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
2. Minnesota's Property Tax System is considered one of the most complex in the US.
3. A building's classification for property taxes is determined by:
A) Its zoning
4. Property classification for land is determined by:
A) Its zoning
5. You can appeal the property’s classification and/or its valuation.
6. The assessed value for property taxes payable in 2016 is:
A) Based on market activity that occurred in 2014.
7. When valuing a commercial building for property taxes:
A) Use the actual vacancy rate of the building
8. A property can have multiple classifications
9. The deadline to file a property tax appeal for 2016 is:
A) Before your May 15th, 2016 taxes are due
10. You must be the fee owner of a property to file a property tax appeal.
11. A property’s assessed value should always equal its recent sales price.
12. Your Pay 2016 property tax appeal can be dismissed if you have delinquent taxes for Pay 2015.
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 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
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