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Many factors contributed to the dramatic increase in value, most notably the competitive real estate market and a shortage of homes for sale.
The annual assessment process analyzes what a property would sell for in an open market transaction. The assessor estimates values based on actual sales of comparable properties.
A property’s market value can be affected by multiple factors such as size, age, condition, quality of construction and other features such as fireplaces, decks, porches, etc. As a result, two neighboring homes, while looking similar from the exterior, can have varying market values.
A property valuation increase does not equate to a property tax increase. While we do expect a shift in tax burden from commercial to residential properties for taxes payable in 2023, many factors will determine the amount each taxpayer owes, including property classification, individual value change and homestead market value exclusions.
Taxable Market Value is your Estimated Market Value minus any deductions attributable to special programs, such as the Disabled Veteran Market Value Exclusion.
If future sales indicate market values have dropped, assessors will follow the trend down, as the estimated market value of each home is based on actual sale prices of comparable properties.
Detailed appeal options can be found on the Valuation Notice mailed to property owners the week of March 21.
You can apply for a homesteading classification online or by mail. Visit the Homestead Classification page for instructions.
To apply, you must have a copy of the deed and Certificate of Real Estate Value provided at closing and Social Security numbers of all owners, spouses not on deeds and/or qualified relatives who occupy the property.
If you need assistance or for more information, please contact our Assessing Department at 952-826-0425.
Appraisers employed by the City of Edina Assessing Department are professionals with stringent training and experience requirements set by the State Board of Assessors. The State Board of Assessors administers licensure of appraisers. The City of Edina Assessing Department staff appraisers are:
For additional information, contact the Assessor's Office at 952-826-0365.
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.
The law requires assessors to establish an estimated market value annually on each property. In addition to market changes, numerous physical changes affect the value of land and building.
The Assessor also determines the classification, or use, of each parcel. For instance, property may be residential homestead, residential non-homestead, apartment, industrial, commercial, etc. Classification rates are set by state legislative action and vary by property classification.
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.
Property value does not directly affect your property tax bill. It is used to calculate your share of the local property tax levy for the year.
This levy is the total property tax revenue needed to fund the budgets set by your county, city, and school district.
Your property’s taxable market value is multiplied by its classification rate to determine its share of the levy.
Increasing or decreasing your property’s market value does not change the overall amount of property tax revenue that is collected.
If after receiving your market value notice in March, you believe your property or classification is incorrect, call the Edina Assessing Office at 952-826-0365.
If you disagree with your current value, collect any information you have to show why you believe your estimated market value or classification is incorrect, such as a recent appraisal of your property, recent sales of similar properties, etc.
Then, contact the City of Edina Assessor’s Office at 952-826-0365. This step must be accomplished according to the timeline set forth in the market value notice.
Complete an application to attend the local Board of Appeal and Equalization meeting identified on your value notice. Staff will help you with this process. You must start with your local board.
If your concern still is not resolved at the local level, you may then proceed to the County Board of Appeal and Equalization meeting.
Then, if your concern is still not resolved, you may petition the Minnesota Tax Court. Tax Court Petitions may be filed after you receive your value notice and before April 30 of the year the taxes are payable.
For more information, contact the Minnesota Tax Court at 651-539-3260 or MN Relay at 800-627-3529.
Property taxes cannot be paid at City Hall. Current property taxes can be paid online at www.Hennepin.us, by mail to Hennepin County Treasurer, A-600 Government Center, Minneapolis, MN 55487 or in person at all Hennepin County Service Centers. For more information, visit www.Hennepin.us.
For more information, contact Edina’s Assessing Division at 952-826-0365.