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.