The Assessing Services Department mails a Value Notice to each property owner around the middle of March every year. The assessment on Jan. 2 forms the basis for the following year’s tax. For example, a value notice sent in March 2024 will be the basis for your 2025 property taxes.
See a copy of the Notice of Valuation.
The market value of property, defined by
Minnesota Statute 272.03, subd 8., provides the basis for the amount of property taxes you pay each year. This market value is based off of open market sales data over a year-long period. It also takes time to notify property owners of the value of property, so the market value that is established in one year is used to formulate the property taxes for the next year.
Sign up for electronic tax statements and value notices
You can also receive your property tax notices and statements through email. With electronic statements, you don’t have to worry about losing paper copies. They can be stored easily on any computer.
Sign up for electronic tax statements and value notices
Look up valuation notices online
You can look up current valuation notices online. Go to the
Property Information Search and enter your house number. Select your address. Then, select
Valuation Notice.
Look up your valuation notice
Understanding your notice
Each Notice of Valuation includes the following:
Estimated Market Value: This value is what the assessor estimates your property would likely sell for on the open market. State law requires assessors to value property at 100 percent of market value. See
Determining Market Value for an expanded definition.
Value of New Improvements: This is the assessor's estimate of the value of the new or previously unassessed improvements that have been made to your property within the past five years.
Green Acres: Only applies to agricultural property that is facing increasing value due to development pressures not related to the agricultural value of the land. The assessor arrives at this lower value by looking at what comparable agricultural land is selling for in areas where there is not development pressure. The taxes on the higher value are deferred until the property is sold or no longer qualifies for the program. See
Green Acres for an expanded definition.
Plat Deferment: For land that has been recently platted (divided into individual lots) but not yet improved with a structure, the increased market value due to platting is phased in over time. If construction begins, or if the lot is sold before expiration of the phase-in period, the lot will be assessed at full market value in the next assessment.
Homestead Market Value Exclusion: For 2024 assessment, this section increases the base homestead market value exclusion from $76,000 to $95,000 and increases the overall value qualifying for the exclusion from $413,800 to $517,200. For homestead valued between $95,000 and $517,200, the exclusion is $38,000 minus 9 percent of the valuation over $95,000. For a homestead valued at $517,200 or more, there is no valuation exclusion.
Taxable Market Value: This is the value that your property taxes are actually based on, after all the reductions, limitations and deferrals. Your taxable value, along with the class rate and the budgets of your local government, will determine how much you will pay in taxes. The taxes you will pay in May will be determined from the previous year's taxable market value.
Remember: your property is assessed in one year and taxed in the next year.