Council approves bond purchase for subdivision

Council approves bond purchase for subdivision land and infrastructure

By Les Houser
Following action on two separate resolutions, the Eagle Grove City Council approved the purchase agreement for G.O. Bonds for the housing subdivision north of the elementary school. Northland Securities purchased both, with bonds for acquiring the land going for $1.55 million at 4.58 percent interest while bonds totaling $1.795 million at a 3.53 percent rate will go for infrastructure needs at that site.
Wright County Assessor Shari Plagge made a presentation concerning the future assessed valuations as it pertains to the Prestage project. “Some sales are well above assessed value recently,” said Plagge. “This trend started before Prestage came along, and since then it’s gotten a lot stronger.” Her office studies the market, collects information and data about properties and values all real estate based on the market created by the buyers and sellers.
Valuations can change due to changes on the property itself or changes in the market (the most frequent). Value changes due to market influence are made to certain areas, towns or classifications within the county and occur even if nothing on any one individual property has changed. “An increase in your taxes doesn’t always mean your assessment was increased,” said Plagge. “Changes to the rollback or levy rates can increase or decrease your taxes even when there has been no change in your assessment.” She also shared information on the appeal process, and how the Board of Review functions in those matters.
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