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ASSESSMENT FACT SHEET <br /> UPDATED 2/04 <br /> i'he purpose of this open book meeting is to review the Estimated Market Value and Classification for the 2012 <br /> Assessment, which will be reflected in taxes payable for 2013. <br /> Any questions regarding the taxes payable in 2012 cannot be addressed at this meeting because they are based <br /> on the assessment made in 201 L This Board has no authority to act on the 2012 taxes as per MN statute, Sec. <br /> 274.01. <br /> While we realize the MN Property Tax system is rather complicated and, at times, difficult to understand, it is <br /> hoped that the following information will help you when trying to communicate your questions and concerns <br /> with regards to your property's market value. <br /> State law requires that the value and classification of real estate be established as of January 2nd of each year. <br /> Market values are based on sales of properties within your market area. The MN Department of Revenue <br /> requires the overall level of assessment to be between 90% and 105% of market value. If the overall level of <br /> assessment is not at least 90%, the state may impose an aggregate increase on all properties within a city or <br /> classification. If sales indicated the market values have changed, the assessor must follow the trend indicated, <br /> 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 <br /> physically viewed every five years. In addition, all new construction, alterations, or improvements will be <br /> appraised annually. <br /> COMMONLY ASKED QUESTIONS AT BOARD OF REVIEW MEETINGS <br /> 1. IS IT ILLEGAL FOR THE ASSESSOR TO INCREASE MY i�AL UE SO MUCH IN ONE YEAR? <br /> No. The assessor must value property at market value each year. Property values change continuously <br /> with changing economic conditions. There is no limit as to the amount of increase or decrease in <br /> property values in a given year. <br /> 2. WHEN WILL THE VAL UE INCREASES STOP? <br /> This is impossible to predict. The market dictates our values. If sale prices are increasing, our estimated <br /> market values will increase. If sale prices are falling, then our estimated market values must follow that <br /> trend. <br /> 3. WHAT DOES THEASSESSOR LOOKAT TO DETERMINEA PROPERTY'S MARKET VALUE? <br /> Each property is viewed to gather information on all characteristics that affect its market value such as <br /> location, size, age, quality of construction, amenities (i.e. walkout basements, fireplaces, and extra <br /> baths), and site characteristics. <br />