An appraisal is an estimate of property value based on historical data at a set point in time – January 2 of each year – and the market can change dramatically by the time the property is sold.
The estimated market value (EMV) for property tax purposes is the likely price a property would sell for on the open market. State law requires assessors to value property at 100% of market value.
Market value is defined in Minnesota Statute 272.03 subd 8. Assessors must estimate the market value of each property in the county as of every January 2.
The Green Acres tax deferral program allows farm properties to be valued using an agricultural value instead of the estimated market value – which may reflect development pressures.
To view fee information, please use the Fee Finder tool on the Olmsted County Fee webpage and search for the fee you are inquiring about. Example: If you are inquiring about the fees for a child passport book, type “passport” in the search.
