Minnesota statutedefines "market value" as "the usual selling price . . . at the time of assessment"
How is it Established?
Property values change continuously with fluctuating economic conditions. In addition to market changes, numerous physical changes affect the value of land and buildings. All factors are considered in estimating the value of property. This requires physical inspection of all property subject to assessment.
State statute requires the Assessor's Office to revalue all property every year to reflect real estate market conditions. The Assessor's Office is required to make sure assessment values are between 90% and 105% of actual market value.
In addition, Minnesota state statute required properties to be physically reviewed at least once every five years. This does not included other visits for new construction, alterations, or improvements that will be viewed in the current year. Viewing the interior of the property is important in determining the quality and condition of each property, as well as documenting amenities and helping to determine the use of the property.