Market Value Determination
Values and classifications for all properties in Edina must be established on Jan. 2 of each year. The City's Assessing Division works throughout the year to estimate the market value of each property for the following Jan. 2.
Edina appraisers gather information on all property characteristics that affect market value, such as size, age, quality, basement finish, and extra features, such as fireplaces, walkout basements, etc.
The Assessing Division analyzes actual sales of the property in the City of Edina. Sales in a 12-month time period preceding the Jan. 2 assessment date (from Oct. 1 to Sept. 30) are reviewed to determine what properties have sold for on the open market. These sales are used as a guide to help estimate what similar properties would likely sell for if they were placed on the market.
Under Minnesota Statute 273.08, appraisers are responsible for reviewing every parcel under their jurisdiction at least once every five years to make sure that the information used to establish market value is accurate and current. The appraisers will be utilizing a variety of techniques that may include interior or exterior inspections. If the appraiser determines that an interior inspection is required, you will be mailed a notice requesting that you make an appointment for an interior inspection. While in your neighborhood, the appraiser will inspect property exteriors, as well as interiors for those that have scheduled an inspection. In addition, he or she will be happy to answer any questions you may have at that time.
Your appraiser may post a yellow note to your door indicating that a representative of the Assessor's Office had been there; and they may request more information. While your appraiser is there though, he or she will walk around your home to verify all exterior data for accuracy.
It is our goal to compile the best data to assure an equitable assessment that will be fair to all property owners. This is why it is so important that we review all properties in each district.
Computer-Assisted Mass Appraisal
The characteristics collected by the appraisers are entered into a computerized appraisal system. Information on actual sales are verified and updated to reflect market trends. Values are calculated based on sales comparisons. The market value estimated by the appraiser in this way should be very close to the amount the property would sell for, if placed on the open market. The MN Department of Revenue requires the overall level of assessment to be between 90-105% of market value. The City of Edina and Hennepin County consistently meet the Department’s requirement.
The City of Edina Assessing Division mails a Value Notice to each property owner in March of every year. The current year's value forms the basis for the following year’s tax.