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Anoka County City of Lino Lakes <br />2 <br />Understanding Your Assessment and Appeal Options <br />Assessment Process Timeline In Minnesota it is the duty of the Assessor to value and classify property. This is done annually as of the assessment date of January 2nd. Each year's assessment is based on arms-length transactions (sales that 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 their budgeting process for the following year. They use the total assessment to determine their tax base and develop their tax rates (formerly referred to as mill rates). All aspects of the assessment, including but not limited to the assessment date, sales period for each assessment and property tax classification are dictated by state statute and under the oversight of the Minnesota Department of Revenue. <br />Market Value DefinedAs in private appraisal, Market Value is defined as: <br />The most probable price that a property should bring in a competitive and open market under <br />all condition’s 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 />4