALUES FOR APPROXIMATELY 131,000 PROPERTIES ACROSS THE [5:54] CITY. THIS IS AN ANNUAL PROCESS, AND IT IS DICTATED? [6:01] STAIN STATUTE. THE NOTICES OF ELEVATION AND CLASSIFICATION COMMONLY KNOWN AS [6:06] THE VALUE NOTICES WERE MAILED ON APPROXIMATELY MARCH 14th, AND [6:11] SO THOSE NOTICES ARE IN MAILBOXES. AND PEOPLE ARE CALLING WITH QUESTIONS AND [6:17] CONCERNS. I WANT TO REMIND EVERYONE THAT THE 2025 ESTIMATED MARKET VALUES ARE WHAT WILL BE [6:24] USED TO CALCULATE THE 2026 PROPERTY TAXES. WE VALUE [6:32] PROPERTIES ONE YEAR. AND THEN THE BUDGET AND LEVY ARE SET. AND TAXES ARE PAYABLE IN THE [6:38] FOLLOWING YEAR, AS IS TRUE ACROSS THE STATE OF MINNESOTA. AND WE KNOW THIS CAN BE A [6:44] CONFUSING PROCESS BECAUSE PROPERTY TAX STATEMENTS ARE ALSO MAILED AT APPROXIMATELY THE SAME [6:49] TIME AS THE NOTICES. AND THE PAYABLE 2025 PROPERTY TAX STATEMENTS PEOPLE ARE RECEIVING [6:54] FROM THE COUNTY WERE CALCULATED USING LAST YEAR'S 2024 ASSESSED [7:00] VALUE. IT'S ANOTHER IMPORTANT REMINDER, IS THAT THE DATA WE USE TO SET THE ANNUAL ASSESSMENT FOR JANUARY 2nd, 2025, WAS [7:09] BASED ON MARKET-BASE SALES TRACTION ACTIONS THAT OCCURRED IN HISTORY BETWEEN OCTOBER 2023 [7:15] AND SEPTEMBER OF 2024. IN [7:21] MINNESOTA, PROPERTY TAXES PROVIDE A SIGNIFICANT PORTION OF THE FUNDING FOR LOCAL GOVERNMENT. PROPERTY TAXES ARE [7:28] THE MINNEAPOLIS GENERAL FUND'S LARGEST AND MOST FLEXIBLE SOURCE OF INCOME, AND SUPPORT MANY OF [7:35] OUR CORE GOVERNMENT SERVICES. EACH PROPERTY SHARE OF TEXAS [7:40] TAXES IS BASED ON ITS MARKET VALUE, ITS PROPERTY USE, AND THE LOCAL GOVERNMENT BUDGETS, WHICH [7:46] BECOME THE TAX RATE. YOU CAN SEE THE IMAGE AT THE BOTTOM OF THE SCREEN FOR A SIMPLIFIED [7:53] ILLUSTRATION. SO MARKET VALUES IS THE PRICE OF PROPERTY WOULD SELL FOR ON THE OPEN MARKET. [8:00] THE ASSESSOR'S ROLE IS TO REFLECT THE RATTLE REAL [8:06] ESTATE MARKET. THE ASSESSOR ALSO CLASSIFIES A PROPERTY ACCORDING TO ITS USE. DIFFERENT [8:12] USES OF PROPERTIES, EVEN IF THEY HAVE THE SAME VALUE, PAY DIFFERENT TAXES BECAUSE OF CLASS [8:18] RATES SET BY THE LEGISLATURE. AND WE WILL PROVIDE AN EXAMPLE OF THAT IN A MOMENT. THE TAX [8:26] RATE IS DETERMINED USING BUDGETS OF LOCAL GOVERNMENTS, SUCH AS CITY, COUNTY, AND SCHOOL [8:32] DISTRICT AND WATER SHEDS. THE [8:37] INTERMEDIARY STEP IN CONVERTING VALUE TAXES IS CALLED THE TAX CAPACITY. THIS SLIDE ILLUSTRATES HOW THIS WORKS. FOR [8:45] SOME COMMON TYPES OF PROPERTIES IN THE CITY. THE CALCULATION FOR TAX CAPACITY IS THE MARKET [8:50] VALUE, WHICH IS IN THE SECOND COLUMN, MULTIPLIED BY THE CLASS RATE IN THE THIRD COLUMN. FOR [8:57] EXAMPLE, AS YOU CAN SEE HERE, A RESIDENTIAL PROPERTY, WHICH IS ON THE FIRST LINE, AND A COMMERCIAL PROPERTY ON THE [9:03] BOTTOM LINE, IF THEY ARE BOTH ASSESSED AT $300,000, WILL PAY DIFFERENT TAXES. AND THAT IS [9:09] BECAUSE THE CLASS RATE FOR A RESIDENTIAL PROPERTY IS 1%. AND THE CLASS RATE FOR A COMMERCIAL [9:15] PROPERTY IS 2%. AS A RESULT, THE RESIDENTIAL PROPERTY WILL [9:20] PAY APPROXIMATELY HALF THE PROPERTY TAXES OF A COMMERCIAL PROPERTY. I MUST NOTE, THIS IS A VERY SIMPLISTIC ILLUSTRATION, [9:28] HOWEVER, BECAUSE OUR MORE COMPLEX FACTORS THAT AFFECT THE TAXES SUCH AS SPECIAL TAXING [9:34] PROGRAMS, LIKE THE HOMESTEAD, THE STATE GENERAL TAX, AND FISCAL TIES DISPARITIES. [9:39] SO THIS SLIDE IS A HISTORICAL VIEW OF THE CITY'S TOTAL ESTIMATED MARKET VALUE. THE [9:45] JO OVERALL ESTIMATED MARKET