How does the Assessor determine the market value?

State law requires that the value and classification of real estate be established as of January 2nd each year. The Assessor’s Office works throughout the year to estimate the market value of each property for the following January 2nd.

  1. View Property: Approximately every fifth year, an appraiser from the City will view the property. In addition, all new construction, alterations or improvements will be viewed in the current year.
  2. Gather Information: The Appraiser gathers information on all characteristics of the property that affect market value, such as size, age, quality, basement finish, and extra features, such as fireplaces, walkouts, extra baths, etc.
  3. Compute Value: The property characteristics are entered into the City’s computer system. Information on actual sales is updated to reflect market trends, and the Assessor calculates a property’s value using a computer assisted mass appraisal system. The market value estimated by the Assessor should be at, or very close to, the amount the property would sell for if placed on the open market. The City of Anoka consistently meets these standards.
  4. Notification: Valuation notices are sent with the property tax statements around the middle of March each year. The assessment on January 2 forms the basis for the following year’s tax. That is, the value and classification on January 2, 2017, is used to calculate the tax payable in 2018.

Show All Answers

1. What does the City Assessor do?
2. What is "Market Value?"
3. How does the Assessor determine the market value?
4. Who are these appraisers and what are their credentials?
5. What if you have questions or think your property is valued or classified incorrectly?