CCP 06-26-1995 - Laserfiche WebLink

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- I , I - THE 1995 RAMSEY COUNTY ASSESSMENT I The 1995 assessment, like each of the annual assessments, affects all property I owners in Ramsey County. State law requires the assessor to reassess all property every yeaL I State statute reads, "All real property subject to taxation shall be listed and assessed every year with reference to its value on January 2 preceding the I assessment." This has been done and the owners of property in Ramsey County have been notified as to their 1995 Estimated Market Value, Minnesota statute 273,11 reads, "All property shall be valued at its market value. I In estimating and determining such value, the assessor shall not adopt a lower or different standard of value because the same is to serve as basis for taxation, nor shall I he adopt as criterion of value the price for which such property would sell at auction or forced sale, or in the aggregate with all the property in the town or district, but he shall value each article or description of property to be fairly worth in money." I The statute says all property .mID! be valued at market value, not JmU! be valued -I at market value, This means that no factors other than market value issues (such as personalities, politics, owner's income, etc.) shall affect the assessor's value and the subsequent action by the Board of Equalization. I Market value has been defined many different ways. Simply stated, it is "The most probable price estimated in terms of money which a property will bring if exposed I for sale on the open market by a seller who is willing but not obligated to sell, allowing a reasonable time to find a purchaser who is willing but not obligated to buy, both with knowledge of all the uses to which it is adapted and for which it is capable of being I used." The real estate tax is an ad valorem tax which is based on the value of property I and not on the ability of the property owner to pay. The values placed on all real estate in Ramsey County are based on the estimated value of the land and the improvements upon.the land, while no consideration is given to who owns the land. I The assessment is updated in a uniform, objective manner each year. Each I year the assessor analyzes the previous twelve months' real estate sales to modify the mass appraisal system to the current market as well as to improve equalization among all properties. I There are two reasons why valuations are changed. The most obvious is -I inflation or deflation of prices in the real estate market. While inflation has slowed in recent years, there is still inflation in some parts of the residential market. The commercial and apartment markets have been relatively stagnant the last several years, with some areas of the County experiencing real declines in the market I 2