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Board of Appeal and Equalization Handbook <br />Appendix <br />Glossary <br />Abatement –Reduction of estimated market Class rate –The percent of market value (as <br />value, taxes, costs, penalties or interest which have defined in Minnesota Statutes) used to determine <br />been erroneously or unjustly paid.a property’s net tax capacity. <br />Adjourn –The final closing of a meeting, such as a Classification –The assessor assigns a statutorily- <br />meeting of the board of directors or any official defined classification to all property based upon the <br />gathering. Adjourn is not to be confused with use of the property on January 2 of each year. <br />“recess,” which means the meeting will break and Examples of Minnesota property classes include <br />then continue at a later time.residential, agricultural, commercial-industrial, <br />apartment and seasonal residential recreational. <br />Agricultural property –Property including the <br />Commercial-industrial property –Property used for <br />house, garage, farm buildings and farm land used <br />commercial or industrial purposes such as retail or <br />for raising or cultivating agricultural products for <br />manufacturing. Defined in Minnesota Statutes as <br />sale. Defined in Minnesota Statutes as Class 2a <br />Class 3a commercial and industrial property. <br />agricultural land. An agricultural homestead is class <br />2a land that is homesteaded along with any <br />Comparable property sales –Properties that have <br />contiguous class 2b rural vacant land under the <br />recently been sold which have similar property <br />same ownership. Agricultural property may also be <br />characteristics to a property being appraised. <br />non-homestead. <br />Computer-assisted mass appraisal (CAMA) system <br />Apartment property –Residential real estate <br />–A computerized system that uses statistical <br />containing four or more units and used or held for <br />analysis to generate estimates of property value. <br />use by the owner or by the tenants or lessees of <br />the owner as a residence for rental periods of 30 <br />County Board of Appeal and Equalization –A group of <br />days or more. Defined in Minnesota Statutes as <br />people, typically the county commissioners and the <br />Class 4a rental housing. <br />county auditor, authorized to examine, compare and <br />equalize property assessments so that each parcelin <br />City council –The legislative body of a city. The <br />the county is listed at its marketvalue. <br />city council in a standard plan city consists of an <br />elected mayor, an elected clerk, and three or five <br />Estimated market value (EMV) –This is the value that <br />elected council members (which means these <br />the assessor estimates the property would likely sell <br />cities have either five or seven voting members). In <br />for on the open market. This value may be appealed to <br />optional plan cities, the city council consists of an <br />the Local Board of Appeal and Equalization, County <br />elected mayor and four or six elected council <br />Board of Appeal and Equalization or Tax Court. <br />members (which means these cities have either <br />five or seven voting members). In all statutory <br />cities, the mayor is a voting member of the council <br />and must be counted when determining whether <br />a quorum is present. Charter cities may provide <br />that a different number of council members <br />constitutes a quorum. <br />37 <br /> <br />