Sherburne County residents will soon be receiving their Property Valuation Notices for 2022 assessment/taxes payable 2023. These statements will be included in the same envelope as the 2022 Property Tax Statements.
Low interest rates and a lack of inventory coupled with high demand have led to a robust residential housing market statewide. The current market value is determined by market conditions based on sales that transpired between October 1, 2020 through September 30, 2021. Over the course of this period, the median residential sale price in Sherburne County was approximately $340,000. By contrast, the median estimated market value prior to any market value adjustments was $283,000. Based on this sales data, the average home value will increase approximately 16-20%, depending on property location and other factors.
The Assessor’s Office is responsible for estimating market value and determining proper classification of all properties in Sherburne County. Minnesota law requires assessors to value property at its most likely selling price. This “estimated market value” divided by the actual sale price equals the Sales Ratio. The Minnesota Department of Revenue uses this ratio to do studies that ensure uniformity and quality of assessments. To be considered compliant with the Department of Revenue, median property assessments are expected to be within 90% – 105% of market value.
If upon receiving your individual Valuation Notice, you have questions for the Assessor’s Office, the formal appeal process is included on the valuation statements. The Sherburne County Assessor’s office encourages taxpayers to reach out to staff with any questions or concerns they may have regarding the market value once they receive the value notice.
You can reach the Assessor’s Office at (763) 765-4900.