1 - 2023 Wright County Local Board Presentation4/21/2023
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2023 ASSESSMENT
OVERVIEW
What is the role of the Assessor?
To Value and Classify Property
Property Value is based on market data including sale prices, cost to
construct and income produced.
Property Classification is based on the use of the property. (May or may not
match current zoning)
The combination of property value and property classification determines the
portion of property taxes each property owner will pay.
Minnesota Assessor’s are licensed and follow strict legislative requirements
and direction provided by the Minnesota Department of Revenue and State
Legislation.
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Minnesota Property Tax System
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2023 Assessment Summary
For all taxable property types, Wright County had an increase in market value
of 17.12% for the 2023 Assessment including new construction.
The current assessment meets or exceeds standards for uniform assessment in all jurisdictions as established by the International Association of
Assessment Officers.
7.96%7.20%5.94%6.82%
21.33%
17.12%
0%
5%
10%
15%
20%
25%
2018 2019 2020 2021 2022 2023
Total % Change (YoY)
$14.904
$15.978
$16.928
$18.082
$21.940
$25.695
$10
$12
$14
$16
$18
$20
$22
$24
$26
$28
$30
2018 2019 2020 2021 2022 2023
*Values from MN DOR Mini Summary Report which excludes: exempt, personal
property, and state assessed values.
County EMV (in billions)
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2023 Assessment Summary
Sales Ratio Study Period:
October 1st, 2021 – September 30
th, 2022
County Wide Valuation
Change*Property Type
+ 12.15%Residential
+ 17.30%Seasonal Residential
+ 21.31%Agricultural / Rural
+ 20.99%Commercial
+ 25.29%Industrial
+ 18.52%Apartments
+ 28.07%Manufactured Home Parks
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2023 Assessment Summary
Residential
$18,298,117,000
65.21%
Exempt
$1,915,833,500
6.83%
Seasonal Residential
$1,075,883,700
3.83%
Commercial
$1,377,450,900
4.91%
Industrial
$703,357,400
2.51%
Apartments
$647,727,900
2.31%
Agricultural
$3,599,351,900
12.83%
MH Park
$57,194,100
0.20%
Other
$385,379,200
1.37%
2023 Assessment EMV Breakdown
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2023 Assessment Summary
ParcelsPlatsYear
1,370532022
1,982662021
643532020
821502019
797432018
New Parcels / Plats Five Year Summary
272.52 296.11 317.95
405.38
585.21
612.03
100
200
300
400
500
600
700
2018 2019 2020 2021 2022 2023Value (in millions)Value of Total New Construction
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Market Appreciation – Impact on Market Value
“Question, I paid $300,000 for my home last
year and now you’re saying it’s worth $360,000.
How is that possible?”
The assessment date is January 2 of each year.
The market appreciated 20% in your area in the past year.
A purchase price of $300,000 in January of 2022 would
indicate a value of close to $360,000 as of January of 2023.
A purchase price of $330,000 in July of 2022 would also
indicate a value of close to $360,000 as of January of 2023.
$300,000
$330,000
$360,000
$270,000
$280,000
$290,000
$300,000
$310,000
$320,000
$330,000
$340,000
$350,000
$360,000
$370,000
Jan-21 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan-22 8
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How will this impact my property taxes?
Consider a city or township consisting of four identical residential properties.
The 2022 EMV was determined in Spring 2022 for taxes payable in 2023.
2022 EMV: $200,000
2022 EMV: $200,000 2022 EMV: $200,000
2022 EMV: $200,000
In the fall of 2022, the taxing authorities in this district set their budget for 2023. Based on this
budget it was determined that they require a total of $4,000 to be levied through property taxes to
continue operations. This is the total amount they will need to collect in 2023 to cover their costs.
2023 Property Tax Bill: $1,000 2023 Property Tax Bill: $1,000
2023 Property Tax Bill: $1,0002023 Property Tax Bill: $1,000
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How will this impact my property taxes?
The impact on the property taxes payable in 2024 will depend on the local budgets
and levies set by elected officials in the fall of 2023.
2023 EMV: $240,000
2023 EMV: $240,000 2023 EMV: $240,000
2023 EMV: $240,000
During the sale study period for the 2023 Assessment, market values appreciated by 20%.
The taxing authorities were able to keep their budget level for 2024 and will again collect $4,000
through property taxes.
Because the properties were all equally revalued, the portion of property taxes they will pay in 2024
remains unchanged.