VALUE, OR EMV, AS WE REFER TO IT, FOR THE CITY, DECREASED BY [9:52] JUST UNDER 1% TO $64.8 BILLION. [9:59] IT DOESN'T INCLUDE UTILITIES AND RAILROADS. THOSE ARE ASSESSED BY THE STATE AND THOSE VALUES ARE NOT MADE AVAILABLE YET. [10:05] THIS INCLUDES THE NEW CONSTRUCTION ADDED FOR PERMIT WORK TOTALING APPROXIMATELY $700 [10:12] MILLION, WHICH IS DOWN FROM PREVIOUS YEARS. THIS SLIDE IS A [10:17] VISUALIZATION OF THE BREAKDOWN OF THE THREE MAJOR PROPERTY TYPE CATEGORIES. BY THE 2025 TOTAL [10:23] MARKET VALUE ON THE LEFT. AND THEN THE TAX CAPACITY, WHICH IS ON THE RIGHT. BECAUSE OF THE [10:29] CALCULATION OF TAX, VALUED TAX DISCUSSED ON THE PREVIOUS SLIDE, THERE'S A CHANGE IN THE [10:35] DISTRIBUTION BETWEEN THE THREE CATEGORIES WHEN WE MOVE FROM THE LEFT FOR ESTIMATED MARKET VALUE [10:41] TO TAX CAPACITY ON THE RIGHT. YOU CAN SEE HERE THAT [10:46] RESIDENTIAL VALUES IN GREEN COMPRISE OVER 62% OF THE TOTAL CITY MARKET VALUE ON THE LEFT. [10:52] HOWEVER, WHEN THE CLASS RATES ARE APPLIED, THE RESIDENTIAL PORTION OF TAX CAPACITY IS JUST [11:00] OVER 53%. YOU CAN ALSO SEE THE COMMERCIAL VALUE IN BLUE COMPRISES JUST OVER 16% OF THE [11:06] TOTAL MARKET VALUE OF THE CITY. HOWEVER, COMPRISES ALMOST 27% OF THE TAX CAPACITY AFTER THE RATES [11:13] ARE APPLIED. STILL ON NET TAX [11:19] CAPACITY, THIS IS A HISTORICAL VIEW OF THE NET TAX CAPACITY AS A PERCENTAGE OF THE TOTAL TAX [11:25] CAPACITY BY A PROPERTY TYPE. IF WE COMPARE 2024 TO 2025, TH [11:31] THE TWO BARS FURTHEST RIGHT, YOU CAN SEE THE YEAR-TO-YEAR SHIFT BETWEEN COMMERCIAL, APARTMENT, [11:37] AND RESIDENTIAL PROPERTIES IS JUST OVER 3% FOR COMMERCIAL AND [11:47] 2% SHIFT FOR RESIDENTIAL. APPROXIMATELY. THAT MEANS THAT [11:53] THE RESIDENTIAL PROPERTY OWNERS WILL BEAR A GREATER BURDEN OF TAXES IN PAYABLE 2026 THAN THEY [12:01] DID IN 2025. THIS SLIDE [12:07] ILLUSTRATES THE CHANGE IN TOTAL MARKET VALUE BY EACH OF YOUR WARDS. EACH WARD IS REPRESENTED [12:13] BY A BAR. AND THE PERCENT OF INCREASE OR DECREASE IS A LABEL AT THE END OF EACH BAR. NOW, [12:19] THIS CHART DOES LOOK DIFFERENT THAN LAST YEAR, WHERE WE SAW INCREASES, I BELIEVE, ONLY IN [12:25] FOUR AND FIVE AND DECREASES ACROSS THE REST OF THE WARDS. AND WE SEEN SOME REBOUND FROM [12:31] THERE WITH THE LARGEST DECREASE STILL BEING IN WARD 7. BUT [12:36] WE'LL DIVE DEEPER INTO THIS. THIS IS RESIDENTIAL. IT'S IN A HISTORICAL LOOK AT THE TOTAL [12:42] RESIDENTIAL VALUE CHANGES. THIS YEAR THE OVERALL RESIDENTIAL MARKET INCREASED BY ABOUT 2.6%. [12:50] LAST YEAR MARKED THE FIRST TIME IN MANY YEARS THAT WE SAW AN OVERALL DEREES DECREASE [12:56] IN THE RESIDENTIAL VALUE IN THIS CITY. WE HAVE SEEN A SLIGHT REBOUND SINCE THEN. WHILE THE [13:05] PREVIOUS SLIDE ILLUSTRATES THE OVERALL VALUE INCREASED FOR RESIDENTIAL PROPERTIES, THIS SLIDE FURTHER BREAKS DOWN THE [13:10] DATA INTO OUR THREE MAJOR TYPES OF RESIDENTIAL PROPERTY. CONDO [13:18] /TOWN HOME, DUPLEX/TRY FLEX, AND SINGLE FAMILY. THERE WAS ABOUT [13:25] $118 MILLION ADDED IN NEW CONSTRUCTION. THAT NUMBER IS DOWN FROM PREVIOUS [13:34] YEARS. GETTING INTO THE ANALYSIS OF OUR ASSESSMENT. OUR ASSESSMENT IS VERY CLOSELY [13:40] SCRUTINIZED BY THE STATE TO ENSURE ACCURACY AND EQUITY. WE FOLLOW REQUIREMENTS MANDATED BY [13:46] THE STATE, WHICH ARE BASED ON INTERNATIONAL ASSOCIATION OF ASSESSING OFFICERS STANDARDS ON [13:52] SALES RATIO, AND STANDARD ON MASS APPRAISAL. THIS DATA REFLECTS THE RESIDENTIAL MARKET. [13:58] THE