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City of Centerville <br /> <br /> <br />State Statute reads: "All real property subject to taxation shall be listed and reassessed <br />every year with reference to its value on January 2nd preceding the assessment." This has <br />been done, and the owners of property in Centerville have been notified of any value change. <br />Minnesota Statute 273.11 reads: "All property shall be valued at its market value." It further <br />states that "In estimating and determining such value, the Assessor shall not adopt a lower <br />or different 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 would sell at <br />auction or at a forced sale, or in the aggregate with all the property in the town or district; but <br />the assessor shall value each article or description of property by itself, and at such sum or <br />price as the assessor believes the same to be fairly worth in money." The Statute says all <br />property shall be valued at market value, not may be valued at market value. This means <br />that no factors other than market factors should affect the Assessor's value and the <br />subsequent action by the Board of Equalization. <br /> <br /> <br />Market value has been defined many different ways. One way used by many appraisers is <br />the following: <br /> <br />The most probable price that a property should bring in a competitive and open market under <br />all condition requisite to a fair sale, the buyer and seller each acting prudently and <br />knowledgeably, and assuming the price is not affected by any undue stimulus. Implicit in this <br />definition is the consummation of a sale as of a specified date and the passing of title from <br />seller to buyer under conditions whereby: <br /> <br />(1) buyer and seller are typically motivated <br /> <br />(2) both parties are well informed or well advised, and acting in what they consider <br />their own best interests <br /> <br />(3) a reasonable time is allowed for exposure in the open market <br /> <br />(4) payment is made in terms of cash in U.S. dollars or in terms of financial <br />arrangements comparable thereto <br /> <br />(5) the price represents the normal consideration for the property sold unaffected by <br />special or creative financing or sales concessions granted by anyone associated <br />with the sale <br /> <br /> <br />6 <br /> <br />