What is considered an accurate assessment?

An accurate assessment is achieved when all property is assessed at a mandated and uniform percentage of market value. Assessors annually measure and monitor the quality of their appraisal work in regard to two factors: an assessment level (the overall ratio of assessments to market value) and a range of assessment uniformity (the degree to which different properties are assessed at equal percentages of market value). 

The legal assessment level in Minnesota is considered to be 100% of market value, but the acceptable level established by the Department of Revenue is when the overall ratio falls between 90% and 105% of market value. The standards of uniformity applied to assessments vary among the various property types because of lack of homogeneity found in properties. However, it is suggested in the guidelines published by the International Association of Assessing Officers that all categories of property should be within a 10% to 20% band of the assessment level.

Show All Answers

1. What is considered an accurate assessment?
2. What method is used to measure the assessor’s appraisal performance?
3. How is a sales ratio calculated?
4. Does one sale tell us something about the assessment level of properties?
5. Are individual sales ratios also used to reveal the degree of assessment uniformity?