What is market value?

Market value is the price a willing, knowledgeable buyer would pay for your property if it were offered for sale on the open market. The assessor does not create this value, but instead interprets what is happening in the marketplace between buyers, sellers, their agents, mortgage companies, etc. Values change with economic conditions as well as changes to the property. For more information, contact the Assessor at 218-384-9149.

Show All Answers

1. What is the responsibility of the Assessor in the property tax system?
2. What is market value?
3. How does the Assessor determine the estimated market value?
4. Why has my value changed for year to year?
5. How can I judge the accuracy and fairness of my value and classification?
6. Does the estimated market value increase at the same rate on all properties?
7. Does an increase in market value mean that my taxes will increase?
8. Can the estimated market value change even if an appraiser has not been inside my property?
9. What is classification?