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From YouTube: How Minneapolis property values are set.
Description
Take a closer look at the role of City assessors and how they determine property values. http://minneapolismn.gov/assessor
A
Every
year
the
city
of
Minneapolis
assessor's
office
values
and
classifies
over
a
hundred
and
thirty
thousand
properties,
the
annual
assessment
is
complete
on
January
2nd,
then,
in
the
spring,
the
assessor's
office
distributes
a
valuation
notice.
This
notice
includes
important
information
such
as
your
property's
estimated
market
value
and
taxable
market
value.
So
what's
the
purpose
of
the
valuation
notice
and
how
does
it
affect
your
property
taxes?
Let's
take
a
look,
people,
often
misunderstand
the
Assessors
role
and
how
it
affects
the
amount
of
property
tax.
A
Imagine
you're
in
a
restaurant
with
two
friends,
one
of
you
orders
chili
one
orders
a
steak
and
you
order
a
hamburger.
The
waiter
comes
to
the
table
with
a
total
bill
of
$75.
What
should
each
person
pay
if
everyone
paid
the
same
amount?
The
person
who
ordered
the
steak
might
be
happy,
but
what
about
the
person
who
ordered
the
chili?
Or
what
about
you?
Who
ordered
the
hamburger?
A
This
is
where
the
Assessor
comes
in
think
of
the
food
as
your
property.
Just
like
these
meals,
some
people's
property
is
worth
more
than
others,
and
it's
the
Assessors
job,
to
determine
how
much
each
property
is
worth.
In
the
same
way,
the
value
of
the
menu
items
needed
to
be
determined.
The
accurate
value
of
each
property
in
the
city
needs
to
be
determined
to
ensure
a
fair
tax
rate.
Your
property's
value
is
then
used
to
calculate
your
share
of
the
local
property
tax
levy
for
the
year
at
the
end
of
each
year.
A
The
city
sets
their
budget
for
the
coming
year.
Once
this
is
set,
the
Assessor
provides
the
estimated
market
value
of
each
property,
along
with
the
taxable
market
value.
The
taxable
market
value
is
the
value
your
property
taxes
are
based
on.
After
all,
reductions
such
as
homestead,
if
your
property
value
increases,
it
doesn't
necessarily
mean
your
property
tax
will
increase
because
your
property
value
changes
year
to
year,
along
with
all
other
properties
in
the
city
and
it's
those
new
values
that
are
used
to
calculate
each
property
share
of
the
local
property
tax
levy.
A
Assessors
maintain
a
large
and
thorough
database
of
real
estate.
Information
for
all
Minneapolis
properties
to
ensure
your
valuation
is
as
precise
as
possible.
State
statute
mandates,
an
assessment
of
all
property
on
an
annual
basis
and
the
Minnesota
Department
of
Revenue
provides
oversight
to
ensure
a
fair
and
accurate
assessment
to
make
sure
Assessors
have
accurate
information.
They
must
visit
your
property
every
five
years
in
Minneapolis
Assessors
review
an
average
of
25,000
homes
and
businesses
annually,
and
they
value
both
the
land
and
structures
on
your
property.
A
They
look
at
similar
properties
that
have
sold
with
similar
characteristics
such
as
age,
style,
square,
footage
and
location.
They
don't
just
compare
your
property
to
your
neighbor's
property.
Details
like
an
extra
bathroom
deck
for
finished
basement
can
make
a
significant
difference
in
value
when
comparing
two
similar
homes.
When
you
see
a
change
in
the
value
of
your
property,
it
is
typically
the
result
of
changes
to
your
property,
such
as
additions
or
remodeling,
or
local
real
estate
market
sales,
for
example,
if
you
remodel
to
your
kitchen
or
add
a
garage,
your
property
value
could
increase.
A
So
what
happens?
If
you
disagree
with
the
value
of
the
assessment
on
your
property,
the
time
to
appeal
is
when
you
receive
your
valuation
notice
in
the
spring,
to
prepare
an
appeal.
You
should
review
characteristics
of
your
property
and
market
sales
of
similar
homes
that
compare
to
your
property.
If
you
think
your
current
assessment
is
not
correct,
you
should
contact
the
assessor's
office
as
noted
on
your
valuation
notice
by
law.
If
your
property
has
not
been
reviewed,
an
Assessor
will
need
to
come
out
to
your
property
before
any
changes
to
the
value
may
be
considered.
A
Based
on
the
review,
the
Assessor
will
evaluate
the
estimated
market
value
for
accuracy
after
the
review.
If
you
disagree
with
the
Assessors
recommended
valuation,
you
have
appeal
options.
The
information
about
your
appeal
options,
including
meeting
dates
and
times,
can
be
found
on
your
valuation
notice
and
be
sure
to
read
your
valuation
notice
in
its
entirety
and
remember.
The
Assessors
number-one
goal
is
to
ensure
fair
and
equitable
values.
They
take
great
pride
in
their
work
for
more
information,
go
to
the
city
website
or
contact
3-1-1.