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ASSOCIATION OF <br />~~ <br />r M{nriesota School $ Boards Association ' <br />_ _ . __ ___ ~ MC <br />MINNESOTA COUNTIES Ga~.;.~ <br />~ouYteen 1~easor~s <br />WHY PROPERTY TAXES VARY <br />FROM YEAR TO YEAR <br />THE MARKETVALUE OF A PROPERTYMAYCHANGE. <br />• Each parcel of property is assessed at least once every five years and a sales ratio study <br />is done to determine if the property is assess similarly to like properties. If not, the <br />Commissioner of Revenue may issue an 'order' that would affect the taxable value of a <br />parcel <br />• Additions and improvement made to a property generally increases its market value. <br />THE MARKET VALUE OF OTHER PROPERTIES IN <br />YOUR TAXING DISTRICT MAY CHANGE, SHIFTING <br />~' TAXES FROM ONE PROPERTY TO ANOTHER. <br />• If the market value of a property increases more or less than the average- increase or <br />decrease in a taxing district, the taxes on that property will also change. <br />• New construction in a taxing district increases the tax base and will affect the district's tax <br />rate. <br />THE STATE GENERAL PROPERTYTAX MAY CHANGE. <br />• The state legislature directly applies a State General Property Tax to commercial/industrial <br />and season/recreational property classes. <br />