2024 Assessment FAQ
What is the Notice of Valuation Statement?
The Statement advises the property owner of the estimate of the property’s value & classification (based
on the current use of the property or highest & best use) and appeal options if the owner disagrees.
The value & classification are as of January 2, 2024 and are used to determine the owners share
of the property taxes they will pay in 2025. Per state requirements, sales of properties between October 1, 2022
through September 30, 2023 are used to set value for the 2024 assessment.
Appeal Dates and Times
How Close to the “Actual” Value of a Property is the Assessor’s Value?
According to Minnesota Statute, properties are to be assessed at Market Value. Because it is
impossible to achieve 100% of market value on every property, the acceptable range by state
standards is between 90% and 105% of the median sale in a particular market.
If Property Values are Increasing, does this mean Taxes will Increase?
Not necessarily. Many different factors can impact
your property tax. These include market value, levies
and other changes made at the state level.
We’ve All Heard it Said: “They’re Just Trying to
Collect More Tax!” Is That True?
The reality is that whatever is budgeted & levied will
be collected through property tax regardless of what
the values do. The budgets are set by the County
Board, School Board, Township Board or City Council
and special taxing districts such as Economic
Development Authority & Watershed. The values
placed on each property are only a method to allocate each parcel share of the total tax bill. If all values were to drop 50%, the tax rate applied to the values would simply double and the taxes collected would remain the same.
What Tax Programs are Available to Homeowners to Lessen an Increased Tax Burden?
Tax increase relief is now offered within the Property Tax Refund (PTR) program. If your home’s net
property tax increased by more than 12% and net property tax increase was at least $100, you may
be eligible for a refund. Application is made to the Minnesota Department of Revenue Income Tax
Division by September of each year.
The Statement advises the property owner of the estimate of the property’s value & classification (based
on the current use of the property or highest & best use) and appeal options if the owner disagrees.
The value & classification are as of January 2, 2024 and are used to determine the owners share
of the property taxes they will pay in 2025. Per state requirements, sales of properties between October 1, 2022
through September 30, 2023 are used to set value for the 2024 assessment.
Appeal Dates and Times
How Close to the “Actual” Value of a Property is the Assessor’s Value?
According to Minnesota Statute, properties are to be assessed at Market Value. Because it is
impossible to achieve 100% of market value on every property, the acceptable range by state
standards is between 90% and 105% of the median sale in a particular market.
If Property Values are Increasing, does this mean Taxes will Increase?
Not necessarily. Many different factors can impact
your property tax. These include market value, levies
and other changes made at the state level.
We’ve All Heard it Said: “They’re Just Trying to
Collect More Tax!” Is That True?
The reality is that whatever is budgeted & levied will
be collected through property tax regardless of what
the values do. The budgets are set by the County
Board, School Board, Township Board or City Council
and special taxing districts such as Economic
Development Authority & Watershed. The values
placed on each property are only a method to allocate each parcel share of the total tax bill. If all values were to drop 50%, the tax rate applied to the values would simply double and the taxes collected would remain the same.
What Tax Programs are Available to Homeowners to Lessen an Increased Tax Burden?
Tax increase relief is now offered within the Property Tax Refund (PTR) program. If your home’s net
property tax increased by more than 12% and net property tax increase was at least $100, you may
be eligible for a refund. Application is made to the Minnesota Department of Revenue Income Tax
Division by September of each year.