What is "Market Value?"

Minnesota Statue 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 price that would prevail under competitive, open-market conditions.

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1. What does the City Assessor do?
2. What is "Market Value?"
3. How does the Assessor determine the market value?
4. Who are these appraisers and what are their credentials?
5. What if you have questions or think your property is valued or classified incorrectly?