Market value

Your property's estimated market value is set by the assessor each year to reflect how a property would sell on the open market.

Market value overview

Why your estimated market value is important

In Minnesota, property taxes provide most of the funding for local government services. Every property's share of taxes is based on its estimated market value, property use and the local government budget. Estimated market value is the price a property would sell for on the open market.

Determining estimated market value

The City of Minneapolis Assessor's Office provides assessments that are both accurate and fair. The assessor's role is to reflect the real estate market and set estimated market values by following market trends. The assessor establishes the value and classification of all property on January 2nd of each year, for taxes payable the following year.

How your property value is established (video)

Key information that the assessor uses to estimate market value includes location, size, age, permitted updates and renovations. For commercial, industrial and apartment properties, the income and expenses generated by the property are an important factor.

View your property information

The assessor compares your property to recent sales of similar properties to determine the estimated market value. Estimated market values are not based on an individual sale, but a review of many sales resulting in a most likely price.  This is mass appraisal.

Review sales in your neighborhood

Market value changes

Some Minneapolis neighborhoods are seeing large increases in value from the previous year. Prices have gone up due to low interest rates, low housing supply and high demand. Charts below show the typical increase in estimated market value in Minneapolis neighborhoods.

2022 Assessment Report

Single family median values by neighborhood

Duplex median values by neighborhood

Condominium median values by neighborhood

Appealing your assessment

If you have questions or concerns about your assessment you should contact the assessor first.  If you do not come to an agreement on your value or classification with the assessor, other formal appeal options are available. 

Appealing Your Assessment

Additional resources

How the Assessor Estimates Your Market Value 

A Guide to Minnesota's Property Tax System

 

 

 

 

 

 

 

 

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Contact us

City Assessor's Office

Address

Office hours
8:00 a.m. - 4:30 p.m.
Monday – Friday

See list of City holidays

Mailing address
Minneapolis Assessor's Office
350 Fifth St. S., Room 100
Minneapolis, MN 55415-1323

Secure drop box address
Public Service Center
250 S. 4th St., 1st floor
Minneapolis, MN 55415