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Minnesota property taxes: What homeowners should know about quintile notices
Many Minnesota homeowners are receiving quintile notices about new property value assessments, which could affect their property taxes. Letting assessors inside your home is optional, but it may impact how your property is valued. FOX 9's Corin Hoggard has more.
(FOX 9) - Property owners across Minnesota are getting new assessment notices that could impact their budgets and future home values.
Why quintile notices are arriving in mailboxes
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MN property taxes: What to know about quintile notices
Some homeowners in Minnesota are getting notices about new property value assessments. FOX 9's Corin Hoggard has the details on quintile notices and how they could impact property taxes.
What we know:
Property owners in Minnesota are facing higher property taxes, with a total increase of $873 million compared to last year. These increases are tied to both rising tax rates and higher home values.
Minneapolis and Hennepin County have sent out quintile notices to let people know when their properties will be reassessed this year. The state requires cities and counties to reassess every home at least once every five years.
Dig deeper:
The assessment process involves looking at factors like square footage, quality, condition, amenities, bathroom and bedroom counts and kitchen quality, Rebecca Malmquist, a Minneapolis City Assessor, explained to FOX 9.
Assessors in Minneapolis are constantly reviewing homes, and some homeowners are concerned that any updates could lead to higher taxes.
As a result, some people choose not to let assessors inside.
Letting assessors inside your home is optional
The other side:
"It is optional. I mean, they have a legal right to not let us in. However, what then we have to do is we have to make assumptions about really what is happening inside the property," said Malmquist.
If access is denied, assessors make educated guesses based on an exterior review and any permits pulled for work on the home.
Minneapolis Area Realtors president-elect Geoff Bray said, "It's caused quite a bit of discussion amongst Twin Cities and surrounding area homeowners because it has a direct impact on their yearly expenses."
Bray explained that homeowners may want to keep their annual taxes as low as possible until they sell, at which point a higher assessment could be beneficial.
"We want the annual taxes to be as low as they possibly can until we go and sell our property, in which case we want it all to look as grand and as expensive as it possibly could be because that is what benefits most home sellers," said Bray.
Some homeowners are choosing to electronically share interior photos and descriptions to help assessors get a more accurate value without an in-person visit.
So far, about 1,500 Minneapolis homeowners have taken this approach this year.
The bottom line is fairness
Local perspective:
Malmquist said, "The bottom line is fairness. We want our values to be fair, accurate, and equitable."
These assessments are meant to make sure property taxes are distributed fairly based on the true value of each home.
The process is stirring conversations among homeowners about how much access to allow and how it might affect their taxes both now and in the future.