Property Valuation
In Minnesota, a property's estimated market value (EMV) for tax purposes is determined as of which date?
AJanuary 2 of the assessment year✓ Correct
BJanuary 1 of the tax payable year
CThe date of the last sale
DThe date of any improvements made
Explanation
In Minnesota, the estimated market value for property tax purposes is determined as of January 2 of the assessment year. This value is used to calculate property taxes payable in the following year.
Related Minnesota Property Valuation Questions
- A Minnesota appraiser identifies that a comparable sale was a 'related party transaction' (sale between family members). How should this be treated?
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- In Minnesota, an appraiser's 'narrative report' differs from a 'form report' in that:
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- In Minnesota, 'functional utility' as an appraisal concept refers to:
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