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Frequently Asked Questions

  1. Why has my value gone up?
  2. Does an increase in market value mean that my taxes will increase?
  3. How does the assessor determine the estimated market value?
  4. Does the estimated market value increase at the same rate on all properties?
  5. Can the estimated market value change even if the appraiser has not been inside my property?
  6. What will happen to my value if I improve my property?
  7. Will my value go up if I repair my property?

 

1. Why has my value gone up?

The assessor has not created the value. People make value by their transactions in the market place. Property values are based on market values which fluctuate with general economic conditions such as interest rates, inflation rates, supply and demand and changes in tax laws. By Minnesota state law, as properties values change in the market place, those changes must be reflected in the assessor's estimated market value.

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2.Does an increase in market value mean that my taxes will increase?

If all property sees a similar increase in value, your property class hasn't changed, the local government agencies don't have to increase their budgets and there is no change in classification rates by the state legislature there will be no increase in your tax bill. Taxing authorities actually determine how much money the property tax has to raise to provide services to the taxpayer.

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3.How does the assessor determine the estimated market value?

A mass appraisal process is used for estimating market values. Information from all sales that occur within the county is collected and closely analyzed by the Assessor's Office. The Assessor's Office then adjusts market values by comparing properties that sold within a given area with properties that have not sold within that same area.

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4. Does the estimated market value increase at the same rate on all properties?

No, it does not. There are differences between individual properties and between cities or townships. In one area the sales may indicate a large increase in value and in another area there may be very little or no change in value. Also, different types of property within the same area 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, basement finish, garages and many other factors.

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5. Can the estimated market value change even if the appraiser 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 be reviewed based on existing records and sales of similar property.

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6. What will happen to my value if I improve my property?

Generally speaking, improvements that increase the market value of a property will increase the assessor's market value. The following are typical improvements that will increase the market value of your property:

  • Added rooms or garages
  • Substantial updating of kitchen or bath
  • Basement or lower level finishing
  • Replacing old siding or windows
  • Extensive remodeling

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7. Will my value go up if I repair my property?

Good maintenance will help retain the market value of your property. Generally, your market value will not be increased for individual minor repairs such as those that follow. However, a combination of several of these items could result in an increase in your value.

  • Replacing water heater
  • Repairing or replacing roof
  • Repairing porches, steps or sidewalks
  • Repairing original siding
  • Painting/decorating
  • Replacing plumbing or electrical fixtures

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