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05-09-2022 Council Packet
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05-09-2022 Council Packet
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City Council
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Council Packet
Meeting Date
05/09/2022
Council Meeting Type
Regular
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Anoka Coun <br />Citv of Lino Lakes <br />Understanding Your Assessment and Appeal Options <br />Assessment Process Timeline <br />In Minnesota it is the duty of the Assessor to value and classify property. This is done annually as of the <br />assessment date of January 2nd. Each year's assessment is based on arms -length transactions (sales that <br />meet the criteria of an open market transaction, see market value definition below) that occurred the <br />previous October thru September. When the assessment is completed the local taxing jurisdictions begin <br />their budgeting process for the following year. They use the total assessment to determine their tax base <br />and develop their tax rates (formerly referred to as mill rates). All aspects of the assessment, including but <br />not limited to the assessment date, sales period for each assessment and property tax classification are <br />dictated by state statute and under the oversight of the Minnesota Department of Revenue. <br />Market Value Defined <br />As in private appraisal, Market Value is defined as: <br />The most probable price that a propertyshould bring in a competitive and open market under <br />all conditions requisite to a fair sale, the buyer and seller each acting prudently and <br />knowledgeably, and assuming the price is not affected by any undue stimulus. Implicit in this <br />definition are the consummation of a sale as of a specified date and the passing of title from <br />seller to buyer under conditions whereby. <br />• buyer and seller are typically motivated: <br />• both parties are well informed or well advised, and acting in what they <br />consider their own best interests; <br />• a reasonable time is allowed for exposure in the open market, <br />• payment is made in terms of cash in U.S. dollars or in terms of financial <br />arrangements comparable thereto, <br />• the price represents the normal consideration for the property sold <br />unaffected by special or creative financing or sales concessions granted by <br />anyone associated with the sale (a foreclosure sale or a short sale [a sale to <br />avoid foreclosure] is not considered an arms -length transaction). <br />Mass Appraisal Defined <br />Property values for Minnesota real estate tax purposes are determined via mass appraisal. Mass appraisal <br />is the practice of determining individual values based on statistical analysis of a group of sales for a large <br />area. The values are determined as of a specific date and are based on arms -length transactions that <br />occurred during a specified sales period. <br />2 <br />
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