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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 such as:

• on construction costs
• how much it takes to operate and keep a property in good repair
• what rent it may earn
• other financial considerations affecting market value such as the current rate of interest charged for borrowing money to buy or build properties like yours.

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. 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.

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 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. Regular home maintenance helps retain the market value of your property, but generally, your estimated market value will not increase for individual minor repairs such as:

• 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. For questions, contact the Property Assessment team. Using the main line at 952-496-8115 is recommended. 

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. What is a Quintile Review?

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 process is known as the quintile review. The assessor maintains an electronic database of records on the physical characteristics of each property in the County - noting characteristics like year built, style, square footage, quality of construction, and condition. A quintile review ensures the data we maintain in our appraisal system about your property remains accurate. The data is used in estimating a fair and equitable value of your property for property tax purposes. 

When they visit, Appraisal staff will request permission to view both the interior and exterior of your property. (An interior review is required for accuracy.) If you're unsure whether the individual works with Scott County, you may request to see their County ID badge. 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, along with any further instructions. Please review this notice carefully, as there may be additional need for an interior review or verification of information.

More information:

• Minnesota Statutes, Section 273 - Taxes, Listing, Assessment
• Minnesota Dept. of Revenue: Property Tax Administrator's Manual (PDF)

Minnesota Statutes.

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

In order to obtain a fair and accurate assessment, property owners should allow an appraiser to review both the interior and exterior of their property. Scott County does not mail a separate notice prior to these inspections, so you may not receive notice ahead of time. A property review takes approximately 10-15 minutes. The appraiser will try to answer any questions that you may have during the process.

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

To obtain a fair and equitable assessment, it's best for the appraiser to review the interior of your home or property. Any changes to assessed market value will require an interior inspection.

If an appraiser is unable to review the interior of your property, they will make a value estimate. The estimated market value will instead be reviewed based on the updated and existing records of your property, and sales of similar properties. 

Questions? Contact the Property Assessment Team.

12. 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 determined as of January 2nd of each year for taxes payable in the following year. For example, your January 2, 2023 estimated market value is established for taxes payable in 2024.

Questions? Contact the Property Assessment Team. 

Valuation Process page.