How does the Assessor determine market value?

State law requires that the value and classification of real estate be established as of January 2 each year. The Assessor’s Office works throughout the year to estimate the market value of each property for the following January 2 assessment date.

  • Views Property: Approximately every 5th year, an appraiser will view the property. In addition, all new construction, alterations or improvements will be viewed in the current year.
  • Gathers Information: The appraiser gathers information on all characteristics of the property that affect market value, such as size, age, quality, basement finish, and also extra features such as fireplaces, extra baths, walkouts, etc.
  • Estimates Value: The property characteristics are entered into a computerized system. The computer aids the appraiser in estimating the property value. Information from actual sales is used to update the computer model and set the table schedules which are used to update your market value. The market value estimated by the assessor should be at, or very close to, the amount the property would sell for if placed on the open market. The State Board of Equalization requires the overall level of assessment to be between 90% and 105% of market value. Assessors in Wright County consistently meet this standard.
  • Notification: A value notice is mailed each spring to every property owner in Wright County. The assessment on January 2 forms the basis for the following year’s real estate taxes. That is, the value and classification set by the Assessor on January 2, 2018, is used to calculate the taxes payable in the year 2019.

If you have any questions regarding this information, please contact our office at 763-682-7367.

Show All Answers

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?