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City of Centerville <br /> Reassessment <br /> State Statute reads: "All real property subject to taxation shall be listed and <br /> reassessed every year with reference to its value on January 2nd preceding the <br /> assessment." This has been done, and the owners of property in Centerville <br /> have been notified of any value change. Minnesota Statute 273.11 reads: "All <br /> property shall be valued at its market value." It further states that "In estimating <br /> and determining such value, the Assessor shall not adopt a lower or different <br /> standard of value because the same is to serve as a basis for taxation, nor shall <br /> the assessor adopt as a criterion of value the price for which such property <br /> would sell at auction or at a forced sale, or in the aggregate with all the property <br /> in the town or district, but the assessor shall value each article or description of <br /> property by itself, and at such sum or price as the assessor believes the same to <br /> be fairly worth in money." The Statute says all property shall be valued at <br /> market value, not may be valued at market value. This means that no factors <br /> other than market factors should affect the Assessor's value and the subsequent <br /> action by the Board of Equalization. <br /> Market Value <br /> Market value has been defined many different ways. One way used by many <br /> appraisers is the following: <br /> The most probable price that a property should bring in a competitive and open <br /> market under all conditions requisite to a fair sale, the buyer and seller each <br /> acting prudently and knowledgeably, and assuming the price is not affected by <br /> any undue stimulus. Implicit in this definition is the consummation of a sale as <br /> of a specified date and the passing of title from seller to buyer under conditions <br /> whereby: <br /> (1) buyer and seller are typically motivated: <br /> (2) both parties are well informed or well advised, and acting in what they <br /> consider their own best interests; <br /> (3) a reasonable time is allowed for exposure in the open market; <br /> (4) payment is made in terms of cash in U.S. dollars or in terms of financial <br /> arrangements comparable thereto; <br /> (5) the price represents the normal consideration for the property sold <br /> unaffected by special or creative financing or sales concessions granted <br /> by anyone associated with the sale. <br /> W8 6 <br />