Market Value

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The city’s annual assessment of properties determines the “market value,” which is an opinion of what a property would sell for in a competitive market. The market value takes into account the property’s features, supply and demand, market trends and comparisons.

2019 market and median value
How do we determine a home's market value?
Assessing requirements

Market value notice

Each year in early March, the city mails a market value notice to every taxable parcel. The notice includes:

  • Market value established by the assessor as of Jan. 2
  • Property type and classification (residential, apartment or commercial; homestead or non-homestead; blind, disabled, etc.)
  • Taxable value after all limits and exclusions
  • Details and deadlines to appeal

Market value appeals process

If you believe your property value or classification is incorrect, contact us at 952-939-8220 to learn more, explain your concerns and request an informal review. You may request an on-site review so the appraiser can review the actual characteristics and condition of the property.

Property owners can formally appeal to the local and county boards and state tax court. Learn more about each step below.

Local Board of Appeal and Equalization
Hennepin County Board of Appeal and Equalization
Minnesota Tax Court
Summary and timeline