This is the time of year when counties mail notices to property owners showing the market value that will be used to determine your property taxes for the coming year. There is a one-year delay between the time your property is valued and when you will owe taxes based on that value… the taxes you pay this year are based on your valuation from last year.
We live in Golden Valley, and here is their explanation of the 4-step process.
- Roughly every five years an appraiser views your property, inside and out.
- The appraiser gathers information on property characteristics that could affect market value, such as size, age, quality, and accessory structures.
- An assessor analyzes actual property sales in the city and reviews last year’s open market sales to determine the sale price of similar properties.
- The property characteristics are entered into a computer appraisal system, and information is updated to reflect market trends and current property values.
Every city has its own process, but they are similar. If you don’t agree with your value, you can appeal. There are instructions that accompany your valuation notice. Visit your city government website for more information. The state of Minnesota also has guidelines for preparing an appeal.
