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Frequently Asked Questions |
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Hennepin County Property Information Search
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Why has my property value gone up?
Property values are based on market values which fluctuate with general economic conditions such as interest rates, inflation rates, supply and demand and changes in tax laws. By law, as property values change in the marketplace, the changes must be reflected in the assessor's estimated market values.
How does the assessor determine the estimated market value? The City of Brooklyn Park uses a mass appraisal process for estimated market values. This system involves the comparison of thousands of properties with actual market sales from the same neighborhoods. All sales information collected by the assessor's office is closely analyzed and market values are adjusted by comparing properties that sold with properties that have not sold. This sales comparison provides the basis for the assessor's estimated market value.
Does the estimated market value increase at the same rate on all properties?
No, it does not. There are often differences between properties and neighborhoods. Sales in one area may indicate a large increase in value while another neighborhood may experience very little or no change in value. Different types of property within the same neighborhood may also show different value changes. Many factors affect value including location, condition, size, quality, number of baths, finished basements, garages, etc.
Can my estimated market value change even if the assessor has not been inside my property? Yes. The assessor keeps records on the physical characteristics of each property in the city. Even though the assessor may have been unable to go through your property, the estimated market value will still be reviewed based on existing records and sales of similar property.
What will happen to my estimated market value if I improve my property?
Generally speaking, improvements that increase the market value of a property will increase the assessor's estimated market value. The following are typical improvements that will increase the estimated market value of your property:
- Added rooms or garages
- Substantial modernization of kitchens or baths
- Central air conditioning
- Fireplaces
- Extensive remodeling
- Exemption for certain improvements under "This Old House" homes 45 years of age or older.
Will my estimated market value go up if I repair my property?
Good maintenance will help retain the market value of your property. Generally, your estimated market value will not be increased for individual minor repairs such as those that follow. However, a combination of several of these items could result in an increase in your estimated market value.
- Replacing a water heater
- Repairing or replacing roofs
- Repairing porches or steps
- Painting or redecorating
- Replacing plumbing or electrical fixtures
What can I do if I think the estimated market value is too high?
You have the right to appeal the estimated market value. The methods of appeal are detailed on the back page of "Your Estimated Market Value Notice.”
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