Residents begin receiving 2011 property value notices this week
Minneapolis property owners will be receiving their 2011 property value notices in the mail beginning this week through the middle of February 2011.
The value listed on this statement is what will be used to determine your 2012 property taxes. To ensure that the City's assessments are fair and accurate, the Department of Revenue uses an industry standard tool called a "sales ratio study" to measure the accuracy and quality of the City's assessment level. Sales ratios are computed by dividing the assessor's market value by the sale price of each individual property. Individual ratios are then analyzed according to property type and municipality to measure the level of assessment. The acceptable level of assessment in Minnesota is to have a sales ratio between 90 percent and 105 percent and Minneapolis consistently meets this requirement.
If you disagree with the estimate of value as placed on the property by the Assessor's Office, there are several options available to appeal the assessment. First, call the phone number labeled "Valuation Questions" on your statement to discuss your concerns with a deputy assessor responsible for valuing your property. Explain why you believe your property value is less than that indicated on the statement. The deputy assessor can explain how the property value and classification were determined. If you want to appeal your property valuation to the City of Minneapolis Board of Appeal and Equalization, call (612) 673-3358 for an appointment. April 30th is the deadline to submit appeals to the Minnesota Tax Court.
For more information about your property assessment and the appeals process, visit the City Assessor's website.
If you have homestead questions about your property call the phone number labeled " Homestead Questions" on your statement.
Published Jan. 10, 2011