Minnesota statute defines "market value" as "the usual selling price . . . at the time of assessment"
How is it Established?
State statute requires the Assessor's Office to revalue all property every year to reflect real estate market conditions. The Assessor's Office is required to make sure assessment values are between 90% and 105% of actual market value. In addition, Minnesota state statute required properties to be physically reviewed at least once every five years. This does not included other visits for new construction, alterations, or improvements that will be viewed in the current year. Viewing the interior of the property is important in determining the quality and condition of each property, as well as documenting amenities and helping to determine the use of the property. How is My Estimated Market Value Established? My House is Worth What? (PDF) How the Assessor Estimates Your Market Value (PDF)