County Assessor Patey outlines 2025 property assessment updates for Stearns County

The Stearns County Board of Commissioners convened on March 11, 2025, to discuss various topics, primarily focusing on property assessments and market trends within the county. The meeting featured presentations from Jake Patey, the county assessor, and Randy Lauer, the assistant county assessor, who provided updates on property valuation processes and market conditions.

The session began with Patey and Lauer outlining the 2025 property assessment updates. They reported that property assessment work was completed, including quintile inspections, which involve evaluating one-fifth of the county each year. Valuations were finalized in February, with notices of valuation classification scheduled to be mailed out on March 13. This year, the county will combine these notices with tax statements, a move that has been in place for five years and has resulted in significant savings.

Patey highlighted that the assessment data does not include the city of St. Cloud, which operates its own assessor's office. He noted that the county's quintile inspections are currently in the upper 90% range, indicating a robust assessment process. The assessors also discussed the challenges in obtaining reliable data for agricultural and commercial properties due to limited sales activity, which has affected the ability to establish statistical trends.

The discussion then shifted to the electronic certificate of real estate value (ECRV), with Patey reporting an increase in processed certificates from 1,802 the previous year to 1,925 this year. This uptick suggests a return to more typical market conditions following fluctuations during the COVID-19 pandemic.

The assessors provided insights into the residential market, noting that the overall sales ratio for residential properties was around 91%. They indicated that property values are expected to change by approximately 0% to 10%, with most adjustments likely falling between 3% to 5%. Patey also mentioned that the number of homes for sale has increased significantly, from 10 to 50 in Painesville over the past year, reflecting a growing supply in the housing market.

Lauer then addressed the agricultural land market, noting a decrease in sales volume but an increase in average land prices, which now stand at $7,300 per acre, up from $7,000 the previous year. The assessors attributed this trend to ongoing demand from farmers looking to acquire land for future generations, despite rising input costs and fluctuating commodity prices.

The meeting concluded with a summary of the overall market conditions, indicating a 5% increase in property values compared to the previous year, slightly lower than the 6% increase observed last year. New construction remains strong, with $198 million in new developments reported, contributing significantly to the county's market value growth.

Overall, the meeting provided a comprehensive overview of the current state of property assessments and market trends in Stearns County, highlighting both challenges and positive developments in the real estate landscape.