Estimates Value The law specifically requires that assessors view each parcel of real estate to appraise its market value. Property values change continuously with changing economic conditions. In addition to market changes, numerous physical changes affect the value of land and buildings. All factors are considered in estimating the value of property. This requires physical inspection of all property subject to assessment.
The assessor also determines the classification or use of each parcel. For instance, property may be residential homestead(owner-occupied), residential non-homestead, agricultural, or commercial. Each classification is taxed at a different percentage of market value. These percentages are set by the state legislature.
1. Am I notified when my property is going to be assessed?
Yes, an ad will be posted in the local newspaper a week or two before the assessors plans on working in your area.
2. How often must the Assessor review my property?
Under Minnesota Statute 273.08, the Assessor is required to physically review each property at least once every five years. The assessor may visit your property at shorter intervals for any of the following reasons:
To review new construction as a result of a permit. The assessor may stop by each year until all of the work is completed.
To complete a review appraisal for an appeal, such as the Local Board of Appeal and Equalization or a tax petition.
To review the property at the property owner's request.
To review the property at any time the assessor feels that the property information may be in error and/or an incorrect value may have been placed on the property.