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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 "!n 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 />6 <br />