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Board of Appeal and Equalization Handbook Notice of Valuation and Classification –A notice mailed Exempt property –Property that is not subject to to taxpayers at least 10 days prior to the Local Board of taxation. All property, real and personal, in the state is Appeal and Equalization (generally in February or taxable except that which by law is exempt. March) to inform them of their property values and Exemption laws are to be construed strictly, not classifications for the current assessment year. broadly. Local or County Boards of Appeal and Minimally, the notice must include: the estimated Equalization cannot grant an exemption. Ownership, market value for the current and prior assessment; the use and necessity of ownership are key elements value of any new improvements; the amount qualifying reviewed by the assessor when determining for any deferral or exclusion; the taxable market value exemption. for the current and prior assessment; the property Highest and best use –“A principle of appraisal and classification for the current and prior assessment; the assessment requiring that each property be appraised assessor's office address, phone number, website and as though it were being put to its most profitable use time when property information can be viewed by the (highest possible present net worth), given probable public; and the dates, places and times set for the legal, physical, and financial constraints.” Glossary for meetings of the Local Board of Appeal and Equalization, Property Appraisal and Assessment, International any open book meetings and the County Board of Association of Assessing Officers, 1997. Appeal andEqualization. Home rule charter city –Any city which has adopted a Open book meeting –A meeting held by the county home rule charter pursuant to the constitution and assessor’s office to discuss property owners’ laws; “statutory city” means any city which has not questions regarding their assessments. The one-on- adopted such a charter. one meeting usually is held as an alternative to the Homestead –Property that is occupied as the principal Local Board of Appeal and Equalization. place of residence by the owner is eligible to receive the Property characteristics –Distinguishing interior and homestead status and the market value homestead exterior features of a property and its surroundings such exclusion. Property may be a residential or agricultural as its: location and neighborhood; public or private homestead. restrictions on the property; building type and size; Local assessor –An assessor who works on a contract quality of construction; age of the structure; physical basis for a township or city. condition of the structure; and the total number of Local Board of Appeal and Equalization –A group of rooms, bedrooms and bathrooms. people, typically the town board or city council, Quorum –The number of people required to be authorized to determine whether the assessor has present before the members at a meeting can conduct properly valued and classified all parcels of taxable business. For the Local Board of Appeal and property located within the district. Equalization, a majority of the voting members of the board must be present to meet the quorum Massappraisal–Theprocessofvaluingagroupof requirement. properties as of a given date using standard methods and statisticaltesting. Recess –A break in a meeting or proceedings until a Median sales ratio –The midpoint (middle) of all the certain date and time. Recess is not to be confused with individual ratios that are included for that property type “adjournment,” which ends the proceedings. in that city or township for a sales ratio study period Residential property –Property that is residential in when they are put in order. In Minnesota, the median nature consisting of the house, garage and land including sales ratio should be between 90% and 105%. This homestead and non-homestead single-family houses, means that when all sales from that study period for duplexes and triplexes. Defined in Minnesota Statutes as that property typeinthatcityortownshipareputin Class 1a residential homestead, Class 1b disabled orderfromsmallest to largest ratio, the middle ratio homestead, Class 4b(1) residential real estate containing should be between 90% and105%. less than four units that does not qualify as class 4bb, Net tax capacity –Determined by multiplying the class Class 4bb(1) nonhomestead residential real estate rate by the taxable market value for each property. containing one unit, other than seasonal residential 38