The law specifically requires that assessors view each parcel of real estate to appraise its market value. Property values change continuously with changing economic conditions. In addition to market changes, numerous physical changes affect the value of land and buildings. Such changes include draining and clearing the land, improving the adjacent public streets and installing utilities, and adding to or remodeling buildings. All factors are considered in estimating the value of property. This requires physical inspection of all property subject to assessment.
The Assessor also determines the classification, or use, of each parcel. For instance, property may be residential homestead (owner-occupied), residential non-homestead, agricultural, or commercial. Each classification is taxed at a different percentage of market value.
- Every January 2, market values are determined
- Assessors must view each piece of real estate at least once every five years to assess its market value
- Property values change with changing market conditions
- Physical changes may have an effect on the value of land and buildings
- Classify each parcel by its use, such as residential homestead (owner-occupied), residential non-homestead, agricultural, commercial, etc. Each class is taxed at a different percent of market value.
Appraisers employed by the Olmsted County Assessment Services are professionals, with stringent training and experience requirements set by the State Board of Assessors. The Minnesota State Board of Assessors
governs and administers licensure of appraisers.
Olmsted County insists on additional training in the areas of management, ethics, organization and customer service.