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A reduction in tax after the assessment and levy. The county assessor, county auditor-treasurer, and the county board only use this practice to correct assessment errors.
Abstract of Title
A condensed history of the title to land, consisting of a synopsis or summary of the material or operative portion of all the conveyances on the affected land.
Alternate Taxpayer
A legal entity, usually a secondary party who has a vested interest in a property, which is responsible for the payment of property taxes.
Appeal
The process utilized by a property owner to contest an assessment, formally or informally, in Minnesota. It involves a review that may take place with the assessor, at the scheduled boards of appeal and equalization, or in Tax Court.
Appraisal
The act or process of estimating value. The resulting opinion of value for a property is made as of a specified date and supported by the presentation and analysis of relevant data.
This value estimate includes structures, buildings, and any appurtenances (anything which has been added or appended to a property and becomes an inherent part of the property) that are not considered land.
The dollar amount that an improvement adds to the market value of a property based upon its building replacement cost new less accrued depreciation.
The final date that the amount due can be paid before late fees begin to incur.
Deferred
Payment postponed until a future time, by resolution of a taxing authority.
This value is the assessor's estimate of what a property would sell for in an arm's length transaction. Market value is defined as the most probable price that a well-informed buyer would pay a well-informed seller for a property without either party being unduly pressured to buy or sell.
Equalization
The process undertaken by different government bodies to ensure that all property under its jurisdiction is equitably assessed in terms of uniformity and consistency.
A property tax refund application that may be submitted by qualifying homeowners, renters, and mobile/manufactured homeowners to the Department of Revenue for processing. This form permits applicants to seek property tax relief through a state refund program that is designed to assist people---based on their total tax and household income and/or people who have experienced a tax increase that is at least $100 and more than 12 percent over last year's tax. For more information on this property tax refund program, call the Minnesota Department of Revenue at 651-296-4444 or 1-800-657-3676.
This value is the assessor's estimate of agricultural value based upon the provisions of a tax deferment program enacted for agricultural property. The deferment or lower value derived from "true" agricultural sales is designed to protect farm land from valuation or taxation increases resulting from outside economic influences such as urban sprawl, the proximity of a farm to a lake or river, or use as hunting land. Application for this deferment must be made in a timely manner. Further information may be obtained from the County Assessor’s Office.
Government Lots
Irregularly shaped parcels of land, usually fronting on water, which could not be divided practically into sections under the government survey.
Government Survey
The survey from which our present system of townships, sections, etc., was developed.
For property tax purposes, this classification is a tax benefit granted to property owners or qualifying relatives who are Minnesota residents and who own and occupy their homes as their primary places of residence.
This value estimate includes the earth's surface, both land and water, and anything associated with the surface like capital improvements (i.e. water, sewer, curb, and gutter), natural resources in their original state (i.e. mineral deposits, wildlife, timber, fish), and energy sources, outside of man himself (i.e. water, coal deposits, and the natural fertility of the soil).
Legal Description
This may be an abbreviated method of geographically identifying a parcel of land for tax purposes. The recorded legal description, which is acceptable in a court of law, is maintained by the county recorder.
Limited Market Value
This value is based upon a statutory limitation that may be applied to agricultural, residential, non-commercial seasonal recreational residential property, and timberland. Valuation increases on these properties are currently limited to not more than 10 percent over the preceding year's taxable market value or 15.0 percent of the difference between the two years' values, whichever is greater.
The process of valuing a large group of properties as of a given date conducted in uniform order, using standard methodology, common reference data, and statistical testing. Assessors use this systematic appraisal application to estimate market value for tax purposes.
Machinery Value
This value estimate includes moveable items, fixtures, equipment, and assembled parts that are subject to taxation. (i.e. state assessed utility systems)
Mobile/Manufactured Home
A structure that is transportable in one or more sections which is a complete livable dwelling unit equipped with wheels so that it may be towed from place to place by a truck, depending on its size and highway regulations. This property type is considered to be personal property when it is sited on land that is leased. It is considered to be real property when it is affixed to the land that is owned by the owner of the mobile home, by a permanent foundation, or in a manner comparable to other real property.
