What is market value?
Minnesota Statute 272.03 defines "market value" as "the usual selling price... at the time of assessment." It is "the price that could be obtained at a private sale or an auction sale, if the assessor determines that the price from an auction sale represents an arms-length transaction. The price obtained at a forced sale shall not be considered." In other words, market value is the most probable price that would prevail under competitive, open-market conditions.

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1. What does the Assessor do?
2. What is market value?
3. How does the Assessor determine market value?
4. What is a market value exclusion and why might it change?