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Anoka County City of Lino Lakes 56 HOMESTEAD For property tax purposes, homestead is a tax benefit granted to property owners (or qualifying relatives) who are Minnesota residents and who own and occupy their home as their primary place of residence. Hom estead is a fact question which may require the assessor to utilize a number of indicators to determine if it is being appropriately claimed. Although factors such as mailing address and drivers license may sometimes be useful indicators to determine wher e a person lives, in the final analysis, the question comes down to, "Is the residence occupied as the applicant's primary place of residence ?" In other words, do they actually live there? If the answer is no, no amount of supporting documentation such as voter registrations or mailing addresses can alter the fact. IMPROVED LAND Land having either on -site improvements, off -site improvements or both. I MPROVEMENT A structure or building permanently attached to the land. INCOME APPROACH That procedur e in appraisal analysis which converts anticipated benefits (dollar income or amenities) to be derived from the ownership of property into a value estimate. The income approach is widely applied in appraising income -producing properties. Anticipated futu re income and/or revisions are discounted to a present worth figure through the capitalization process. INDEX OF REGRESSION Mean assessment ratio divided by the sales weighted -aggregate ratio. LEGAL DESCRIPTION A statement containing a designation by wh ich land is identified according to a system set up by law or approved by law. LIMITED MARKET VALUE A limitation which is imposed on how much the taxable value of certain classes of property (agricultural homestead or nonhomestead, residential homestead or nonhomestead, noncommercial seasonal recreational residential) can increase over the preceding year's value. This limit does not apply to an increase in your value due to improvement made to the property. MARKET APPROACH Traditionally, an appraisal procedure in which the market value estimate is predicated upon prices paid in actual market transactions and current listings, the former fixing the lower limit of value in a static or advancing market (price wise), and fixing the higher limit of value i n a declining market; and the latter fixing the higher limit in any market. It is a process of analyzing sales of similar recently sold properties in order to derive an indication of the most probable sales price of the property being appraised. The reli ability of this technique is dependent upon (a) the availability of comparable sales data, (b) the verification of the sales data, (c) the degree of comparability or extent of adjustment necessary for time differences; and (d) the absence of non -typical co nditions affecting the sale price. MASS APPRAISING A method used in revaluation of a community for tax purposes. As the term implies, it is a method of appraising a large number of properties at one time by adopting standard techniques, and giving due c onsideration to the appraisal process so that uniformity or equality of values may be achieved between all properties. MEAN ASSESSMENT RATIO Total of ratios divided by number of properties. MEDIAN ASSESSMENT RATIO Middle assessment ratio or the average o f the two middle terms when the ratios are lined up from low to high.