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1. What is Market Value?

The estimated market value should be the most probable sale price of a property in terms of money in a competitive and open market; assuming that a buyer and seller are acting prudently and knowledgeably; allowing sufficient time for the sale and assuming that the transaction is not affected by undue pressures. The Assessor’s Office works throughout the year to establish market values of each property as of January 2nd of each year for taxes payable the following year.

2. How does the Assessor Estimate Market Value?

The Scott County Assessor’s office uses a mass appraisal process for estimating market values. This system involves the analysis of sales that have taken place in the jurisdiction and the collection of the physical features of each property in the jurisdiction.

The assessor also analyzes information on construction costs, how much it takes to operate and keep a property in good repair, what rent it may earn, and many other financial considerations affecting market value, such as the current rate of interest charged for borrowing money to buy or build properties like yours. Learn more on the Market Value page.

3. How is my Estimated Market Value established?

The Assessor's Office estimates market value and classifies about 55,000 residential and commercial parcels each year for property tax purposes. The estimate of market value is as of January 2nd of each year for taxes payable in the following year (Example: January 2, 2017 estimated market value is established for taxes payable in 2018). Learn more on the Valuation Process page.

4. 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. By Minnesota state law, as property values change in the market place, those changes must be reflected in the assessor’s estimated market values.

In addition to market changes, 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 due solely to routine maintenance.

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

5. Does the Estimated Market Value change at the same rate on all properties?

No, it does not. There are differences between individual properties and between neighborhoods. In one area the sales may indicate a large increase in value in a given year. In another neighborhood there may be very little or no change in value. Properties within the same neighborhood may show different value changes. There are numerous factors to be considered in each property, which will cause value changes to differ. Some of the factors that can affect value are location, condition, size, quality, number of baths, basement finish, garages, and many others. Property information may have been corrected resulting in an increase or decrease in value different than neighboring properties.

6. What will happen to my estimated market value if I improve my property?

Generally speaking, improvements that increase the market value of a property will increase the assessor’s estimated market value. The following are typical improvements that will increase the estimated market value of your property:
- Added rooms or garages
- Substantial modernization of kitchens or baths
- Central air conditioning
- Fireplaces
- Extensive remodeling

7. Will my estimated market value go up if I repair my property?

Not necessarily. Good maintenance will help retain the market value of your property. Generally, your estimated market value will not be increased for individual minor repairs such as those that listed below.
- Replacing water heater
- Repairing or replacing roof
- Repairing porches or steps
- Repairing original siding
- Painting/decorating
- Replacing plumbing or electrical fixtures

However, a combination of several of these items could result in an increase in your estimated market value.

8. Am I notified about my Estimated Market Value?

Yes. Scott County mails a Notice of Valuation and Classification in March of each year to each property owner.

9. How do I know I have taken advantage of all property tax relief?

Learn about tax relief on our Property Tax Relief page.

10. What is a Quintile Review?

The assessor maintains records on the physical characteristics of each property in the County. The Assessor’s Office is required by State law to physically review your property at least once every five years and record any changes in property characteristics since their last visit. This review is part of an ongoing revaluation program to ensure the accuracy of our data and to assist us in estimating a fair and equitable value of your property for property tax purposes. This process is known as the quintile review. Reference (Minnesota Statutes, section 273.01) Appraisal staff carries County Identification and will request permission to view the interior and exterior of your property. If you are not home we will complete an exterior inspection and a notice will be left on your front door notifying you of our visit with any further instructions such as a need for an interior review or verification of information.

Appraisal staff view the interior and exterior of your property to collect property characteristics used in estimating market value. The property characteristics such as year built, style, square footage, quality of construction, and condition are entered into a computerized mass appraisal system.

Read the Minnesota Statutes.

11. Will I be notified when my property is going to be reviewed?

No. Scott County does not mail a separate notice prior to these inspections. This property review will take 10 - 15 minutes and the appraiser will try to answer any questions that you may have.

12. What happens if I do not let the appraiser in my home?

Even though the assessor may have been unable to go through your property, the estimated market value will still be reviewed based on the updated and existing records of your property and sales of similar properties. In order to obtain a fair and equitable assessment, it is best for the appraiser to review the interior of your home. If an appraiser is unable to review the interior of your property he or she will make a value estimate. Any changes to assessed market value will require an interior inspection.