The law requires assessors to establish an estimated market value annually on each property. In addition to market changes, numerous physical changes affect the value of land and building.
The Assessor also determines the classification, or use, of each parcel. For instance, property may be residential homestead, residential non-homestead, apartment, industrial, commercial, etc. Classification rates are set by state legislative action and vary by property classification.
For additional information, contact the Assessor's Office at 952-826-0365.