2. SR 04-12-2021 - Laserfiche WebLink

Home Browse Search

Board of Appeal and Equalization Handbook in June of every year. The board can increase or recreational property; and Class 4bb(2) a single family decrease values to bring about equalization on a dwelling, garage, and surrounding one acre of property on county-, city-and township-wide basis as well as across a nonhomestead farm. county lines to ensure a fair valuation process across taxing districts, county lines and by property type. Rural vacant land –Property that is unplatted, rural in character and not improved with a structure unless it is a Statutory city –Any city which has not adopted a home minor, ancillary and nonresidential structure. Defined in rule charter pursuant to the constitution and laws; the Minnesota Statutes as Class 2b rural vacant land. Rural term “home rule charter city” means any city which has vacant land may be part of an agricultural homestead if it adopted such a charter. is contiguous to class 2a agricultural land under the same ownership. Tax Court –A specific court established to hear and determine all questions of law and fact arising under the Salesratiostudy–Atoolassessorsusetohelp tax laws of the state. The Tax Court has statewide determine values for properties. The sales ratio study jurisdiction. Except for an appeal to the Supreme Court, period includes sales that have occurred in a twelve the Tax Court is the sole and final authority. The month period. For the January 2, 2013 assessment, the petitioner must file in Tax Court on or before April 30 of assessor reviews sales that occur between October 1, the year in which the tax is payable, not the year of the 2011 and September 30, 2012. A sales ratio shows the assessment. relationship between the EMV and the sale price of a Tax levy –The total amount of property tax revenue property. It is the EMV divided by the sales price. In needed to meet a jurisdiction’s budget requirements. Minnesota, six sales of each property typein each jurisdiction are required to complete a sales ratio study. Tax rate –Determined by taking the total amount of One sale is not enough evidence for the assessor to property tax revenue needed (tax levy) divided by the change values. Assessors look at all sales in a study to totalnettaxcapacityofalltaxablepropertywithinthe arrive at conclusions and value estimates in mass. taxingjurisdiction. Tax statement –Mailed to taxpayers in March of each Seasonal residential recreational property –Real year, the property tax statement includes the actual tax property devoted to temporary and seasonal residential amounts to be paid in the current year. Property tax occupancy for recreation purposes, including real statements for manufactured homes assessed as property devoted to temporary and seasonal residential personal property are mailed in May of each year. occupancy for recreation purposes and not devoted to commercial purposes for more than 250 days in the Taxable market value (TMV) –This is the value that year preceding the year of assessment. Defined in property taxes are actually based on, after all Minnesota Statutes as Class 4c(1) commercial or reductions, exclusions, exemptions and deferrals. noncommercial seasonal residential recreational Town board –The supervisors of a town constitute property. the town board. Unless provided otherwise, there are three supervisors. Towns operating under Special Board of Equalization –A specially-appointed “option A” have five supervisors. board established by the governing body to complete Truth in Taxation Notice –Mailed to taxpayers in the appeals and equalization duties delegated to it. One November of each year, the truth in taxation notice member of the board must be an appraiser, real estate contains the estimated tax amounts for the following agent, or other person familiar with proper valuations year. The statement also includes current year tax in the assessmentdistrict. amounts for comparison purposes and notice of budget State Board of Equalization –The Commissioner of meetings. Revenue, serving as the State Board of Equalization, ensures assessors follow approved appraisal and assessment practices and reviews the results of the assessor’s work in estimating values. This board meets 39