Assessing

How taxes are calculated

Policy makers - school board, city council and county board - set the budget for their governmental entity. Public hearings about the proposed city and county budgets are held in November or December, and their final budgets are set by late December. The school district budget is developed in the spring for the upcoming school year.

Property taxes are set each year by determining the amount needed to provide services to the community. This amount is spread across the community based on taxable market values and property class rates.

Property taxes are based on assessed value. Minnesota law requires that the assessed value of your home reflect its market value: the price a buyer would typically pay for your home in today's real estate market. Assessors set your home's value by comparing what similar homes in your neighborhood actually sold for in the last year. For questions about your home's assessed value, call the city assessor's office at (952) 924-2535.

Property taxes do not fund either the state or federal government. These are funded by income and sales taxes.