Why has my Estimated Market Value changed?

Property values are based on market values that fluctuate with general market conditions such as recent sale prices, supply and demand, demographic changes, and changes in tax laws. Per Minnesota state law (see Chapter 273), as property values change in the marketplace, those changes must be reflected in the assessor’s estimated market values.

In addition to market changes, significant physical changes made to your property can also affect your market value. For example, if you were to add a garage to your home, the market value may increase. However, if your property is in poor repair, the market value may decrease over time. The assessor does not increase values based on routine maintenance alone.

In some areas, market conditions may lead to increases in market values without any physical changes to the property. Other areas may experience declines. All factors are considered in estimating the value of property.

Show All Answers

1. What is Market Value?
2. How does the Assessor Estimate Market Value?
3. How is my Estimated Market Value established?
4. Why has my Estimated Market Value changed?
5. Does the Estimated Market Value change at the same rate on all properties?
6. What will happen to my estimated market value if I improve my property?
7. Will my estimated market value go up if I repair my property?
8. Am I notified about my Estimated Market Value?
9. What is a Quintile Review?
10. Will I be notified when my property is going to be reviewed?
11. What happens if I do not let the appraiser in my home?
12. How is my Estimated Market Value established?