How does the assessor determine market value?

State law requires that the value and classification of real estate be established as of January 2 each year. All good sales and transactions of property are reviewed annually through statistical analysis to make determinations about market conditions and adjustments that are required to meet the Minnesota Department of Revenue guidelines for equalization. The valuation process includes the following:

  • Sales analysis and review: A review and analysis of all good sales for every property classification and jurisdiction is performed.
  • Gathers information: The appraiser gathers information on all physical characteristics of the property that affect market value, such as size, age, quality, basement finish and extra features, such as fireplaces, extra baths, walkouts, etc.
  • Views property: Appraisal staff has been assigned a quintile review to meet the state requirements of viewing properties approximately every fifth year. In addition, all new construction, alterations or improvements that contribute to market value will be viewed in the appropriate year.
  • Estimates value: All physical property characteristics are entered into a computerized system which creates a model to value the properties and is driven by actual sales. The market values estimated by the assessor should be at, or very close to, the amount the property would sell for if placed on the open market as required by Minnesota Statutes. The State Board of Equalization reviews our annual assessment and had standards requiring the overall level of assessment to be between 90% and 105% of market value. The State Board of Equalization does and will make adjustments to our annual assessment to ensure compliance with this policy.

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1. How do I apply for homestead?
2. How do I submit a request for a Property Assessment Review?
3. What is estimated market value?
4. How can I appeal my property valuation?
5. How do I access the interactive GIS map?
6. How does the assessor determine market value?