ANALYSIS IS OF PROPERTIES THAT HAVE SOLD, SO WE CAN [14:04] COMPARE OUR ASSESSED MARKET VALUES TO WHAT THEY ARE SELLING FOR TO ANALYZE HOW ACCURATE AND [14:09] EBBING WETTABLE THE VA -- EQUITABLE THE VALUESES ARE [14:16] VALUES ARE. THIS IS THE THIRD COLUMN WE'LL REVIEW. THIS IS A MEASURE OF THE LEVEL OF ASSESSMENT. IT IS COMPARISON OF [14:23] THE ESTIMATED MARKET VALUE TO THE SALE PRICE OF EACH PROPERTY. SIMPLY STATED, IT IS A SALE [14:29] PRICE DIVIDED BY THE MARKET VALUE. WE USE WHAT IS REFERRED TO AS THE MEDIAN RATIO AS OUR [14:37] MEASURE OF CENTRAL TENDENCY HERE. LOOKING AT THE BOTTOM ROW OF THE 3,645 SALES, THE MEDIAN [14:45] RATIO IS 95.4%. AND ACCEPTABLE MEDIAN RATIO IS BETWEEN 90 TO [14:51] 105, HOWEVER, TO BE CONSISTENT WITH OUR SURROUNDING SUBURBS AND JURISDICTIONS, WE TYPICALLY AIM FOR A MEDIAN OF 95%. BECAUSE WE [14:57] DON'T WANT TO BE AT A SIGNIFICANTLY DIFFERENT ASSESSMENT LEVEL THAN THE [15:03] JURISDICTIONS SURROUNDING US. FOR EXAMPLE, WE DON'T WANT TO BE VALUING PROPERTIES AT 95% OF [15:08] SALE PRICE, WHERE OTHERS ARE VALUING AT 90% OF SALE PRICE. BECAUSE OUR LEVEL OF ASSESSMENT [15:14] NEEDS TO BE CONSISTENT SO THAT THERE IS NOT AN ADVANTAGE TAX ADVANTAGE TO LIVING IN ONE CITY [15:19] VERSUS ANOTHER CITY, FOR EXAMPLE. BASED ON THE ASSESSMENT. THE SECOND MEASURE [15:25] THAT WE USE IS THE COEFFICIENT OF DISPERSION, THE COD. IT MEASURES HOW UNIFORM OR [15:31] ASSESSMENT IS. IT ESSENTIALLY MEASURES HOW FAR AWAY THE OTHER RATIOS ARE FROM THE 95.4%. AN [15:39] ACCEPTABLE NUMBER HERE IS UNDER 15 AND WE MEET THIS REQUIREMENT. THE LAST MEASURE IS THE PRICE [15:46] RELATED DIFFERENTIAL. IT IS VERY CRITICALLY IMPORTANT, AS WELL, IT MEASURES THE VERTICAL [15:51] EQUITABLE OF OUR ASSESSMENT. SO WHEN LOW-VALUED PROPERTIES ARE [15:56] VALUED AT A GREATER PERCENTAGE OF MARKET VALUE, THEN HIGH-VALUED PROPERTIES, WE WOULD [16:02] CONSIDER OUR ASSESSMENT REGRESSIVE. WHEN LOW-VALUED PROPERTIES ARE VALUED AT A [16:08] PERCENTAGE -- LOWER PERCENTAGE THAN HIGH-VALUE PROPERTIES, THE ASSESSMENT IS CONSIDERED PROGRESSIVE. AND ASSESSMENTS [16:13] FOR TAX PURPOSES SHOULD BE NEITHER PROGRESSIVE NOR REGRESSIVE. AND OUR ASSESSMENT IS WELL WITHIN THE ACCEPTABLE [16:20] RANGE FOR THE PRD. AND ALL THE STATISTICAL ANALYSIS FIGURES. [16:25] THIS IS A HISTORICAL LOOK AT THE REQUIRED STATISTICAL MEASURES OUR ASSESSMENT IS JUDGED ON FOR [16:31] ACCURACY AND EQUITY. THIS IS IMPORTANT TO POINT OUT, WE HAVE SEEN A DRASTIC DECREASE IN SALES [16:38] VOLUME SINCE OUR PEAK IN 2022. THE 3,645 SALES REPRESENT A 45% [16:45] DECREASE IN SALES TRANSACTIONS SINCE 2022. IT MEANS WE HAVE LESS DATA TO RELY ON WHEN WE SET [16:52] THE ASSESSMENT. HOWEVER, WE DO HAVE ADEQUATE -- WE FEEL [16:58] CONFIDENT WE HAVE ADEQUATE SALES . THE PICTURE MAY NOT [17:04] BE AS CLEAR AS PRIOR YEARS. THIS SLIDE ILLUSTRATES THE COMPARISON OF A MEDIAN SALES PRICE IN BLUE TO THE MEDIAN [17:11] SALES PRICE IN MARKET VALUE IN ORANGE. EXCUSE ME. THESE LINES SHOULD BE CLOSE TOGETHER AND [17:16] GOING IN THE SAME DIRECTION. YOU CAN SEE THAT THIS MEASUREMENT HAS ALSO BEEN IMPROVING. OUR MEDIAN AND THE [17:22] INCREASED BY 3.2% THIS YEAR INCREASING FROM 223,000 TO [17:31] 333,400. THIS SLIDE BREAKS DOWN THE RESIDENTIAL VALUE CHANGES BY THE PERCENT OF CHANGE BETWEEN [17:39] 2024 AND 2025. NEARLY 45% OF THE RESIDENTIAL PROPERTIES WILL [17:44] SEE AN INCREASE OF 0 TO 5%. [17:51] THIS IS A MAP OF THE SINGLE O OF-FAMILY