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<br />. <br /> <br />. <br /> <br />. <br /> <br />Minn. Stat. ~ 273.1 I. subd. I. <br /> <br />Minn. Stat. ~ 273.13. <br /> <br />Minn. Const. an. X ~ I. Minn. <br />Stat. ~ 272.02. <br /> <br />Valuation of property <br /> <br />Assessors must value all property at its market value. The <br />statutes define market value as the usual selling price in that <br />location at the time of assessment. It is the price a seller could <br />obtain at a private sale and not at a forced or auction sale. <br />Market value is not necessarily the same as original cost or <br />intrinsic value. The assessor has authority to consider other <br />value-producing factors in assigning value to property. <br /> <br />Property tax classifications <br /> <br />Property tax classifications are set by state statute. (See <br />Appendix H in Guidelinesfor Preparing City Budgets. LMC <br />215b.l. for a detailed listing of the different classifications.) <br /> <br />Exempt property <br /> <br />Several classes of property are exempt from property taxation, <br />but not necessarily from special assessments. Some of these <br />'property classes include: <br /> <br />· Public burying grounds; <br /> <br />· Public schoolhouses; <br /> <br />· Public hospitals; <br /> <br />. <br /> <br />Academies, colleges, universities and seminaries of <br />learning; <br /> <br />· Churches. church property and houses of worship; <br /> <br />491 <br />