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CCP 06-26-1995
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CCP 06-26-1995
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<br /> - <br /> I <br /> , I <br /> - <br /> THE 1995 RAMSEY COUNTY ASSESSMENT I <br />The 1995 assessment, like each of the annual assessments, affects all property I <br />owners in Ramsey County. State law requires the assessor to reassess all property <br />every yeaL I <br />State statute reads, "All real property subject to taxation shall be listed and <br />assessed every year with reference to its value on January 2 preceding the I <br />assessment." This has been done and the owners of property in Ramsey County have <br />been notified as to their 1995 Estimated Market Value, <br />Minnesota statute 273,11 reads, "All property shall be valued at its market value. I <br />In estimating and determining such value, the assessor shall not adopt a lower or <br />different standard of value because the same is to serve as basis for taxation, nor shall I <br />he adopt as criterion of value the price for which such property would sell at auction or <br />forced sale, or in the aggregate with all the property in the town or district, but he shall <br />value each article or description of property to be fairly worth in money." I <br />The statute says all property .mID! be valued at market value, not JmU! be valued -I <br />at market value, This means that no factors other than market value issues (such as <br />personalities, politics, owner's income, etc.) shall affect the assessor's value and the <br />subsequent action by the Board of Equalization. I <br />Market value has been defined many different ways. Simply stated, it is "The <br />most probable price estimated in terms of money which a property will bring if exposed I <br />for sale on the open market by a seller who is willing but not obligated to sell, allowing a <br />reasonable time to find a purchaser who is willing but not obligated to buy, both with <br />knowledge of all the uses to which it is adapted and for which it is capable of being I <br />used." <br />The real estate tax is an ad valorem tax which is based on the value of property I <br />and not on the ability of the property owner to pay. The values placed on all real estate <br />in Ramsey County are based on the estimated value of the land and the improvements <br />upon.the land, while no consideration is given to who owns the land. I <br />The assessment is updated in a uniform, objective manner each year. Each I <br />year the assessor analyzes the previous twelve months' real estate sales to modify the <br />mass appraisal system to the current market as well as to improve equalization among <br />all properties. I <br />There are two reasons why valuations are changed. The most obvious is -I <br />inflation or deflation of prices in the real estate market. While inflation has slowed in <br />recent years, there is still inflation in some parts of the residential market. The <br />commercial and apartment markets have been relatively stagnant the last several <br />years, with some areas of the County experiencing real declines in the market I <br /> 2 <br />
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