Assessor's Report 2022
The Assessor’s
Report details changes and trends in assessed property values in Ramsey County
based on type and location. Property owners can review this report to help
provide context for how property values throughout the county have changed over
the past year. Property valuation notices and property tax statements were sent
to property owners in March, describing changes specific to their property.
This report is based on the 2022 assessment, which is assessed values
determined as of January 2, 2022.
Explore the Report
As of the 2022 assessment, total estimated
market value is now $31.4
billion above the most recent low point in the real estate cycle (2012
assessment).
Ramsey County’s residential real
estate market experienced steady growth in 2021. The median sale price for
residential property in Ramsey County was $285,000, up from $262,900 at
year-end 2020.
The Ramsey County apartment
market remains solid. As of the fourth quarter of 2021, Saint Paul had a 4.8%
vacancy rate, and rents held flat from 2020. While the exact numbers
vary by each suburban city, overall vacancy rates are down in suburban Ramsey
County and rents are up slightly over the same period a year ago.
The Ramsey County commercial real
estate market is mixed, with certain segments faring better than others. The
continued uncertainties brought on by the pandemic have led to an uneven
recovery. However, with a strong local economy, and pent-up demand on the
retail side that still has room to grow, there is plenty of room for
optimism.
The Ramsey County industrial
market continues to show strength, due not only to the growth of e-commerce,
but also growing demand from manufacturing, and general
transportation/warehousing users. This is resulting in continued value
appreciation for Ramsey County industrial properties.
Local agricultural property
market values have held steady for the 2022 assessment. In Ramsey County, aggregate
agricultural value has decreased in recent years due to agricultural land being
purchased for new real estate developments. As a result, agricultural value has
shifted to other uses.
Glossary
An alphabetical list of words and terms used in the assessor's report and their meaning.
