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ASSESSMENT FACT SHEET <br />Updated 2 24 iu <br />. The purpose of this local board meeting is to review the Estimated Market Value and Classification for the 2004 <br />s Assessment, which will be reflected in taxes payable for 2005. <br />Any questions regarding the tuxes payable in 2004 cannot be addressed at this meeting because they are ba.sed on the <br />assessment made in 2003. This Board has no authonty to act on the 2004 taxes as per MN statute. Sec. 274.01. <br />While we rcali?/; the MN Property Tax system is rather complicated and. at times, difficult to understand, it is hoped that <br />the following information will help you when trying to communicate your questions and concerns with regard to your <br />property ’s market value. <br />State law requires that the value and classification of real estate be established as of January 2nd each year. Market values <br />are based on sales of properties within your market area. The Minnesota Department of Revenue requires the overall level <br />of assessment to be betw'cen 90% and 105% of market value. If the overall level of assessment is not at least 90%. the state <br />may impose an aggregate incrca.se on all properties within a city or classification. If sales indicate the market values have <br />changed, the assessor must follow the trend indicated, whether it is to increase or decrea.se property values. <br />Mass appraisal is the method used by assessors to estimate the market value of properties. Each property is phy'sically <br />viewed every four years. In addition, all new construction, alterations, or improvements will be appraised annually. <br />rOMMONIA' ASKED Ol'ESTIONS AT BOARD OF APPEAL MEF.TIMiS <br />/. IS n ILLEGAL FOR THE ASSESSOR TO INCREASE MY VALVE SO MUCH IS ONE YEAR? <br />C <br />( <br />No. The assessor must value property at market value each year. Property values change continuously with <br />changing economic conditions. There is no limit as to the amount of increase or decrease in properly values in a <br />given year. <br />2. nilEN HILL THE VALVE INCREASES STOP? <br />This is impossible to predict. Our values arc dictated by the market. If .sale prices arc increasing, our <br />estimated market values will increase. If sale priecs are falling, then our estimated market values must follow <br />that trend. <br />tVIIA T DOES THE ASSESSOR LOOK AT TO DETERMINE A PROPERTY ’S MARKET VALVE? <br />I:ach pro|H'rty is viewed to gather information on all charaeterisiics that affect its market value such as location, <br />size. age. quality of construction, amenities (i.c. walkout basements, fireplaces, and c.xtra baths), and site <br />characteristics. <br />4. ,<.9 I HOMESTEADING RESIDENT, HILL I BE TAXED OFF MY PROPERTY. ESPECIALLY IF ! AM <br />ON A LIMITED INCOME? <br />I lomesteadiiig residents are eligible Ibr property tax breaks in Minnesota through the use of the Homestead <br />( lassilication This ilecreases the property taxes on most residences. In addition to the Homestead Classification, <br />residents of Minnesota are eligible to apply lor the Regular Property Tax Refund or the Special ProtKrty Tax <br />Refund. Both of these must be applied for using the M - IPR lorm issued by the State of Minnesota. The Regular <br />Refund is based on income, so check the requirements stated on the fomi. ^’ou may qualify tor the Special Refund <br />il yvur property taxes increased by more than 12"o from 2003 to 2004 and the increase was SI00 or more. There <br />arc specific guidelines for each refund, which arc included with the instructions for the M • IPR form