Each spring you will receive a notice of your property’s estimated market value (EMV) from Hennepin County. This year's EMVs will be used to calculate next year's property taxes.
EMVs and property taxes are related, but not directly. If your EMV increases, it does not mean that your property taxes will increase by the same percentage. Property taxes are driven by the budgets of the county, school district, city, etc. EMVs are used determine how the government budgets are divided among taxpayers. The total budgets will be collected whether EMVs increase or decrease, but your share of the budget pie may shift if your EMV goes up or down more in comparison to other properties. This is why it is important to ensure your property is fairly assessed.
Your EMV is supposed to be between 90% and 105% of what your property would sell for and should be in alignment with similar properties in the area. If you believe your EMV is incorrect, you are encouraged to APPEAL YOUR EMV. Here is the process:
1. Contact the city's assessor (Mike Smerdon 612.348.3046). Concerns often are addressed at this level.
2. If your concerns are not resolved after contacting the assessor, you may write a letter to the Local Board of Appeal & Equalization (LBAE) OR appear before the LBAE in person. Call 952.474.6633 to get on the agenda. Note: The City Council functions as the LBAE. The LBAE convenes at 6pm on the 2nd Thursday in April and reconvenes at 6pm on the 4th Thursday in April to make final decisions.
4. The final avenue of appeal would be to petition the Minnesota Tax Court. All appeals for tax court must be filed on or before April 30 of the year the tax becomes payable. For more information visit http://www.taxcourt.state.mn.us
Note: The On-Lake Land Valuation numbers are calculated using the front footage (FF) at the building line -- not the front footage along the lake.