Impact of the real estate market
We determine a value for each property by analyzing sales and market conditions.
The state of Minnesota requires us to value properties at their market value, as of January 2 each year. Our purpose is to determine the amount the property would sell for. This means your assessed value may be different than what you paid for your property.
State law requires us to review all properties in the county every five years. We document the condition of each property and any improvements made. The condition and improvements made affect that property’s assessed value.
The real estate market influences the assessed value of all types of property.
Residential real estate prices have fluctuated the last two years. Property values in some communities keep increasing while the values in other communities are stable. In 2021, low
interest rates and buyer demand higher than supply, lead to rapidly rising residential home prices. In 2022, interest rates went up and slowed demand, making homes less affordable.
Currently, the supply of homes for sale remains well below historic norms.
Commercial, industrial and apartment property prices are affected by a more complex set of factors than residential property.
You will receive a value notice each spring based on the value assessed on January 2. A good sign your property has been fairly assessed is if you could sell it for the value on the notice.
Property value increases and property assessment (PDF)
We assign each property a classification based on how it's used. Classification helps determine tax rates.
Your valuation notice
The notice states the value of your property and its classification. It also states any special property tax programs that the property may qualify for.
Key current assessment dates
January 2: assessed property value as of this date is used for this year's proposed taxes and next year's tax statement
March–April: valuation and classification notices mailed to taxpayers
April–May: time frame to discuss or appeal valuation or classification
Mid-June: county board of appeal and equalization convenes
Spring–Fall: assessors inspect property for next assessment