RESIDENTIAL CHANGES BY [17:56] PARCEL AND WARD. THIS VISUALLY DEMONSTRATES THE BAR CHART THAT WE LOOKED AT EARLIER. AND SO [18:03] YOU'LL SEE THERE WILL BE A LOT OF GREEN ON THIS MAP. THIS IS A [18:12] WARD COMPARISON OF RESIDENTIAL VALUES AND THE SAME STATISTICAL MEASURES WE MENTIONED EARLIER. [18:17] THE COLUMNS TO THE LEFT -- OH. THE COLUMNS TO THE RIGHT ARE THE [18:26] 2024 AND 2025 TOTAL MARKET VALUES. THE AMOUNT OF NEW CONSTRUCTION -- OH. IT WAS ON [18:31] THE LEFT. THERE WE GO. THE AMOUNT OF NEW CONSTRUCTION AND THE NET CHANGE IN TOTAL VALUE. [18:37] MOVING ACROSS THE CHART IS THE MEDIAN MARKET VALUE. NUMBER OF SALES, MEDIAN SALES PRICE, AS WELL AS THE SALES RATIO AND THE [18:44] C.O.D. WE DISCUSSED EARLIER. WHAT I WANT TO MENTION HERE, IS THE RANGE OF SALES RATIOS IS VERY TIGHT BETWEEN 95 AND 95.9 [18:51] IN THE SECOND TO LAST COLUMN. THIS DOES INDICATE THE LEVEL OF OUR ASSESSMENT IS QUITE [18:56] CONSISTENT ACROSS THE CITY. ALSO, THE C.O.D. OR THE MEASURE OF UNIFORMITY ACROSS THE CITY [19:02] RANGES FROM 7.9 TO 12.2, INDICATING A UNIFORM [19:08] ASSESSMENT ACROSS THE CITY. PIVOTING TO THE COMMERCIAL MARKET. SEPARATING COMMERCIAL [19:14] FROM INDUSTRIAL, YOU CAN SEE AN OVERALL DECREASE OF 5.5% ON THE [19:21] BOTTOM LINE WITH THE COMMERCIAL MARKET DECREASING 8.6 AND THE INDUSTRIAL MARKET INCREASING [19:27] SLIGHTLY BY 2.1%. STAYING WITH THE COMMERCIAL INDUSTRIAL MARKET, THIS IS A HISTORICAL [19:33] LOOK AT THE COMMERCIAL INDUSTRIAL MARKET VALUES. AND YOU CAN SEE THAT THIS IS, AGAIN, [19:39] THE SECOND YEAR SINCE THE HEIGHT IN 2013 OF $ $13.2 BILLION TO [19:48] $.5 BILLION. FURTHER BREAKING THAT DOWN TO HELP TELL A MORE COMPLETE STORY. WE HAVE BROKEN [19:54] DOWN THE MARKETS INTO GEOGRAPHIC CALL SUB MARKETS. THIS SLIDE SEPARATES OUT THE DOWNTOWN AND [20:00] THE UPTOWN MARKETS. THE COMMERCIAL MARKET OUTSIDE OF DOWNTOWN AND UPTOWN, AND THE [20:05] INDUSTRIAL MARKET. YOU CAN SEE HERE THAT WE ARE STILL SEEING OVERALL DECREASES IN THE [20:10] DOWNTOWN MARKET. AND A SLIGHT [20:15] INCREASE IN THE INDUSTRIAL MARKET. REVIEWING THE [20:25] COMMERCIAL INDUSTRIAL STATISTICS, THE MEDIAN RACIAL C.O.D. AND P.R.D., THESE ARE [20:30] WITHIN ACCEPTABLE RANGES. AND THESE HAVE DEFINITELY IMPROVED OVER PREVIOUS YEARS. WE WERE SORT OF ON A WATCH-LIST BY THE [20:38] DEPARTMENT OF REVENUE TO ENSURE THAT OUR STATISTICS WERE LOOKING GOOD FOR THESE SPECIFIC MARKET [20:44] TYPES. AND I WILL CONTINUE -- I WILL SAY OUR STAFF CONTINUES TO IMPROVE YEAR AFTER YEAR, [20:50] IMPROVING THESE SALES STATISTICS TO ENSURE PROPERTY OWNERS THAT [20:56] MARKET VALUES ARE FAIR AND EB EQUITABLE. LET'S GO TO [21:02] THE APARTMENT MARKET. THERE WAS A NET DECREASE OVERALL OF 3.4%. [21:07] THERE WAS STILL $479, MILLION IN [21:13] NEW CONSTRUCTION ADDED. HOWEVER, THAT IS DOWN BY ABOUT HALF FROM LAST YEAR. AGAIN, THIS STATISTICAL MEASUREMENTS OF [21:19] A SALES RATIO C.O.D. AND PRD WITHIN THE ACCEPTABLE STANDARDS. [21:24] THE PRD WAS OUT OF RANGE IN RECENT YEARS, AND HAS IMPROVED WITH THE LAST TWO ASSESSMENTS. [21:30] SO ANOTHER THANK YOU AND SHOUT OUT TO OUR TEAM THERE. THE [21:35] NOTICES VALUE NOTICES ARE IN THE MAIL. THE NOTICESES ARS [21:41] ARE COLOR CODED IN GOLD TO COORDINATE WITH THE HENNEPIN COUNTY INITIATIVE. NEXT YEAR'S [21:47] TAX STATEMENTS WILL BE COLOR CODED IN GOLD. IF PROPERTY OWNERS HAVE QUESTIONS OR [21:52] CONCERNS REGARDING THEIR VALUE OR CLASSIFICATION, THEY SHOULD CONTACT