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'�. DEPARTMEHT <br />� OF N€VENUE <br />Appendix <br />Glossary <br />Abatement— Reduction of estimated market <br />value, taxes, costs, penalties or interestwhich have <br />been erroneously or unjustly paid. <br />Adjourn — The final closing of a meeting, such as a <br />meeting of the board of directors or any official <br />gathering. Adjourn is not to be confused with <br />"recess," which means the meeting will break and <br />then continue at a later ti me. <br />Agricultural properly— Property including the <br />house, garage, farm buildings and farm land used <br />for raising or cultivating agricultural products for <br />sale. Defined in Minnesota Statutes as Class 2a <br />agricultural land. An agricultural homestead is class <br />2a land that is homesteaded along with any <br />contiguous class 2b rural vacant land under the <br />same ownership. Agricultural property may also be <br />non-homestead. <br />Apartment property— Residential real estate <br />containing four or more units and used or held for <br />use by the owner or by the tenants or lessees of <br />the owner as a residence for rental periods of 30 <br />days or more. Defined in Minnesota Statutes as <br />Class4a rental housing. <br />City council — The legislative body of a city. The <br />city council in a standard plan city consists ofan <br />elected mayor, an elected clerk, and three or five <br />elected council members (which means these <br />cities have either five or seven voting members). In <br />optional plan cities, the citycouncil consists of an <br />elected mayor and four or six elected council <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 />Class rate — The percent of market value (as <br />defined in Minnesota Statutes) used to determine <br />a propert�is net tax capacity. <br />CIa55ifiCation — The assessor assigns a statutorily- <br />defined classification to all property based upon the <br />use of the property on January 2 of each year. <br />Examples of Minnesota property classes include <br />residential, agricultural, commercial-industrial, <br />apartment and seasonal residential recreational. <br />Commercial-industrial property— Property used for <br />commercial or industrial purposes such as retail or <br />manufacturing. Defined in Minnesota Statutes as <br />Class 3a commercial and industrial property. <br />Comparable property sales — Properties that have <br />recently been sold which have similar property <br />characteristics to a property being appraised. <br />Computer-assisted mass appraisal (CAMA) system <br />— A computerized system that uses statistical <br />analysis to generate estimates of property value. <br />County Board of Appeal and Equalization — A group of <br />people, typically the county commissioners and the <br />county auditor, authorized to examine, compare and <br />equalize property assessments so that each parcel in <br />the county is listed at its marketvalue. <br />Estimated market value (EMV) — This is the value that <br />the assessor estimates the property would likely sell <br />for on the open market. This value may be appealed to <br />the Local Board ofAppeal and Equalization, County <br />Board of Appeal and Equalization or Tax Court. <br />37 <br />