This value represents the assessor's estimate of market value attributable to improvements that have been made to the property in the last twelve months prior to the assessment date of January 2nd. The value of the new improvements is not eligible for limited market value.
A term used to refer to a piece of property described under a single legal description; separately owned either publicly or privately.
Parcel Number
A unique number used as the identifier of each parcel. It is sometimes referred to as the parcel identification number (PIN).
Plat
A map intended to show the division of land into lots or parcels. Once the land is recorded with the county Recorder, land included in the plat can then be legally described by reference to the plat.
Plat Deferral Value
The value estimate attributable to a reduction in the market value of a newly platted lot. It is one-seventh of the difference between the market value of the parcel before platting and the market value of the lot after platting is added in each of the seven assessment years following the platting. Therefore, taxes are calculated on a lower market value during the first seven years following the initial platting or until construction begins, whichever comes first.
Personal Property
Generally, moveable items; that is, those not permanently affixed to and a part or real estate. For tax purposes, these items are not subject to taxation and are commonly known as furniture, fixtures, or equipment. In terms of a property type, this classification pertains to certain state assessed utilities and all buildings/improvements situated on railroad or leased public land, which are not owned by the railroad company or the government.
Primary Taxpayer
A legal entity, usually the property owner, ultimately responsible for the payment of property taxes.
Property Address
A unique description used to identify the place or location of a property. It is sometimes referred to as the site address or civil address.
Property Tax
In general, a tax levied on any kind of property; that is, real, personal, or a mobile/manufactured home. The amount of the tax is dependent on the value and property tax classification of the property.
Property Tax Classification
The class that has been assigned to a property based upon its use. If the property is bare land and has no use, the property is classified according to its highest and best use. Individual classes of property have different class rates that are established by the state legislature and are uniform on like classes of property throughout the state. The final tax may be more or less than another property with the same market value having a different class rate. This idiom is also used interchangeably with the terms---property class or classification.
Property Tax Levy
It is the total revenue (part of a unit of government's budget) which is to be taken in through the collection of a property tax.
Property Type
A word used to specify a parcel and its associated valuation records, special assessments, etc. that are common to one unique parcel number. (i.e. real property, personal property, and mobile/manufactured home)
This property type refers to the interests, benefits, and rights inherent in the ownership of the physical real estate. It is synonymous with the term real estate---the physical land and appurtenances (something that has been added or appended to a property and becomes an inherent part of the property), including structures affixed thereto.
A charge made by a governmental unit against real estate to defray the cost of making a public improvement adjacent to the property which, while of general community benefit, is of special benefit to the property so assessed.
Special Assessment Balance Due
Principal amount due to pay off the assessment in full.
The taxable market value (or the market value if there are no reductions and limitations) of a property multiplied by its property tax classification rate percentage. (i.e. a residential homestead valued at $76,000 x 1% = $760)
Tax Roll
The official list of each taxpayer subject to a property tax, together with the amount of the assessment and the amount of taxes due. It is also known as the tax book that lists the names of the owners or those taxpayers that receive the tax statement.
Taxable Market Value
This value is the dollar figure that is used to calculate the property tax. It is the final value after all reductions and limitations.
Taxes
A mandatory contribution of money collected by the government, according to law, for the general support of the government and for the maintenance of public services, whether federal, state, or local.
This Old House Value
Improvements to homestead property made before January 2, 2003, shall be fully or partially excluded from the value of the property for assessment purposes provided that (1) the house is at least 45 years old at the time of the improvement and (2) the assessor's estimated market value of the house on January 2 of the current year is equal to or less than $400,000.
This benefit was designed to provide owners of older and deteriorated homes with an incentive to restore or renovate their houses. The applicant must homestead the property the year the improvements are made. Application for this exclusion must be made in a timely manner. Further information may be obtained from the County Assessor's Office.
Torrens Property
A system of registration of land under which upon the land owner's application, the court may direct the issuance of a certificate of Title.
The process of appraising, of making estimates of the value of something. The value estimated for mass appraisal purposes is market value.
Value
It is the monetary worth of something; the estimate sought in a valuation. Buyers and sellers in the market create value. The assessor studies the market and collects information about properties to estimate value.
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