In State of Minnesota counties or cities are responsible for property tax administration and the Department of Revenue only provides assistance and oversight. The process of calculating, imposing, and collecting Minnesota property taxes for a year actually spans two full calendar years. The two-year cycle begins with the January 2 statutory assessment date and extends all the way through the next calendar year until the property taxes have been paid.
Market value is the amount for which a property would sell in a competitive and open market, presuming that both buyer and seller are knowledgeable about the sale, allow sufficient time for it, and are not affected by undue pressures (e.g. foreclosures and bankruptcy).
Each property's share of taxes is determined according to its value, use, and the property tax levies. Assessors are responsible for estimating property values and setting classification for tax purposes. Assessment ratio is currently set to 100% throughout Dakota County.
Exemptions & Taxable Value
Taxable value represents the assessed value less any tax exemptions that apply. Dakota County provides several exemptions, homesteads and credits that may lower the property's tax bill.
This property benefits of homestead exemptions, but, unfortunately, we have no information about the amount exempted, therefore the taxable value is equal to the assessed values.
Property tax is calculated by multiplying the assessed value with the corresponding tax rates and class code rates applicable to it.
Current tax represents the amount the present owner pays including exemptions and special assessments.
Base tax is an estimate of what an owner not benefiting from any exemptions would pay.
Final base tax amount is calculated as the sum between the tax amount obtained by multiplying tax capacity value with the total tax capacity rate and assessed value multiplied by the market rate.