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How is Market Value Determined?
State law requires that the value and classification of real estate be established as of Jan. 2 each year. The County’s Assessing Services Department works throughout the year to estimate the market value of each property for the following Jan. 2.
View Property:
Value and classification of real estate must be established on January 2nd each year. The County Assessing Services Department works throughout the year to estimate the market value of each property for the following January 2nd assessment.
Any property that had a building permit issued is viewed and its new value estimated for January 2nd following the construction.
Gather Data:
Lists all items that have an impact on market value, such as size, age, quality, basement finish, and extra features, such as fireplaces, walkout basements, etc.
Compute Value:
Data is entered into a mass appraisal system. Actual sales are entered to reflect market trends, and the computer calculates the property’s value.
Analyze Sales:
Each year the assessor studies actual sales of property in each community. Sales in a 12-month time period before the January 2nd assessment date, (from October 1st to September 30th) are reviewed to find out what properties have sold for on the open market.
These sales are used as a guide to help determine 'what similar properties would likely sell for' if they were placed on the market.
The State Board of Equalization requires the overall ‘level of assessment’ to be between 90-105% of market value. Dakota County consistently meets the State Board’s requirement.
Mail Notices:
The Assessing Services Department mails a Value Notice to each property owner around the middle of March every year. The assessment on January 2nd forms the basis for the following year’s tax.
This page was last updated on: 03/05/2008
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