Estimates ValueThe 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.
Appraisal Process1. 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 , 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.
3. How to Appeal Your Value and Classification
If you disagree with or have questions about your estimated market value or classification, there are several methods to appeal.
- First, collect any information you have to show why you believe your estimated market value or classification is incorrect, such as a recent appraisal or sales of similar properties, etc.
- Then, call or visit the Koochiching County Assessor's Office to talk with a county appraiser to review the information used to determine market value for your property.
- If your concern is not resolved by visiting with a county appraiser, you may attend the County Board of Appeal and Equalization held in June of the assessment year.
- If your concern is still not resolved, you may petition the Minnesota Tax Court. You have untilApril 30 of the year the tax becomes payable to appeal your assessment to the Tax Court. More information may be found at www.mn.gov/tax-court.
Where can I get more information?
If you have questions or need more information about the appeal process, contact your County Assessor's Office.
For more information on how market value and classification are determined:
- Refer to:
2. Fact Sheet 2, How the Assessor Estimates Your Market Value.
- Go to www.revenue.state.mn.us and type Property Tax Fact Sheets into the Search box.