Preparing for a Hearing
Typical Board Meeting Agenda
1. The Assessor provides information on each property and comparable properties that have sold in the area.
2. The applicant explains to the Board why they believe the property value is too high. The applicant presents comparable sold properties, appraiser evaluations, or other market data to prove your case.
3. The Board takes the case under consideration and makes a recommendation to the City Council for final approval.
4. The City Clerk's Office notifies each applicant of the Board's decision at the end of May.
What to Bring to the Hearing
To appeal the value of your property you may show current market data on similar properties sold for a lower price. Or, you may bring an appraisal of your property prepared by a certified appraiser.
If the property is income producing (Duplex/Triplex/Apartment/Commercial etc.), submit an Income and Expense statement and a current rent roll with the application. Include any additional documents you feel are relevant to your case.
Factors the Board Cannot Consider
The Board of Equalization cannot, by state law, lower values because:
- The applicant does not have the money to pay taxes or is living on a fixed income, or has health problems.
- The applicant’s taxes are higher than the neighbors.
- The applicant wants their taxes reduced.
Board Evaluation Process
The Board, by state law, has the responsibility to determine a fair market value on the property. Fair market value is defined as "the price that would prevail under competitive, open market conditions" as of January 2, of the assessment year. The applicants’ appearance before the Board will result in one of the following actions:
- A reduction in your property's value if the board believes the Assessor's value is too high.
- No change in your property's value if the Board believes there was not enough evidence to support a change in the Assessor's value.
- An increase in your property's value if the board believes the Assessor's value is too low.
The Minneapolis Board of Appeal and Equalization, by state law, cannot lower taxes. They can only review the market value or classification of a property.
- The County uses three factors used to calculate real estate taxes:
- The value of the property
- The classification of the property
- The applicable tax rates. (Rates are established by the Legislature, City, County, School Boards, Metropolitan Council, and special districts).
Last updated Sep. 27, 2011