Agenda - Council - 03/22/2011 - Laserfiche WebLink

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the value and classification on January 2, of the current year is used to calculate the next year's taxes. Q5. Why has my value gone up or gone down? Property values are based on market values that fluctuate with general market conditions such as recent sale prices, supply and demand, demographic changes, and changes in tax laws. By Minnesota State law as property values change in the market place those changes must be reflected in the assessor's estimated market values. Q6. Does the estimated market value increase or decrease at the same rate on all properties? No, it does not. There are differences between individual properties and between neighborhoods. In one area the sales may indicate a large increase in value in a given year. In another neighborhood there may be very little or no change in value. Different types of property within the same neighborhood may show different value changes. There are numerous factors to be considered in each property, which will cause value changes to differ. Some of the factors that can affect value are location, condition, size, quality, number of baths, basement finish, garages, and many others. Q7. Can my estimated market value change even if the assessor has not been inside my property? Yes. The assessor keeps records on the physical characteristics of each property in the County. Even though the assessor may have been unable to go through your property, the estimated market value will still be reviewed based on existing records and sales of similar property. Q8. What if I don't let the appraiser inspect my home? The appraiser will then be forced to make an arbitrary appraisal of the property. This will include assuming that the interior is as appealing as possible or is typical for that type of property (i.e. recently remodeled, finished basement, added bath, etc.). Appraisers want to view as many properties as possible in order to have the best possible information on all property since the quality of the assessment is a measure of the quality of their work. Not allowing an interior inspection will result in the loss of the right to appeal your market value at the Board of Appeal and Equalization (see 011) MS 274.01 sub 1 (view the statute on the State of Minnesota Web site). Q9. What will happen to my estimated market value if I improve my property? Generally speaking, improvements that increase the market value of a property will increase the assessor's estimated market value. The following are typical improvements that will increase the estimated market value of your property: