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FAQs -Understanding Your Property <br />Assessment <br />In Minnesota, property taxes provide most of the funding for local government services. <br />The County of Anoka collects the taxes and distributes the money among the County, <br />cities, townships, school district and special districts such as the Metropolitan Council, <br />Metropolitan Transit and the Metropolitan Mosquito Control District. <br />Each property's share of taxes is determined according to its value, use, and the <br />property tax levies. Assessors are responsible for estimating property values and setting <br />classification for tax purposes. <br />Q1. What does the assessor do? <br />Estimates value <br />The law specifically requires that assessors view each parcel of real estate to <br />appraise its market value. Property values change continuously with changing <br />economic conditions. In addition to market changes, numerous physical changes <br />affect the value of land and buildings. All factors are considered in estimating the <br />value of property. This requires physical inspection of all property subject to <br />assessment. <br />Classifies property <br />The assessor also determines the classification or use of each parcel. For <br />instance, property may be residential homestead (owner -occupied), residential <br />non -homestead, agricultural, or commercial. Each classification is taxed at a <br />different percentage of market value. These percentages are set by the State <br />Legislature. <br />Q2. Who are the county appraisers and what are their credentials? <br />Appraisers employed by Anoka County Assessment Services are professionals, <br />with stringent training and experience requirements set by the State Board of <br />Assessors. The State Board of Assessors governs and administers licensure of <br />appraisers. <br />Q3. What is "market value"? <br />Minnesota Statute 272.03 defines "market value" as "the usual selling price at the <br />time of assessment". It is "the price that could be obtained at a private sale or an <br />auction sale, if the assessor determines that the price from an auction sale <br />represents an arms -length transaction. The price obtained at a forced sale shall <br />not be considered" (view the statute on the State of Minnesota Web site). <br />