THE APPRAISER LIST ON THE BACK OF THEIR NOTICE. THEY [21:58] HAVE THEIR E-MAIL ADDRESS AND THEIR PHONE NUMBER. IF THEY HAVE QUESTIONS REGARDING HOMESTEAD, THEY SHOULD CONTACT [22:04] HENNEPIN COUNTY AND THAT INFORMATION IS ALSO ON THE NOTICE. JUST A REVIEW, WE HAVE [22:12] A NUMBER OF PUBLIC TOOLS THAT ARE AVAILABLE TO ASSIST OUR PROPERTY OWNERS, IF THEY WANTED TO DO ANY ANALYSIS OF THEIR OWN. [22:19] WE HAVE THE NEIGHBORHOOD SALES FINDER, NEIGHBORHOOD VALUE CHANGE DATA, PROPERTY TAX [22:25] ESTIMATOR LOCATED ON THE WEBSITE, AND WE DO HAVE THAT NEWEST TOOL, WHICH YOU HAVE SEEN BEFORE, WHICH IS A LEVY IMPACT [22:32] ESTIMATOR. WE ARE ALREADY WORKING TO GET STARTED ON, SO THAT IS READY IN TIME FOR BUDGET [22:37] SEASON. HERE IS SOME OF THE KEY DATES, AS I MENTIONED, WE MAILED NOTICES MARCH 14th. THE LOCAL [22:43] BOARD CONVENES ON APRIL 15th. WE WILL HAVE TO RECONVENE, I'M [22:49] QUITE SURE. WE'LL START ON THE 16th AND WE'LL GO AS LONG AS WE NEED TO. AS YOU ARE IN THE [22:55] PROCESS OF APPOINTING THOSE THREE MEMBERS THAT WERE ON [23:01] CONSENT AGENDA. AND IF PROPERTY OWNERS DISAGREE WITH THE EVALUATION, THEY CAN APPEAL TO THE COUNTY BOARD, WHICH CONVENES [23:08] ON THE 16th OF JUNE. OUR TEAM WILL CONTINUE TO WORK ON THE APPEALS, BUT THEY'LL BE HEARD BY [23:13] A DIFFERENT BOARD. AND AS I DO EVERY YEAR, I LIKE TO TELL YOU WHERE OUR TEAMS ARE GOING IN THE [23:21] UPCOMING SUMMER. AND SO THOSE AREAS IN THE DARKER BLUE WILL BE [23:26] THE AREAS THAT WE ARE GOING TO VISIT THIS YEAR. CORRECT? >> YES. >> YES. VERY GOOD. SO IF YOUR [23:33] WARD HAS A NEIGHBORHOOD THAT IS IN BLUE, OUR STAFF ON THE RESIDENTIAL SIDE, OUR STAFF WILL BE WORKING IN TEAMS. THEY [23:39] TYPICALLY WORK AS A FULL TEAM. AND THEY GO UP-AND-DOWN THE STREETS TOGETHER VISITING WITH PROPERTY OWNERS AND COLLECTING [23:45] THE INFORMATION. AND WE DO SEND NOTICE TO EACH OF YOUR WARD OFFICES IN ADVANCE TO LET YOU [23:50] KNOW THIS IS COMING. IF YOU CAN, PERHAPS, PUT IN YOUR WARD LETTERS, THAT WOULD BE GREAT, TO [23:56] GET THE INFORMATION OUT. IT'S HELPFUL. WE DO LET 3-11 AND [24:04] 9-1-1 KNOW. OUR TEAM IS OUT THERE VISITING OUR PROPERTY IN [24:10] THE BRIGHT YELLOW VESTS. TO COLLECT AND UPDATE OUR DATA. WITH THAT, I, AGAIN, I WANTED TO [24:15] SAY THANK YOU FOR YOUR SUPPORT, AS USUAL, AS ALWAYS. VERY MUCH [24:21] APPRECIATE IT. I HAD A GREAT MEETING WITH YOUR COUNCIL STAFF THIS MORNING DOING ASSESSMENT 101. HAD A GOOD TEAM THERE. I [24:27] HAVE TO GIVE THEM BACK SOME DATA. PARTICULARLY ON WHICH NEIGHBORHOODS ARE SPECIFICALLY IN EACH OF YOUR WARDS. SO YOU [24:34] KNOW WHO IS THE DIRECT CONTACT. ALWAYS INCLUDE ME AND JUST SO I [24:40] CAN KEEP MY FINGER ON A LITTLE BIT WHAT WARDS NEED SOME MORE HELP. ALWAYS HAPPY TO COME TO [24:45] ANY OF YOUR WARD MEETINGS AND DO SOME MEETINGS AND MEET AND GREETS. AND TO EXPLAIN THE PROCESS. WE WILL CONTINUE TO [24:51] WORK WITH NCR TO DO PRESENTATIONS TO THE COMMUNITY OR NEIGHBORHOOD ASSOCIATIONS. [24:57] AND THEN LIKELY TO THE BOARD OF ESTIMATE AND TAXATION AND THEN TO THE PARK BOARD. WE'LL PROBABLY CONTINUE THE MESSAGING [25:04] THERE. SO THIS IS WHERE WE WE'RE AT, AS FAR AS THE 2025 MARKET VALUES. AND I LOOK [25:10] FORWARD TO WORKING WITH ALL OF YOU AND ANSWERING ANY QUESTIONS THAT YOU MAY HAVE. SO THANK YOU VERY MUCH FOR YOUR TIME. [25:15] >> THANK YOU FOR THAT PRESENTATION. COLLEAGUES, ARE [25:20] THERE ANY QUESTIONS RELATED TO [25:25] CITY ASSESSOR MALMQUIST'S [25:30] PRESENTATION. I WANT TO THE FLAG FOR YOU, WE'D LOVE TO MAKE SURE THAT THE PRESENTATION -- [25:36] THIS PRESENTATION IS SHARED WITH OUR CLERKS, SO WE CAN GET IT ADDED TO THE LIMS FILE. WE'VE [25:42] BEEN JOINED IN THE COMMITTEE, I'LL NOTE, BY COUNCILMEMBER JENKINS. AND I SEE -- I WILL [25:49] RECOGNIZE COUNCILMEMBER CASHMAN FOR A QUESTION OR COMMENT. >> THANK YOU, CHAIR CHUGHTAI. [25:57] THANK YOU FOR THE PRESENTATION. JUST A COUPLE OF QUESTIONS FOR YOU. FIRST OF ALL, THIS SLIDE [26:03] LOOKS LIKE YOU HAVE A PLAN FOR FIVE YEARS. DO YOU ROTATE THROUGH THESE ASSESSMENTS EVERY [26:09] FIVE YEARS? FOR EXAMPLE, KENWOOD NEIGHBORHOOD IS BEING DONE THIS YEAR. IS IT EXPECTED [26:14] AGAIN FIVE YEARS FROM NOW IN 2030? >> CHAIR CHUGHTAI AND COUNCILMEMBER CASHMAN, YES. AND [26:23] NO WE HAVE TO GO DEVELOP A FIVE-YEAR PLAN THAT IS MONITORED [26:29] BY OUR OFFICE AND THE STATE. IF WE, DID FOR SOME REASON, SAW SOME STAFFING SHORTAGES OR [26:34] SOMETHING MAKING US REEVALUATE THE PLAN. LET'S SAY FIRST SUMMARIES AND NOTICING REAL [26:40] INCONSISTENCIES WITH DATA OR VALUES, WE MAY SHIFT THE PLAN. WE TRULY DO TRY TO STICK TO [26:45] THIS. AND WE ARE ALREADY STARTING TO HAVE CONVERSATIONS ABOUT WHAT THE NEXT FIVE-YEAR PLAN WILL LOOK LIKE IN AN IDEAL [26:51] WORLD. THIS IS HOW IT WOULD STAY EVERY TIME. BUT WE HAVE TO MAKE SOME ADJUSTMENTS, AS [26:58] NEEDED. >> THANK YOU. THE SECOND QUESTION, IS THE EVALUATIONS. I THINK WARD 7 HAD THE MOST [27:04] DRAMATIC DROP. WHICH I'M GUESSING IS DUE TO SOME OF THE OFFICE BUILDINGS DOWNTOWN SELLING AT, LIKE, 5 OR 10% OF [27:09] WHAT THEY WERE LAST SOLD FOR. [27:15] CAN YOU SHARE A LITTLE BIT MORE WHY THE WARD 7 EVALUATION DROPPED SO MUCH AND WHAT YOU WOULD ATTRIBUTE THAT TO. . [27:22] >> >>: CHAIR CHUGHTAI AND COUNCILMEMBER CASHMAN. I CAN TELL YOU THAT BECAUSE THE RESIDENTIAL MARKET WAS STILL SEEN AN INCREASE, PRIMARILY DUE [27:29] TO THE DECREASE IN WHAT'S HAPPENING IN DOWNTOWN. WE KNOW THAT WE'RE GOING TO GET LOTS OF [27:35] QUESTIONS AND INQUIRIES ABOUT THE SPECIFICS OF WHAT WE'VE DONE WITH EVALUATIONS DOWNTOWN. I CAN TELL YOU THAT OVERALL, [27:45] OFFICES ARE THE ONES THAT PEOPLE ARE WATCHING THE MOST. AND OUR OFFICE MARKET DOWNTOWN IS [27:51] DOWNTOWN -- IS DOWN ABOUT 22%. [27:56] AND SO THAT'S SIGNIFICANT. AND SO THAT'S REALLY WHAT'S DRIVING THE NUMBERS THAT YOU'RE SEEING [28:02] IN WARD 7. >> OKAY. THANK YOU. LAST QUESTION WAS ABOUT BUDGET. IF I [28:08] REMEMBER CORRECTLY, THE END OF LAST YEAR, THERE WAS AN OVER BUDGET. I THINK IT WAS $1 [28:14] MILLION, IF I'M REMEMBERING CORRECTLY. CAN YOU EXPLAIN A LITTLE BIT WHAT HAPPENED THERE. AND WHAT YOUR PLAN IS TO, I [28:19] GUESS, MITT MITIGATE THAT THIS YEAR. >> YES, GOOD QUESTION. GOOD [28:27] MEMORY. [ LAUGHTER ] YES, THE ASSESSOR'S OFFICE DID GO OVER BUDGET IN 2024. FOR [28:34] PERSONNEL. BY APPROXIMATELY $1 MILLION. AND WHILE THAT MAY [28:40] SEEM CONCERNING, I'M ACTUALLY QUITE PROUD OF THAT BECAUSE WE DID A COMPREHENSIVE [28:47] CLASSIFICATION REVIEW OF A NUMBER OF POSITIONS IN OUR OFFICE. AND THEY WERE NOTED AS [28:53] BEING WELL BELOW MARKET RATE. AND SO THEY RECEIVED INCREASES, BUT BECAUSE THE STUDY TOOK AS [28:58] LONG AS IT DID, WE WERE -- WE HAD TO GO BACK TO THE BEGINNING OF THE STUDY AND PAY BACK PAY. [29:05] BACK TO 2022. BACK TO 2022. AND THAT'S WHAT PUSHED US REALLY OVER THE EDGE. [29:12] >> OKAY. >> BUT NOW WE'RE IN A MORE COMPETITIVE SPOT AS FAR AS HIRING AND