What is market value?

Minnesota Statute 272.03 defines "market value" as "the usual selling price at the place where the property … is … at the time of assessment." It is "the price that could be obtained at a private sale or an auction sale, if the assessor determines the price from an auction sale represents an arms-length transaction. The price obtained at a forced sale shall not be considered."

In other words, market value is the price that would prevail under competitive open-market conditions.

For additional information, contact the Assessor’s Office at 952-826-0365.

Show All Answers

1. What caused the historic increase in value?
2. How does the City Assessor determine the market value of my home?
3. What factors determine a property’s value?
4. If my home value went up 15%, will my taxes go up 15% too?
5. What is the difference between “Taxable Market Value” and “Estimated Market Value?”
6. What happens if the sales prices go back down this year?
7. What do I do if I think my home valuation is incorrect?
8. I just moved into a home. Who do I speak to about homesteading?
9. Who are City appraisers and what are their credentials?
10. What is market value?
11. What does the Assessor's Office do?
12. What is the difference between 'Estimated Market Value' and 'Taxable Market Value'?
13. How does my property value affect my property taxes?
14. What if I disagree with the assessor’s value?
15. Can I pay my property taxes at City Hall?