Mar 28, 2023 - Real Estate

Where Minneapolis home valuations are rising most

This neighborhood-level map shows how property tax valuations are changing in Minneapolis. Green represents the biggest increases. Orange and yellow show decreases. Image: Courtesy of city of Minneapolis.

Minneapolis property taxpayers recently found out how much their assessments increased in 2023 — or in a few cases, how much they fell.

Driving the news: The city assessor's office sent out valuations to all 131,000 property owners in March.

Zoom in: Valuations are rising most in some North Minneapolis neighborhoods as well as along the eastern edge of the city, from Prospect Park down to Hiawatha, according to a presentation to City Council last week.

The other side: Home valuations in some downtown neighborhoods actually decreased. Loring Park was down 7%, according to the presentation.

The big picture: More than 75% of homeowners saw their valuations increase.

  • 33% saw a 0% to 5% increase.
  • 31% saw an increase of 5% to 10%.
  • 10.3% saw a jump of 10% to 15%.
  • 2% went up by my more than 15%.

Why it matters: Your assessment plays a big role in determining how much you will pay in property taxes next year.

What to know: If you feel your valuation is wrong, the city suggests calling your assessor, who is listed on the back of your notice.

  • To request a review if your valuation, click here.

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