DEPARTMENT: Assessing Services
FILE TYPE: Regular Information
TITLE
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2024 Market Value Update
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PURPOSE/ACTION REQUESTED
Annually, the County Assessor prepares a report summarizing market value trends for property tax purposes and makes a presentation to the County Board. The 2024 market value trends report for property tax purposes has been prepared by the Assessor and is presented to the County Board for informational purposes.
SUMMARY
Every year the County Assessor presents information regarding estimated market values to the County Board. As required by statute, the County Assessor establishes estimated market values for all property in the County as of January 2, 2024, for the 2024 assessment, taxes payable in 2025. Assessed values were determined by analyzing sales that occurred from October 1, 2022, to September 30, 2023. The sales period preceding the assessment date is mandated by the Minnesota Department of Revenue. Real estate and personal property taxes are paid in the year following the assessment. For manufactured homes, the property is assessed, and taxes are paid in the same year.
Assessors, by law, must appraise property at market value for property tax purposes. Residential property values have changed on average between -2% to +2%, with a few townships around +5%. The residential median increase is approximately .1% for 2024. Apartment values generally decreased slightly this year from -1% to -3%. The Apartment median change decreased -1.9% for 2024. Commercial increases vary by property type and generally increased 3% to 7% with some property types remaining flat. The Commercial median increase is approximately 4.8% for 2024. Industrial property generally increased 4% to 6% with some above or below this range depending on type and location. The Industrial median increase is approximately 5.1% for 2024. Agricultural land estimated market values increased on average 4.4%, while taxable values, which we receive from the MN...
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