Why has my property value changed?

Values are set by transactions in the market place. Property values are based on market values which fluctuate with general economic conditions such as:

  • Changes in tax laws
  • Inflation rates
  • Interest rates
  • Supply and demand

By Minnesota state law, as property values change in the marketplace, those changes must be reflected in the Assessor's estimated market value.

Show All Answers

1. Why does the Assessor's Office exist?
2. Who determines my property tax?
3. What factors affect my property taxes?
4. Why has my property value changed?
5. Does a change in market value mean that my taxes will change?
6. How does the Assessor determine the estimated market value?
7. Are there any limits as to how much the estimated market value of my property can change in one year?
8. Does the estimated market value increase at the same rate on all properties?
9. Can the estimated market value change even if the appraiser has not been inside my property?
10. What will happen to my value if I improve my property?
11. Will my value go up if I repair my property?
12. Which Assessor assesses my property?