Property values

The Assessor's Office assesses your property and estimates the value it would likely sell for on the open market, which is one factor used in determining your property tax. In some municipalities the city assessor, rather than the county, determines property values.

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Appealing your assessment

If you believe the property information on your value notice is incorrect or you disagree with the value or classification, contact your county, city or local assessor first to discuss any questions or concerns. Often your issues can be resolved at this level. If your questions or concerns are not resolved, more formal appeal options are available.

Appeal deadlines

When you receive your valuation notice in the spring, you have a finite amount of time to question or appeal your valuation or classification. Your time frame varies depending on where you live and the meeting dates of local boards of appeal and equalization.

Contact your county, city or local assessor.

Filing an appeal

Detailed instructions are found on your valuation notice. You can also review the appeals process (PDF). The state of Minnesota also provides guidance for preparing an appeal (PDF).

Assessment calendar

Assessment date

There’s a one-year delay between the time your property is valued and classified and the property tax you owe based on that value. The property tax you pay this year is based on your property’s valuation and classification as of January 2 last year. The valuation notice you receive in the spring is based on the valuation and classification as of January 2 this year, and forms the basis of the property tax you will owe next year (manufactured homes are assessed and taxed in the same year).

Assessment process

Event Deadline
Assessment date January 2
Tax statements mailed March
Valuation and classification notices mailed March - April
Local Board of Appeal and Equalization/Open Book meetings April  -May
Last day to file in tax court for taxes due in the current year April 30
County Board of Appeal and Equalization convenes June
Truth in Taxation statements mailed November
Assessors perform on-site property inspections for next assessment spring - fall

County Assessor report

This report reflects the county-wide valuation of property completed on January 2 which forms the basis of property taxes payable the following year. The report reflects changes in market value over the past year, and attempts to mirror the nuances, trends and patterns dictated by the real estate market.

2014

Prior years

Market value determination

Market value vs. property tax

Market value equals the price that a property would command under competitive, open-market conditions, at the time the property is assessed. The assessor’s office determines property value, but not the property tax. Property tax is determined through a separate property tax process.

Assessment date

There’s a one-year delay between the time your property is valued and classified and the property tax you owe based on that value. The property tax you pay this year is based on your property’s valuation and classification as of January 2 last year. The valuation notice you receive in the spring is based on the valuation and classification as of January 2 this year, and forms the basis of the property tax you will owe next year (manufactured homes are assessed and taxed in the same year).

Factors affecting market value

Changes to the property

The appraiser views the property about every fifth year, and takes into account factors such as new construction, alterations or improvements. The appraiser documents characteristics of the property that affect market value like size, age, quality, basement finish and extra features like fireplaces and extra baths.

Sales of similar properties

Sales information about properties with characteristics similar to yours is one factor used to update your market value.

Location

The same home would sell for a different price in a different location. Land values vary within the county.

Assessment limits

County and local assessors are required by the State Board of Equalization to meet standards for their overall assessment.

Appeals

Property owners can appeal their valuation.

County vs. local assessment

In several municipalities, the assessment is done by the local property assessor, rather than the county. If you live in one of these communities, your local property assessor will have information about your property value.

Agriculture classification & programs

Property used for agricultural purposes may qualify for an agricultural tax classification. To qualify, your property must fulfill certain criteria as required by Minnesota law.

After you qualify for this classification, you can inquire about applying for rural land programs (PDF) such as Green Acres/Rural Preserve Program and Metropolitan Agricultural Preserve Program.

To inquire and for applications, contact the Hennepin County Assessor’s office or your local property assessor.

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