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ASSESSMENT FACT SHEET <br />I’l’DA I I D .VOO <br />The purpose of this local board meeting is to review the Estimated Market Value and Classification for the 2000 assessment, <br />which will be reflected in taxes payable for 2001. <br />An> questions regarding the taxes pa> able in 2000 cannot be addressed at this meeting because the>' are based on the <br />assessment made in 1999. This Board has no authority to act on the 2000 taxes as per MN statute. Sec. 274.01. <br />While we realize the MN Propertx Tax sxstem is rather complicated and, at tunes, difTicult to understand, it is hoped that the <br />following information will help \ou when tr\ ing to communicate >our questions and concerns with regards to >our property's <br />market value. <br />State law requires that the value and classification of real estate be established as of January 2nd of each year. Market values <br />arc based on sales of properties w ithin your market area. The MN Department of Revenue requires tlic overall level of <br />assessment to be between 90% and 105% of market value If the overall level of assessment is not at least 90%, the state may <br />impose an aggregate increase on all properties w ithin a cit> or classification If sales indicated the market v alues hav e <br />changed, the assessor must follow tlic trend indicated, whether it is to increase or decrease property values. <br />Mass appraisal is the method used by assessors to estimate the market value of properties. Each property is physically viewed <br />cvciy four vears. In addition, all new construction, alterations, or improvements will be appraised annually. <br />COMMONLY ASKED QUESTIONS AT BOARD OF REVIEW MEETINGS <br />1. ISITILLEGAL FOR THE ASSESSOR TO INCREASE MY VALVE SO MUCHIN ONE YEAR? <br />No. The assessor must value property at market value each vear. Propertv v alues change continuously with <br />changing economic conditions. Tlicrc is no limit as to the amount of increase or decrease in propert) values in a <br />given vear <br />2. WHEN WILL THE VALVE INCREASES STOP? <br />This IS impossible to predict. Our v alucs arc dictated bv’ the market. If sale pnccs arc increasing, our <br />estimated market values w ill increase. If sale prices are falling, then our estimated market v alues must follow <br />that trend <br />3. WHA T IX)ES THE ASSESSOR LOOK A T TO DETERMINE A PROPERITS MARKET VAL VE? <br />Each propertv is v lewed to gather information on all characteristics that affect its market value such as location, size, <br />age. quulitv of construction, amenities (i.e walkout basements, fireplaces, and extra baths), and site characteristics. <br />4. ASA HOMESTEADINd RESIDENT WH1.1 RE TAXED OFF MY PROPERTl', ESPECIALLY IF I AM <br />ON A LIMI TED INCOME ? <br />Homesteading residents arc eligible for propertv tax breaks in Minnesota bv use of the Homestead Classification <br />This significantiv decreases the propertv taxes on most residences In addition to the Homestead Classification, <br />residents of Minnesota are eligible to appiv for the Regular Propertv Tax Refund or the Special Propertv Tax Refund. <br />BoU) of these must be applied for using the M - I PR form issued by the State of MN fhe Regular Refund is based <br />on income so check the requirements stated on the form You mav qualifv for the Special Refund if v our propertv <br />taxes increased bv more tlian 12% from 1999 to 2000 and the increase was $I(M) or more There arc specific <br />guidelines for each refund, which arc included witli tlic instructions for the M - I PR.