Minnesota Sending Out Estimated Market Value Notifications

Over the next several weeks residents will receive their Estimated Market Value notification.

DULUTH, Minn. -St. Louis County officials say some property owners might be surprised to learn how much the value of their property went up.

Over the next several weeks residents will receive their Estimated Market Value notification.

Officials say a few factors may have caused the value of their property to go up, like the busiest real estate market the county’s seen in 20 years, steep costs of construction, and historically low-interest rates.

Minnesota state law requires properties to be valued at their market value which is determined based on home sales from October 2020 through September 2021.  Property owners’ tax bill each year is determined by the property’s value estimated by the assessor.

“We have values for all taxable properties within St. Louis County, so we have a total value. That total value is used to allocate property taxes, or tax bill, to our residential property owners, commercial, industrial, and other classifications,” said Mary Garness, Director of Public Records and Property Valuation for Saint Louis County.

This assessment is used in determining taxes and budgets in 2023 which will be finalized at the end of the year. Click here for more information and contact information if you have any questions.