What is the difference between 'Estimated Market Value' and 'Taxable Market Value'?

While estimated market value (EMV) shows what your property would likely sell for on the open market, "taxable market value" (TMV) is used to determine your taxes.

A property’s TMV is its estimated market value minus any tax exemptions, deferrals and value exclusions that apply. For example, some homeowners have a Homestead Market Value Exclusion, which reduces the amount of home value that is subject to tax.

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?