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Market Value & Property Taxes |
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Why do I pay property taxes?
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How is my property tax determined?
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What should I do if I feel that my property tax is too high?
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Why do I pay property taxes?
Property taxes are collected for the operation of county and city government as well as school districts and special taxing districts. Approximately 1/3 of your property tax bill is used to fund city services such as police and fire protection, park and recreation services and city facilities and street/utility maintenance. The remaining 2/3 fund your local school district, the county and other local taxing districts such as mosquito control, metro transit and the Economic Development Authority.
How is my property tax determined?
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Minnesota state law requires the assessor to physically review each property at least once every five years to determine a fair and equitable market value for each property. Establishing a fair and equitable market value for all properties is the first step.
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Minnesota state law determines how the total tax will be distributed among property classifications, such as apartment, commercial and industrial and residential property. Changes in the property tax laws may shift the tax burden from year to year.
- Finally, the actual dollar amount that you pay in property tax is determined by the amount of money that is needed to fund the local services.
The actual calculation of your property tax is a little more complicated. Changes in the city's property tax base, special property classifications, state mandates and other statutory requirements, like fiscal disparities and tax increment financing will affect the actual dollar amount of property tax that you pay.
What should I do if I feel that my property tax is too high?
You may discuss your concerns with your elected officials. Contact a member of the school board, a county commissioner, a city council member, your local state senator or state representative. You may also attend the budget hearings that are held each November and December. The city assessor can answer questions regarding the market value or property classification, however the assessor has minimal control over the amount of property tax that is levied against a property.
What should I do if I feel that my property value or classification is incorrect?
Most concerns can be explained or resolved by simply making a phone call to the assessor. If the assessor cannot adequately resolve the problem, you may appeal to the Local Board of Review, the Hennepin County Board of Equalization, or the Minnesota Tax Court. Information about these methods of appeal is outlined on the property value notice that you receive each year in March or April.
For questions on Market Value or Property Taxes, please contact the Assessing Division Monday through Friday, from 8 a.m. to 5 p.m.
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