Assessors are required to inspect properties in person at least once every 5 years or if new construction or demolition takes place. Assessor’s value property using a mass appraisal process to review sales of similar properties over a set time period established by the Minnesota Department of Revenue. Estimated market value is determined by analyzing property sales, the characteristics as well as use of the land and buildings of each property. The estimated market value and classification are based on the condition and use of the property on January 2nd of each year.
The homestead classification applies to properties occupied as primary residence by their owners or a qualifying relative. Classification such as homestead may qualify the property for a reduced classification rate, reduced taxable market value, property tax refund and/or special program eligibility. You must own and occupy by December 31st and apply by December 31st of the current year to receive the benefit on property taxes payable in the following year. The MN Department of Revenue has more detailed information on homestead benefits and qualifications.
To qualify for a relative homestead classification on property you own but is occupied by a qualifying relative as their primary residence. The property must be the primary residence of any of the following family members in order to qualify: parents, step-parents, children, step-children, grandparents, grandchildren, brothers, sisters, aunts, uncles, nieces or nephews.
To qualify for a special homestead classification on property you own, you must be blind or permanently and totally disabled. The MN Department of Revenue has more Information on special homesteads.