Homeowners in Morrison County may be in for a surprise when they open their mail to find property assessment notices showing significant hikes in their homes' market values. The latest round of Property Valuation Notices for the 2024 assessment year, which determine taxes payable in 2025, is revealing a stark increase across various categories of real estate within the region.
This uptick, highlighted in statements provided to residents alongside their 2024 Property Tax Statements, reflects a vibrant local market. As real estate prices surge, the county assessor's office has the unenviable task of aligning property values with the current market temperature. According to the Minnesota Department of Revenue's guidelines, the assessor is mandated to peg properties at 100% of their market value as of January 2nd each year. Recent sales studies in the county indicate that on-water residential and seasonal properties have ballooned by 25% to 40%. Off-water equivalent homes have seen a more modest increase of 5% to 15%, and agricultural and rural vacant land have gone up by up to 15%, according to the county's report.
It's not all grim, though, for homeowners worried about the impact on their wallets. Higher assessed property values do not always spell higher property taxes. The county explained that various entities with tax levy powers, such as municipalities, school districts, and county governments, set the tax rates independently, spreading them among taxpayers. These values, and the resultant tax bills, are a matter of complex calculations involving multiple factors.
But there's a flip side. As property values push upward, homeowners with homestead designations might see reductions in their Homestead Market Value Exclusion, which begins to diminish on properties valued above $95,000. On a brighter note, those enrolled in conservation programs like Green Acres or Rural Preserve can expect some relief on their 2024 assessments. The county land services department is bracing for a high volume of inquiries ahead of the May 1 application deadline for these programs, and is urging for patience from the public, revealed the county's announcement.
Property owners feeling the strain of a hot market should take this as a sign of the enduring vitality of Morrison County's real estate scene. The continual reassessment of property values reinforces the notion that your home may indeed be your most valuable asset – for better and for worse. Nevertheless, Morrison County officials are urging residents to reach out should they have concerns or queries regarding these latest figures.
