The City Assessor's primary function is to annually establish the market value and classification of all properties within the City. The Assessor will physically view each property at a minimum of every fourth year but will revalue the property each year with guidance from the Hennepin County Assessor's office.
The law specifically requires that assessors view each parcel of real estate to appraise its market value. Property values change continuously with changing economic conditions. Numerous physical changes, such as building improvements or additions, also affect the value of land and buildings. All factors are considered in estimating the value of property.
The City Assessor also determines the classification or use of each parcel. For instance, the property may be a residential homestead (owner occupied), a resident non-homestead, or commercial. Each classification is taxed at a different percentage of market value. These percentages are set by the State Legislature.