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Countywide property value assessment increases $390 million

For the fifth year in a row, total property value in Crow Wing County increased. According to property assessment data released by the county land services department, total assessed value of all properties in the county increased from $10.4 bill...

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"Each property value is established based on actual sales which occurred in the marketplace," noted Gary Griffin, land services supervisor for property valuation and classification. "If comparable properties in a neighborhood during the study period sold for more, valuations will be higher; if comparable nearby properties sold for less, valuations go down."

For the fifth year in a row, total property value in Crow Wing County increased.

According to property assessment data released by the county land services department, total assessed value of all properties in the county increased from $10.4 billion as of Jan. 2, 2017, to $10.8 billion on Jan. 2, 2018, an increase of $390 million or 3.7 percent. Overall from 2008 to 2018, the county's estimated market value of properties decreased by 10 percent, from $12 billion to $10.8 billion.

While total property value in the county has increased, this does not mean every property has seen an increase in its assessed values, explained Gary Griffin, land services supervisor for property valuation and classification, in the release.

"Each property value is established based on actual sales which occurred in the marketplace," noted Griffin. "If comparable properties in a neighborhood during the study period sold for more, valuations will be higher; if comparable nearby properties sold for less, valuations go down."

State rules govern how properties are classified and valued, based on physical characteristics, use of the property and sales of comparable properties during a prescribed period. Only "arms-length" transactions may be used for comparable sales, which precludes the use of foreclosure sales in determining values.

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In addition, Minnesota law requires assessed values to fall within a statistical range of 90 percent to 105 percent of market value. If the assessment is outside this range, the state requires property values to be raised or lowered accordingly.

Griffin also pointed out higher or lower assessed values do not necessarily mean higher or lower taxes.

"Government spending, at the county, city, township, and school district levels drives what taxes are due and payable on property," he stated. Griffin noted the county reduced its tax levy for 2018, as it has in each of the last eight years.

Taxpayers with questions about their tax statements or valuation notices may visit the county's website at www.crowwing.us , contact the office at 218-824-1010 or email landservices@crowwing.us .

The land services office is located in Brainerd on the main floor of the Land Services Building, 322 Laurel St.

Related Topics: CROW WING COUNTY
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