home link Are your property taxes too high? Winning your property tax appeal Broken Promises: Why do property tax appeals fail to reduce your taxes? Appraisal Services Who is Land for Sale, Inc.? Here's the Dirt - Newsletter Tax Appeal Success Stories Minnesota's Property Tax System: A Quiz Are your property taxes too high? Winning your property tax appeal Broken Promises: Why do property tax appeals fail to reduce your taxes? Appraisal Services Who is Land for Sale, Inc.? Here's the Dirt - Newsletter

Minnesota’s Property Tax System: A Quiz by Laurie Karnes

Which factor is the most important in determining property tax?

A) The assessor's valuation
B) Local government budgets
C) The property tax classification

2. Minnesota's Property Tax System is considered one of the most complex in the US.

A) True
B) False

3. A building's classification for property taxes is determined by:

A) Its zoning
B) Its use
C) Its highest and best use

4. Property classification for land is determined by:

A) Its zoning
B) Its actual use
C) Its highest and best use
D) It depends

5. You can appeal the property’s classification and/or its valuation.

A) True
B) False

6. The assessed value for property taxes payable in 2016 is:

A) Based on market activity that occurred in 2014.
B) Based on market activity that occurred in 2015.

7. When valuing a commercial building for property taxes:

A) Use the actual vacancy rate of the building
B) Use the market vacancy rate

8. A property can have multiple classifications

A) True
B) False

9. The deadline to file a property tax appeal for 2016 is:

A) Before your May 15th, 2016 taxes are due
B) Before your Oct 15th, 2016 taxes are due
C) April 29th, 2016

10. You must be the fee owner of a property to file a property tax appeal.

A) True
B) False

11. A property’s assessed value should always equal its recent sales price.

A) True
B) False

12. Your Pay 2016 property tax appeal can be dismissed if you have delinquent taxes for Pay 2015.

A) True
B) False

How well do you understand our Minnesota Property Tax System?

Here are the correct answers to the quiz:

1) C; 2) A; 3) B; 4) D; 5) A; 6) A; 7) B: 8) A; 9) C; 10) b; 11) B; 12) B

MNCAR member Laurie Karnes is both a licensed Minnesota Appraiser and Broker. Her research and analysis has resulted in over $150 million in reduced property tax assessments. Direct your questions on Minnesota Property taxes to Laurie at [email protected] or call Laurie at 763-420-4757.


Are your property taxes too high?Winning your property tax appealBroken Promises: Why do property tax appeals fail to reduce your taxes?Appraisal ServicesWho is Land for Sale, Inc.?Here's the Dirt - NewsletterTax Appeal Success StoriesMinnesota's Property Tax System: A Quiz

 

Land For Sale, Inc.  •  763-420-4757
P.O. Box 2316  •  Maple Grove, MN 55311
Laurie E. Karnes, Broker/Owner/Appraiser
[email protected]

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