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The Property Tax Administrator's Manual is an in-depth reference for county assessors and other property tax officials in Minnesota. You can download the full Minnesota Property Tax Administrator's Manual or use the links below to download specific modules.
Highest and best use is the use that is financially feasible, physically possible, legally permissible, and maximally productive. There are five basic classes of property in Minnesota. These are provided in Minnesota Statutes section 273.13.
The primary cause of variation in property tax burdens is Minnesota’s classified property tax system. In a classified system, each class of property is assigned one or more class rates.
Commercial and industrial property and utility real and personal property is class 3a. (1) Except as otherwise provided, each parcel of commercial, industrial, or utility real property has a classification rate of 1.5 percent of the first tier of market value, and 2.0 percent of the remaining market value.
There are five basic classifications of property, and there are numerous subclasses of property. Each classification will be discussed in this section. Tax Capacity . As stated in . Module 1, the Uniformity Clause of the Minnesota Constitution allows for different classifications of property to be taxed at different rates.
Describes the basic mechanics of Minnesota's property tax system, e.g. assessment and classification. Includes a glossary of terms.
Classifications such as homestead, commercial, and agricultural describe the primary use of a property, and affect the amount of property tax paid. The assessor determines the classification or use of each parcel.
Determining Property Taxes. After the Assessor’s Office determines the market value and classification of a property, Property Taxation & Records computes a property's taxes by multiplying the value of the property by the total tax rate.
General Information. Understanding Property Taxes gives an overview of how property is valued and classified, when property taxes are due, and how property taxes are calculated. Estimated Market Value is one of the factors used to determine your property taxes.
Classifications — such as homestead, rural vacant land, commercial, and agricultural — describe a property's primary use and impact the amount of property tax paid. The Minnesota State Legislature creates and defines class rates, and a property is taxed at the rate corresponding to its class.