Rapidly Appreciating Real Estate Market
Impact on 2022 Assessed Values in Mower County
As Mower County residents receive their property tax valuations in late March some property owners may see larger-than-normal increases. As with all the counties in the Southeastern region, certain properties will see increases that exceed 20%.
Over the past 18 months, the real estate market in Mower County and the other Southeastern counties witnessed some of the largest gains in recent history. This means the County’s 2022 assessed residential property values will mirror the market activity that is occurring. Most counties that Mower County uses to benchmark its property values report median residential property value increases at or exceeding 20%.
The 2022 assessed values were determined based on the sales occurring between Oct. 1, 2020-Sept. 30, 2021. These sales within that timeframe are time-trended by the Minnesota Department of Revenue to keep up with market activity. For example, if a property sold in the beginning of the sales study it will be trended to reflect how properties are selling at the end of the sales study. State statutes dictate that assessment offices must follow the trended sales study when determining market adjustments. The Department of Revenue ensures assessment offices maintain compliance with those statutes.
Property owners should receive a “Valuation & Classification Notice” in late March. It lists the new valuation and classification as of January 2, 2022.
Please call the Assessor’s Office with any value or classification concerns at (507) 437-9440. Property owners should check their valuation notices for more information on the process for appealing their estimated property’s market value and property classification.
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