RECRUITMENT AND [29:18] RETENTION. THAT'S WHY I SAY IT'S BAD NEWS BUT ULTIMATELY GOOD NEWS.. >> AND THAT WON'T HAPPEN THIS [29:23] YEAR BECAUSE EVERYBODY IS CAUGHT UP. DO YOU KNOW THE NEXT TIME YOU PLAN TO DO A MARKET STUDY LIKE THIS? [29:29] >> AS SOON AS THEY LET ME. [ LAUGHTER ] >> OKAY. THANK YOU SO MUCH. >> YES. THANK YOU. >> THANK YOU, CHAIR. [29:35] >> THANK YOU. AND THEN NEXT I'LL RECOGNIZE COUNCILMEMBER RAINVILLE. >> THANK YOU. THANK YOU VERY [29:42] MUCH FOR THE THOROUGH PRESENTATION. I LOOK FORWARD TO PASSING THIS INFORMATION ON TO MY CONSTITUENTS. AND I'M NOT [29:48] GOING TO HOLD YOU TO THIS GUESS, I'M GOING TO ASK YOU FOR A GUESS. YOUR BEST GUESS ON HOW [29:55] LONG THE COMMERCIAL AND INDUSTRIAL VALUES WILL KEEP DROPPING. IS THIS A TWO, THREE, [30:02] FOUR-YEARS OUT? >> CHAIR CHUGHTAI AND [30:09] COUNCILMEMBER RAINVILLE, I ONLY WISH I HAD A REALLY GOOD ANSWER TO GIVE YOU. AS I MENTIONED, WE [30:16] ACT AS HIS HISTORIANS LOOKING BACK AT WHAT HAPPENED AND USE THAT INFORMATION TO PLACE MARKET VALUES. HOWEVER, I [30:22] KNOW THAT IT'S ALWAYS ON EVERYBODY'S MIND, IS THIS ANOTHER TRUE CYCLE? THIS REAL [30:29] ESTATE CYCLE WE'LL ROLL THROUGH? I WOULD SAY THAT BASED ON WHAT I'M HEARING OUR STAFF ATTEND A [30:36] LOT OF INDUSTRY EVENTS WITH BROKERS AND BUYERS AND SELLERS. AND I WOULD SAY THAT JUST LATELY [30:41] WE ARE HEARING SOME OPTIMISM FROM THOSE MARKET PLAYERS. AND [30:47] SO I THINK THAT PEOPLE ARE TRYING TO BE A LITTLE BIT MORE OPTIMISTIC. WE KNOW WE HAVE A LONG WAYS TO GO. BUT JUST [30:55] KNOWING THAT THERE ARE INVESTORS STILL WAITING IN THE WINGS. THERE'S A LOT OF LOCAL INTEREST [31:00] IN OUR MARKET THAT WE ARE HOPEFUL THAT WE WILL NOT SEE [31:08] DECREASES LIKE THIS LAST YEAR. I BELIEVE OUR DECREASES ARE LESS PERCENTAGE WISE THAN THEY WERE [31:13] LAST YEAR. WE DIDN'T GO DOWN AS MUCH PERCENTAGE WISE. BUT, AGAIN, PERCENTAGE IS BASED OFF THE TOTAL. IF THE TOTAL WENT [31:20] DOWN LAST YEAR, YOU KNOW HOW PERCENTAGES WORK. SO I DON'T [31:25] HAVE AN ANSWER FOR YOU. BUT WHEN I LISTEN TO THE MARKET EXPERTS OUT IN THE COMMUNITY, [31:33] CAN WE SAY WE'RE AT THE BOTTOM? WE TRULY HOPE WE ARE. >> OKAY. SO WHEN YOU SAY THE [31:42] CYCLE IS SLOWING AND THAT'S A GOOD POINT. GOOD INDICATER. [31:47] AND YOU TALK ABOUT THE HISTORY. THERE'S REALLY NEVER BEEN A DOWNTURN LIKE THIS FOR THE [31:53] REMOTE WORK HAS COME INTO PLAY. THAT'S PROBABLY THE HARDEST PIECE OF INFORMATION TO PUT IN THE PUZZLE. [32:00] >> CHAIR CHUGHTAI AND COUNCILMEMBER RAINVILLE, THAT'S CORRECT. I WAS AT AN [32:07] INTERESTING PRESENTATION LAST WEEK IN ILLINOIS WHERE THEY HAD AN EXPERT IN FRONT TALKING ABOUT [32:13] THE DOWNTOWN MARKETS ACROSS THE UNITED STATES. AND WHERE THEY'RE AT BECAUSE THERE'S, LIKE, THE FOUR CYCLES. THE FOUR [32:20] PARTS OF REAL ESTATE CYCLE. AND WHERE EACH MAJOR CITY IS AT. AND THEY HAD MINNEAPOLIS AT THE [32:26] END OF THE BOTTOMING OUT AND THE BEGINNING OF THE IMPROVEMENT. WHERE THERE'S OTHER CITIES THAT [32:32] AREN'T -- THERE ARE MORE AT THE PEAK AND ABOUT TO TAKE A DOWNTURN. IT DEPENDS ON WHERE YOU ARE IN THE UNITED STATES. [32:38] AND WHAT'S HAPPENING IN YOUR COMMUNITY. BUT I WILL TELL YOU THAT EVERYTHING THAT WE'RE -- A LOT OF WHAT WE'RE -- NOT [32:44] EVERYTHING WE'RE HEARING, IS O OPTIMISTIC. >> AND A COMMENT THE STATE [32:51] OVERSIGHT IS RIGHT THERE. THAT'S BASICALLY THE MECHANISM THAT KEEPS ALL THE CITIES [32:57] HONEST, IS THAT CORRECT? >> CHAIR AND