DEPARTMENT: Assessing Services
FILE TYPE: Regular Information
TITLE
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2025 Market Value Update
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PURPOSE/ACTION REQUESTED
The County Assessor prepares a report summarizing market value trends for property tax purposes and makes a presentation to the County Board. The 2025 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, 2025, for the 2025 assessment, taxes payable in 2026. Assessed values were determined by analyzing sales that occurred from October 1, 2023, to September 30, 2024. 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 5%, with a few jurisdictions outside that range. The residential median increase is approximately 3.3% for 2025. Apartment values generally remained flat or decreased slightly this year from 0% to -3%. The Apartment median decrease is -1.1% for 2025. Commercial increases vary by property type and generally increased 3% to 5%. The Commercial median increase is approximately 3.6% for 2025. Industrial property generally increased 4% to 10% with some above or below this range depending on type and location. The Industrial median increase is approximately 7.1% for 2025. Agricultural land estimated market values increased on average 8.4%, while taxable values, which we receive from the MN Department of Revenue (Green Acres and Ag Preserve) increased about 5.31%.
Countywide taxable market values, including new construction, increased approximately 4.69% to $76.57 billion. The total net tax capacity has increased 4.99% for the 2025 assessment, taxes payable in 2026, to $896,773,000.
Valuation notices for 2025 market values will mail (or email) to property owners on March 11, 2025. As described on the valuation notice, property owners who believe their market value is incorrect should contact Assessing Services during the “Open Book Informal Appeal” period by filling out an online appeal at www.dakotacounty.us <http://www.dakotacounty.us> and search “Property Appeal”, or by calling or emailing Assessing Services.
A report summarizing the 2025 market value trends is attached.
RECOMMENDATION
recommendation
Information only; no action requested.
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EXPLANATION OF FISCAL/FTE IMPACTS
Total net tax capacity has increased 4.99% for the 2025 assessment, taxes payable in 2026, to $896,773,000.
This figure will likely decrease slightly as the year goes on due to valuation and classification changes. Additionally, the legislature may make changes that impact market value and/or tax capacity values. The effect of any legislative actions will not be known until mid-summer.
☒ None ☐ Current budget ☐ Other
☐ Amendment Requested ☐ New FTE(s) requested
RESOLUTION
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Information only, no action requested.
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PREVIOUS BOARD ACTION
None.
ATTACHMENTS
Attachment: 2025 Market Value Update
Attachment: Presentation Slides
BOARD GOALS
☐ Thriving People ☐ A Healthy Environment with Quality Natural Resources
☐ A Successful Place for Business and Jobs ☒ Excellence in Public Service
CONTACT
Department Head: Scott Lyons
Author: Scott Lyons