Market Value and Appeals

home with price tagHow Your Home's Market Value Is Determined

Establishing property values requires careful valuation of every house and a scientific knowledge of the overall housing market year by year. There are four major steps to establishing accurate assessments:

  1. About every fifth year an appraiser views your property, inside and out.
  2. The appraiser gathers information on property characteristics that affect market value, such as size, age, quality, and accessory structures.
  3. An assessor analyzes actual sales of property in the city, reviewing last year’s open market sales to determine the sale price of similar properties.
  4. The property characteristics are entered into a computer appraisal system, and information is updated to reflect market trends and the value of each property.

The City of Golden Valley contracts with professionals from Hennepin County to appraise the market value of your home.

The market value estimated by the assessor should be very close to the amount the property would sell for if placed on the open market. (State law defines the market value of a house as “the usual selling price at the time of assessment.”)

The value and classification of real estate must be established by Jan 2 every year. The Jan 2 assessment establishes the basis for the following year’s property tax. For example, the value and classification on Jan 2 of the current year is used to calculate the tax payable the next year. Hennepin County then mails property valuation notices in March. You may appeal if you disagree about the assessed value of your home.

Steps to Appeal

If you disagree with the City’s value assessment of your property, follow these steps for appeal (as established by Hennepin County):

  1. Talk to your assessor. Call the number listed on the valuation notice you receive in mid-March and discuss your concerns and sales information. If you can’t resolve the problem, move to step two.
  2. Attend the Board of Appeal and Equalization (Open Book style) meeting held at the end of April at City Hall. Appeal in person, by letter, or by designated representative. Tell assessors ahead of time you will be attending the meeting so they can bring the appropriate information. If the problem is not resolved, move to step three.
  3. Attend the County Board of Appeal and Equalization, which meets in June. Appeal in person, by letter, or by designated representative.