My real estate taxes are too high! What can I do to lower my property taxes?

When challenging property taxes, the focus is on the value of the property, not the resulting taxes. The bottom line question in every property tax appeal is what was the market value of the property on the assessment date? In Minnesota, property taxes are assessed as of January 2nd each year for taxes payable the next year. For the April 30, 2014 tax petition deadline, we are challenging the assessor's market value as of January 2, 2013, for the real estate taxes payable on May 15 and October 15, 2014. The status of the property as of the assessment date is the issue to resolve, either through settlement discussions with the assessor or through litigation before a Tax Court judge.

Assessors are required to value property each January 2nd at “market value”. Market value means the price a willing buyer would pay a willing seller in an arm’s length transaction. So, to appeal the pay 2014 property tax, a property owner must ask, what was the value of my property as of January 2, 2013?

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