Property Taxes and Market Values

If you're like me, you just received your property tax statement for next year's taxes and were shocked by how low the assessed value is.

Based on our neighborhood property values, my assessed value is below what my home would sell for in the current real estate market and yours may be as well. (see chart below showing YTD Maple Grove increase in median sales prices)

The taxable market value is established each year by the Maple Grove assessor using appreciation/depreciation percentages, sales data and computer programs. Additionally, every five years the assessor visits your property to confirm condition and updates which he/she also factors into his/her valuation.

A few details to consider:
(1) Make sure you are looking at your taxable market value and not the net value after the homestead market value exclusion is subtracted (see previous blog article on this)
(2) You can appealing your taxes and taxable market value - an appeal is required by April 30. See the city website and a previous blog article for more details.

If you still have questions on your taxable or actual market value, drop me a line.