Why has my value gone up?

The assessor has not created the value. Values are set by transactions in the market place. Property values are based on market values which fluctuate with general economic conditions such as interest rates, inflation rates, supply and demand, and changes in tax laws. By Minnesota state law, as property values change in the marketplace, those changes must be reflected in the assessor's estimated market value.

Does an increase in market value mean that my taxes will increase?

If all property sees a similar increase in value, your property class hasn't changed, the local government agencies don't have to increase their budgets, and there is no change in classification rates by the state legislature, there will be no increase in your tax bill. Taxing authorities actually determine how much money the property tax has to generate to provide services to the taxpayer.

How does the assessor determine the estimated market value?

A mass appraisal process is used for estimating market values. Information from all sales that occur within the county is collected and closely analyzed by the Assessor's Office. The Assessor's Office then adjusts market values by comparing properties that sold within a given area with properties that have not sold within that same area.

Does the estimated market value increase at the same rate on all properties?

No, it does not. There are differences between individual properties and between cities or townships. In one area the sales may indicate a large increase in value, and in another area there may be very little or no change in value. Also, different types of property within the same area may show different value changes. There are numerous factors to be considered in each property which will cause value changes to differ. Location, condition, size, quality, basement finish, garages, and pole sheds are just a few of the many factors that can affect value of a property.

Can the estimated market value change even if the appraiser has not been inside my property?

Yes. The assessor keeps records on the physical characteristics of each property in the county. Even though the assessor may have been unable to go through your property, the estimated market value will be reviewed based on existing records and sales of similar property. The Assessor’s Office is required by law to look at all sales in all areas in the county each year and adjust values based on the current selling prices of property, regardless of whether or not it is a scheduled reassessment year for the property.

What will happen to my value if I improve my property?

Generally speaking, improvements that increase the market value or selling price of a property will increase the assessor's estimated market value. The following are typical improvements that will increase the market value of your property:

*Added rooms or garages
*Substantial updating of kitchen or bath
*Basement or lower level finishing
*Replacing old siding or windows
*Extensive remodeling

Will my value go up if I repair my property?

Good maintenance will help retain the market value of your property. Generally, your market value will not be increased for individual minor repairs such as those that follow. However, a combination of several of these items could result in an increase in your value.

*Replacing water heater
*Repairing or replacing roof or shingles
*Repairing porches, steps or sidewalks
*Repairing original siding
*Painting/decorating
*Replacing plumbing or electrical fixtures  

For further assistance, please contact the Assessor’s Office
at 635 2nd St SE, Milaca, MN, 56353 or call (320) 983-8311 or (888) 280-8311.