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Frequently Asked Questions About Estimated Market Values • <br /> 1. Why has my value gone up? <br /> 111 <br /> Property values are based on market values which fluctuate with general economic conditions <br /> such as interest rates, inflation rates, supply and demand, and changes in tax laws. By <br /> Minnesota state law, as property values change in the market place, those changes must be <br /> reflected in the assessor's estimated market values. <br /> 2. How does the assessor determine the estimated market value? <br /> The Ramsey County Assessor's office uses a mass appraisal process for estimating market <br /> values. This system involves the comparison of thousands of properties with actual market <br /> sales from the same neighborhoods. All sales information collected by the assessor's office is <br /> closely analyzed. The assessor's office adjusts market values by comparing properties that <br /> sold with properties that have not sold. This sales comparison provides the basis for the <br /> assessor's estimated market value. <br /> 3. Does the estimated market value increase at the same rate on all properties? <br /> No, it does not. There are differences between individualro <br /> p perties and between <br /> neighborhoods. In one area the sales may indicate a large increase in value in a given year. In <br /> another neighborhood there may be very little or no change in value. Different types of property <br /> within the same neighborhood may show different value changes. There are numerous factors <br /> to be considered in each property, which will cause value changes to differ. Some of the <br /> factors that can affect value are location, condition, size, quality, number of baths, basement <br /> finish, garages, and many others. <br /> 4. Can my estimated market value change even if the assessor has not been inside my <br /> property? <br /> Yes. Tassedphysartiortin <br /> County.he Even though <br /> essor thekeeps assessorrcorson may the have beenical chunableacerto go stics through ofeach yourprpepropertyythe, the <br /> estimated market value will still be reviewed based on existing records and sales of similar <br /> property. <br /> 111 <br /> 5. What will happen to my estimated market value if I improve my property? <br /> Generally speaking, improvements that increase the market value of a property will increase the <br /> assessor's estimated market value. The following are typical improvements that will increase <br /> the estimated market value of your property: <br /> *Added rooms or garages <br /> * Substantial modernization of kitchens or baths <br /> * Central air conditioning <br /> * Fireplaces <br /> * Extensive remodeling <br /> Exemption for certain improvements House" <br /> p s is commonly known as "This Old and applies to <br /> homes 35 years of age or older. To qualify, the property must be the applicant's homestead in <br /> the year the improvements were made. If you have additional questions on "This Old House," <br /> please call 651-266-2131. <br /> 14 <br />