Property Assessment Definition

Property is assessed under one of four classifications.

Property assessment is the percentage of market value used to calculate how much the owner will have to pay in property taxes. The state determines the percentages.

Classification

Property is assessed under one of four classifications with each taxed at a different percentage of the market value. These classifications are residential homestead, residential nonhomestead, commercial or agricultural.

Assessor

An assessor determines the market value of the property and then uses the property assessment percentage to determine how much property tax is owed for each parcel. The property taxes owed is calculated according to the parcel's value and use.

Assessment

Property assessments can change each year as the assessor analyzes the properties in a municipality. In a stable housing market an assessor will make few assessment adjustments.

References

• Anoka County: FAQs - Understanding Your Property Assessment
• Your Property Tax: A Peek Behind the Curtain: Office of the Property Assessor
• Office of Real Property Tax Services: Fair Assessments -- A Guide For Property Owners