Minnesota statues require estimated market value to be at 100% of market. Assessors view and inspect real estate to gather appropriate specific and general data in the valuation process. Because property values change with changing economic and demographic conditions, current sale information is continuously reviewed providing the foundation for the valuation process.
In addition to market changes, any physical changes that affect the value of land and buildings are noted and considered. All factors affecting market value are considered in this process.
More information can be found at the MN Dept of Revenue website using the links below: