What is Estimated Market Value?

What is Estimated Market Value or EMV?

Estimated market value (EMV) for property tax purposes is the likely price a property would sell for on the open market. State law requires assessors to value property at 100% of market value.

Market value is defined in Minnesota Statute 272.03 subd 8. Assessors must estimate the market value of each property in the county as of every January 2nd.

How is EMV Determined?

State law requires that the value and classification of real estate be established as of January 2 each year. Olmsted County’s Assessment Services Department works throughout the year to estimate the market value of each property in that year's quintile for the following January 2 by:

  • Viewing the Property
  • Gathering Data
  • Computing the Value
  • Analyzing Sales
  • Value of New Improvements

What is Tax Capacity?

"Tax Capacity" is determined by multiplying the estimated market value of each property by the statutory class rates for the specific use(s) on the property.

What is Tax Capacity rate?

The rate needed from each property to collect the amount of dollars needed to operate county, local and schools.

What is Taxable Market Value?

This is the value that your property taxes are actually based on, after all the reductions, limitations and deferrals.