City Assessor's Office

City of Lakes Building
309 2nd Avenue South, Room 100
Minneapolis, MN 55401
Call 311 or (612) 673-3000
Fax (612) 673-3538

Office Hours:
8:00 a.m. - 4:30 p.m.
Monday – Friday
 

Market Values

The Assessor's Office estimates market value and determines the classification of all real estate property in the City.

What is market value?
How is the market value determined?

Why did my market value change?

What factors make up the valuation of property?

What is market value?

Market value is the price that could be obtained if a property is sold under competitive, open-market conditions. Assessors are required to value property at 100% of market value.

How is the market value determined?

Assessors view a property and verify or gather new information.

Value and classification of all real estate property must be established on January 2 each year. The Assessor’s Office works throughout the year to estimate the market value of each property for the following January 2 assessment. We apply one (or more) of the three approaches to value to determine property market value. The three approaches are: Sales Comparison Approach, Cost Approach and Income Approach. Although all three approaches are considered, one approach may be better suited than the others. For example, the Sales Comparison Approach is typically used for Minneapolis residential property.

Assessors compute the value.

The Assessor’s Office uses a computer assisted mass appraisal system to determine market value.

Each year the assessor analyzes actual sales of property in each community. Information on actual sales is updated to reflect market trends, and the property’s value is calculated. The estimated market value should be very close to the amount the property would sell for on the open market. The State Board of Equalization requires the overall level of assessment to be between 90-105% of market value. 

Why did my market value change?

What factors make up the valuation of property?

The Assessor’s Office works to accurately value and classify all Minneapolis properties in a fair and equitable manner.

Our procedures for field property reviews are as consistent as possible among our assessing staff. Note appraisal or mass appraisal will always involve an assessor's judgment.
 

Last updated Mar 15, 2019

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Accessibility:
For reasonable accommodations or alternative formats, contact 311.
People who are deaf or hard of hearing can use a relay service to call 311 at 612-673-3000.
TTY users can call 612-673-2157 or 612-673-2626.

Para asistencia 612-673-2700, Yog xav tau kev pab, hu 612-637-2800, Hadii aad Caawimaad u baahantahay 612-673-3500. 

Salary Compliance Notice:
State statute 471.701; Notice of Salary Compliance, requires that the City post for not less than 90 days
the job title of the three highest paid employees along with their base salary. For 2018 these were:
1. City Attorney, $186,490
2. Assistant City Coordinator Convention Center, $183,600
3. Director Public Works, $181,191

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