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MINNESOTA STATUTES
<br />Chapter 273. Taxes; Listing, Assessment
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<br />273.11. Valuation of Property
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<br />Subdivision 1. Generally. Except as provided in subdivisions 6, 8, and 9 or
<br />Section 273.17, subdivision 1, all property shall be valued at its market value.
<br />The market value as determined pursuant to this section shall be stated such
<br />that any amount under $100 is rounded up to $100 and any amount exceeding
<br />$100 shall be rounded to the nearest $100. In estimating and determining
<br />such value, the assessor shall not adopt a lower or different standard of value
<br />because the same is to serve as a basis of taxation, nor shall the assessor adopt
<br />as a criterion of value the price for which such property would sell at a forced
<br />sale, or in the aggregate with all the property in the town or district; but the
<br />assessor shall value each article or description of property by itself, at at such
<br />sum or price as the assessor believes the same to b e fairly worth in money.
<br />In assessing any tract or lot of real property, the value of the land, exclusive of
<br />structures and improvements, shall be determined, and also the value of all
<br />structures and improvements thereon, and the aggregate value of the
<br />property, including all structures and improvements, excluding the value of
<br />crops growing upon cultivated land. In valuing real property upon which
<br />there is a mine or quarry, it shall be valued at such price as such property,
<br />including the mine or quarry, would sell for a fair, voluntary sale, for cash.
<br />In valuing real property which is vacant, the fact that such property is platted
<br />shall not be taken into account. An individual lot of such platted property
<br />shall not be assessed in excess of the assessment of the land as if it were
<br />unplatted until the lot is improved with a permanent improvement all or a
<br />portion of which is located upon the lot, or ~:"" z. --~;'-~ ',~ +~-'-~ ycarg ~; ~..
<br />~;.,~ ........ ~ ,,~ ,~.~ .,~ ...~,~..~, ..... ;, o,.,,,.~,,,. When a said lot is sold or
<br />construction begun, the assessed value of that lot ..........~-.; ~--.o~'''~ .... ~'~-'.~o~-'~; ....... ~,,~...~
<br />r,'~,,,*~ .... *~'" ~a~.c ~*'-~"-~ o~,,~ be eligible for reassessment. All property, or
<br />the use thereof, which is taxable under sections 272.01, subdivision 2, or
<br />273.19, shall be valued at the market value of such property and not at the
<br />value of a leasehold estate in such property, or at some lesser value than its
<br />market value.
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