04/09/2007 Council Packet - Laserfiche WebLink

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Anoka County City of LinoLakes Appealing the value or classification of your property Informal appeal options - Contact your assessor If you disagree with the classification or estimated market value for your property for 2007, please contact your assessor's office first to discuss your concerns. Often your issues can be resolved at this level. Contact information for your assessor's office is on the other side of this notice. Some jurisdictions choose to hold open book meetings to allow property owners to discuss their concerns with the assessor. If this is an option available to you, the meeting time(s) and location(s) will be indicated on the other side of this notice. Formal appeal options If your questions or concerns are not resolved after meeting with your assessor, you have two formal appeal options: Option 1— The Boards of Appeal and Equalization You may appear before the Boards of Appeal and Equalization in person, through a letter, or through a representative authorized by you. The meeting times and locations are on the other side of this notice. You must have presented your case to the Local Board of Appeal and Equalization BEFORE going to the County Board of Appeal and Equalization. Step 1 — Local Board of Appeal and Equalization If you believe your value or classification is incorrect, you may bring your case to the Local Board of Appeal and Equalization. Please contact your assessor's office for more information. If your city or township no longer has a Local Board of Appeal and Equalization (as indicated on the other side of this notice) you may appeal directly to the County Board of Appeal and Equalization. Step 2 — County Board of Appeal and Equalization If the Local Board of Appeal and Equalization did not resolve your concerns, you may bring your case to the County Board of Appeal and Equalization. You must call in advance to get on the agenda. Please contact the county assessor's office to get on the agenda or for more information. Option 2 — Minnesota Tax Court Small Claims Division You may take your case directly to the Small Claims Division of Tax Court if: • The assessor's estimated market value of your property is less than $300,000; or • The entire parcel is classified as a residential homestead (la or lb) and the parcel contains no more than one dwelling unit; or • The entire property is classified as an agricultural homestead (2a or 1 b); or • You are appealing the denial of a current year application for homestead classification of your property. Regular Division Regardless of your property type or the nature of your daim, you always have the option to file directly with the Regular Division of Tax Court. You have until April 30, 2008, to file an appeal with the Small Claims Division or the Regular Division of Tax Court for your 2007 valuation and classification. For more information, contact the Minnesota Tax Court: 25 Rev. Dr. Martin Luther King, Jr. Blvd, Room 245, St. Paul, MN 55115 Phone: 651- 296 -2806 website: www.taxcourt.state.mn.us Definitions Property Classification — The statutory classification that has been assigned to your property based upon your use of the property. A change in classification of your property can have a significant impact on the real estate tax payable. Please compare the 2006 and 2007 classifications listed on the other side of this statement. Estimated Market Value — This value is what the assessor estimates your property would likely sell for on the open market. State law requires assessors to value property at 100 percent of market value. Value of New Improvements — This is the assessor's estimate of the value of new or previously unassessed improvements you have made to your property. These improvements are not eligible for limited market value. Limited Market Value — Limits how much the taxable value of certain properties can increase. With the exception of new improvements, the value is limited to the greater of: 1) 15 percent increase over last year's limited market value or 2) 33 percent of the difference between this year's estimated market value and last year's limited market value. This only applies to agricultural, residential, timberland, or noncommercial seasonal recreational residential (cabins) property. Green Acres — Only applies to agricultural property that is facing increasing values due to development pressures not related to the agricultural value of the land. The assessor arrives at this lower value by looking at what comparable agricultural land is selling for in areas where there is not development pressure. The taxes on the higher value are deferred until the property is sold or no longer qualifies for the program. Plat Deferment — For land that has been recently platted (divided into individual lots) but not yet improved with a structure, the increased market value due to platting is added over a phase -in period. If construction begins before the expiration of the phase -in period, the lot will be assessed at full market value in the next assessment. This Old House Exclusion — This program expired with the 2003 assessment. However, property may still be receiving the value exclusion under this program. Applied only to homestead property 45 years of age or older and valued at less than $400,000. Improvements that increased the estimated market value by $5,000 or more were eligible to have some of the value deferred for a maximum of 10 years. After this time, the deferred value is phased in. Taxable Market Value — This is the value that your property taxes are actually based on, after all reductions, limitations, exemptions and deferrals. Your 2007 value, along with the class rate and the budgets of your local government, will determine how much you will pay in taxes in 2008. For more information on appeals, check out the Department of Revenue website: http: / /taves.state.mn.us 60