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Challenges to home valuations surge in Minneapolis

The number of homeowners in Minneapolis challenging the city over the estimated value of their properties has surged for a second consecutive year, overwhelming assessors as they work to finish a backlog of appeals, officials said.


The city received 1,766 appeals of property assessments this year, according to a report presented to the City Council on Wednesday. That is a 26% increase from last year and more than double the number of appeals in 2017.


Officials attribute the hike to a steady increase in the sales prices of residential properties over the past decade. Properties in the city have sold quickly and usually at their original listing price, according to a Star Tribune analysis earlier this year.


People sharing information about appeals on Nextdoor.com and other social media has also been a factor, they said.


“For that number to go up would not be a reflection of the overall quality of the assessment, but the fact that we’re actually reaching people,” City Assessor Patrick Todd said. “I see that as a positive thing.”



Appealing their property value pays off for Minneapolis homeowners


Still, the workload has strained the assessor’s office.


Read entire article HERE.


"Challenges to home valuations surge in Minneapolis"; by MIGUEL OTÁROLA; STAR TRIBUNE; June 06, 2019

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