COUNCILMEMBER RAINVILLE, THAT IS CORRECT. THEY KEEP EVERYBODY HONEST. OUR [33:04] ASSESSMENT IS COMPARED WITH ALL OF THE OTHER JURISDICTIONS WITHIN HENNEPIN COUNTY FIRST. [33:09] TO MAKE SURE THERE'S EQUITY ACROSS ALL OF OUR NEIGHBORS IN THE SUBURBS. AND THEN IT IS [33:16] COMPARED ACROSS THE STATE. WE'RE COMPARED TO EVERY COUNTY IN THE STATE TO ENSURE THERE'S [33:23] EQUALIZATION ACROSS THE STATE. >> THANK YOU VERY MUCH. >> YOU'RE WELCOME. THANK YOU. >> WONDERFUL. THANK YOU. NEXT [33:29] I'LL RECOGNIZE COUNCILMEMBER CHOWDHURY. >> THANKS, MADAM CHAIR. THANK YOU SO MUCH, DIRECTOR, FOR YOUR [33:34] PRESENTATION. I DON'T HAVE ANY SPECIFIC QUESTIONS. JUST WANTED TO THANK YOU AND YOUR ENTIRE [33:41] TEAM OR MUCH OF YOUR TEAM FOR BEING HERE TODAY. IT'S GREAT TO SEE YOU IN OUR CHAMBERS AND A [33:46] CHANCE TO CONNECT. I'LL PLAN AN ENGAGING MORE DEEPER WITH THE [33:52] ASSESSOR'S OFFICE THIS YEAR. I GOT THE CARD FOR THE ASSESSOR WHO DOES A LOT OF WORK IN THE [33:57] 12th AND SO LOOKING FORWARD TO DEEPER ENGAGEMENT AND BETTER UNDERSTANDING FOR MYSELF AND [34:03] CONSTITUENTS IN THE 12 12th WARD. THANK YOU. >> THANK YOU. I'M NOT SEEING ANYONE ELSE IN QUEUE RIGHT NOW. [34:09] I WANTED TO THANK YOU FOR YOUR PRESENTATION AND FOR BRINGING IN [34:14] YOUR TEAM! SO WE CAN GET TO KNOW THEM AND MEET THEM. IT'S JUST WONDERFUL TO SEE ALL OF YOU [34:21] IN OUR CHAMBERS AND APPRECIATE YOUR TIME WITH US AND, YOU KNOW, YOU'VE SPENT THE ENTIRE DAY, IT [34:28] FEELS LIKE, TODAY, WITH US IN OUR OFFICES. JUST HELPING US BE PREPARED AND UNDERSTAND YOUR [34:34] WORK A LOT BETTER. AND CONNECT OUR CONSTITUENTS WITH YOU. SO THANK YOU.. >> THANK YOU. IF I CAN ADD ONE [34:41] ADDITIONAL ITEM. NEXT TIME YOU'LL SEE MYSELF AND MEMBERS OF OUR TEAM IS AFTER THE LOCAL [34:47] BOARD CONCLUDES. WE COME BACK TO PRESENT THE RESULTS OF THAT. SOMETHING ELSE I PLAN TO [34:54] PRESENT IS WHERE WE'RE AT WITH THE TAX COURT FILINGS. AS I MENTIONED IN THE PAST, OUR TAX COURT FILINGS ARE, I BELIEVE [35:01] IT'S IMPORTANT FOR YOU ALL TO SEE THE AMOUNT OF LIABILITY THAT WE DO HAVE ON THE TABLE. AND HEAR ABOUT THE WORK OUR TEAM ARE [35:08] DOING AS FAR AS SETTING TAX COURT CASES. WE HAVE SOME LARGE [35:13] CASES COMING UP WE'LL BE LITIGATING AND OUR STAFF WILL BE SITTING ON THE STAND OVER MULTIPLE DAYS DEFENDING THE [35:19] PROPERTY VALUES. IT'S A VERY, VERY IMPORTANT PART OF THE PROCESS. AND IT'S TIME [35:25] CONSUMING AND CHALLENGING. WE'LL BE BACK TO TELL YOU ABOUT THAT IN MAY. >> WONDERFUL. THANK YOU. WITH [35:31] THAT, I WILL DIRECT THE CLERK TO FILE THAT REPORT. AND BEFORE WE [35:36] CONCLUDE OUR COMMITTEE TODAY, I KNOW COUNCILMEMBER PALMISANO [35:42] AND, I BELIEVE, COUNCILMEMBER JENKINS DIDN'T GET A CHANCE TO VOTE ON THE CONSENT AGENDA. I WANTED TO SEE IF YOU WOULD LIKE [35:48] TO BE RECORDED AS VOTING ON THAT ITEM. WHICH IS APPOINTMENTS TO [35:54] THE 2025 LOCAL BOARD OF APPEAL AND EQUALIZATION. >> THANK YOU, VICE PRESIDENT [35:59] CHUGHTAI. I WOULD VERY MUCH LIKE TO RECOR BE [36:05] RECORDED AS A YES. >> COUNCILMEMBER JENKINS. >> YES. THANK YOU, CHAIR. PLEASE MARK ME AS A YES ON THOSE [36:12] ITEMS, AS WELL. >> WONDERFUL. SEEING NODS FROM OUR CLERKS. I BELIEVE THEY HAVE THAT CAPTURED. DID I MISS [36:17] ANYONE? I DON'T BELIEVE SO. OKAY. PERFECT. ALL RIGHT. SO WITH THAT, WE HAVE CONCLUDED ALL [36:24] BUSINESS TO COME BEFORE THE COMMITTEE TODAY AND IF THERE IS NO OBJECTION, WE STAND ADJOURNED. THANK YOU.