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.
The 2019 total Minnetonka market value is more than $10.19 billion.
The 2019 median value for a single-family residential property in Minnetonka is $378,500.
Our assessors use a mass appraisal system to determine market value. We adjust all property values annually, based on actual sales of similar properties and statistical analysis.
Minnesota statutes require assessors to physically view each parcel to appraise its market value and defines market value as “the usual selling price at the time of assessment.”
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.
The Minnetonka City Council convenes each April as the Local Board of Appeal and Equalization, advised by local real estate professionals. The advisors must gain access to the property in order to offer a value recommendation. The board may confirm, increase or decrease the assessor’s market value. Application and deadline information is included on your market value notice.
Market value can be further appealed to the county board, which convenes each June. You must first appear at the local level to be eligible to appeal to the county board. County appeal deadlines and details are listed on your market value notice.
The final avenue to appeal is a petition the Minnesota Tax Court. All appeals for tax court must be filed on or before April 30 the year the tax becomes payable.
Owners of income producing property (apartment, commercial, industrial) must file income and expense information with the assessor’s office by Aug. 1 in which the taxes are payable. Failure to do so may result in dismissal of the petition.
- Notices of valuation and classification are mailed by the city to property owners each March.
- Appeals to the local board are due in late March or early April for hearings in late April. Check your market value notice for details.
- The county board meets in June following local hearings.
- Petitions to the state tax court are due April 30 for the previous year.