2024 Property Tax Bill: $1,000 2024 Property Tax Bill: $1,000
2024 Property Tax Bill: $1,0002024 Property Tax Bill: $1,000
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Property Taxation Timeline
10/1/2021
thru
9/30/2022
January 2nd, 2023 Assessment Date
March Valuation Notices Mailed
April - May Local Boards of Appeal and Equalization
Open Book Appeals
June County Board of Appeal and Equalization
June State Board of Equalization
June
July
August
September Truth in Taxation Levy Certififications
November Truth in Taxation Notifications Mailed
December Final Budget Hearings; Final Levy Certifications
January Tax Rates are calculated
March Property Tax Statements Mailed
May 15th, 2024 1st Half Taxes Due
October 15th, 2024 2nd Half Taxes Due - excluding Agricultural property
November 15th, 2024 2nd Half Taxes Due on Agricultural property2024Assessment Year 2023 - Payable Year 2024
20232021 2022Sales study period for the 2023 Assessment.
Sales are verified, analyzed, and compared to the 2022
Assessed Values.AssessorTaxpayer ServicesLocal Taxing AuthoritiesDevelop Preliminary Budgets at Local, County and School
District Levels for 2024
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The Homestead Market Value Exclusion
Why is the Homestead Market Value Exclusion decreasing as the Estimated
Market Value increases?
Under current law, this exclusion reduces the taxable market value for properties
qualifying for homestead valued below $413,800.
This benefit applies to residential homesteads and the house, garage and one acre
of land for agricultural homesteads.
The formula set by state law phases out this benefit as the estimated market
value increases:
Properties with a total estimated market value of $76,000 receive the maximum
benefit of a 40% reduction in taxable value. (Maximum Exclusion = $30,400)
Properties valued between $76,000 and $413,800 have their exclusion
calculated by taking the maximum exclusion ($30,400) and reducing it by 9% of
the market value over $76,000.
Properties valued at $413,800 or more do not receive the exclusion.
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Review the 2023 Assessment for property taxes due and payable in 2024
Sales Study Period October 1st, 2021 – September 30
th, 2022
Review data provided by Property Owner’s and the Assessor to determine if a
change to value or classification is warranted.
Prior to making a change, a physical inspection of the property should be
conducted by the Assessor to ensure the property data is accurate. If access is
denied, an adjustment can not be made by the LBAE.
Changes to the value or classification of an individual parcel can be made based
on the factual information provided during the meeting.
The Purpose of the Local Board
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The Local Board shall consider all appeals and the factual evidence provided.
They may then choose to do one of the following:
1. Vote to change the property value or classification based on factual
evidence provided by the property owner.
2. Vote “No Change” on the property. The property owner retains the ability to
appeal at the County Board of Appeal and Equalization or file in Tax Court.
3. Recess the meeting to a later date if a decision can’t be made.
Remember that changes made should be justified by facts as they have the
effect of shifting the tax burden onto other property owners in the district.
Making Changes at the Local Board
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A quorum must be present with at least one “Training Certified” member as
described under Minnesota statutes, section 274.014
MN State law requires the assessor to value property at 100% of market value.
The assessor’s estimate of market value is prima facie valid correct. The burden
of proof is on the property owner to prove that the assessor’s value is in error. MN
Statutes, section 271.06
“Further, any changes made by the board must meet statutory guidelines.” 1
1 Source: Minnesota Department of Revenue Board of Appeal and Equalization Handbook; updated December 2021
Local Board Fine Print
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Property Owner Appeal Options
Contact the Assessor’s Office 763-682-7367
Most concerns are resolved at this level.
Open Book Districts: Appeal options are open all the way up to the County Board of
Appeal and Equalization meeting in June.
Local Board of Appeal and Equalization Districts: Appeals must be heard at the local
level in order to continue with appeal options at the County Board level. Deadline to
appeal is the date of the Local Board of Appeal and Equalization meeting.
County Board of Appeal and Equalization: June 12th, 2023
Appointments required by June 5th, 2023
Tax Court
Petition filing deadline is April 30th in the year in which the taxes are payable.
There is no need to appeal at any other level prior to filing in Tax Court.
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Receiving Property Notifications via eNotice
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Wright County has a new print vendor who offers the opportunity to receive
Notifications of Value, Truth in Taxation Notifications and Property Tax Statements
from the convenience of your phone, computer, or mobile device.
It only takes a minute to sign up and it is free.
Property Owner Resources
Wright County Assessor’s Office 763-682-7367
https://www.co.wright.mn.us/134/Assessor
3650 Braddock Ave NE, Suite 1700
Buffalo, MN 55313
Minnesota Department of Revenue
Property Tax Information: https://www.revenue.state.mn.us/property-tax-information
Understanding Property Tax: https://www.revenue.state.mn.us/understanding-property-tax
Estimated Market Value: https://www.revenue.state.mn.us/estimated-market-value
Board of Appeal and Equalization Handbook
https://www.revenue.state.mn.us/sites/default/files/2021-12/baetraining_handbook%20122021.pdf
Property Tax Refund
https://www.revenue.state.mn.us/property-tax-refund
Wright County Taxpayer Services 763-682-7578
https://www.co.wright.mn.us/170/Finance-Taxpayer-Services
3650 Braddock Ave NE, Suite 1400
Buffalo, MN 55313
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