Market Value & Property Taxes

Property taxes are paid to fund local services. Property tax money is used for community services such as: police, fire, recreational services, social services and education.

Property Tax Determination

The assessor determines a fair market value for the homeowner's property. Minnesota State law requires the assessor to physically review property at least once every five years. Residential market values are based on the price that is paid for housing. Established a fair and equitable market value ensures the homeowner is paying a fair share of the total property tax burden, regardless of what the total tax burden is.

Minnesota state law determines how the total tax will be distributed among the various types of property in the state - such as apartment, commercial and industrial, and residential property. Due to the fact that there are always changes in the property tax laws, the tax burden may shift from year to year. The actual dollar that one pays in property tax is determined by the amount of money that is needed to fund local services. Changes in the city's property tax base, special property classifications, state mandates, and other statutory requirements (fiscal disparities and tax increment financing) affect the actual dollar amount of property tax paid.

Questions About Your Property Taxes

If a homeowner thinks that property taxes are too high, one may want to discuss concerns with the City Council, School Board Member, County Commissioner, State Representative, or State Senator. Public comments are also welcome at the budget hearings. The hearings are held each year in November and December.

Questions About Your Market Value

Please feel free to contact the city of Richfield's Assessing Division with any comments or questions about property values. Many property owners' concerns can be explained or resolved right over the phone.  Or attend an "Open Book Meeting."  The "Open Book Meeting" is designed to give information about sales activity and the opportunity to discuss the property values and/or class.  If the assessor cannot resolve the problem, one can appeal to the Hennepin County Board of Equalization, or the Minnesota Tax Court. Information about these methods of appeal is outlined on the property value notice received each year in February or March.