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All real property subject to taxation shall be listed and at least one-fifth of the parcels listed
shall be appraised each year with reference to their value on January 2 preceding the assessment
so that each parcel shall be reappraised at maximum intervals of five years. All real property
becoming taxable in any year shall be listed with reference to its value on January 2 of that
year. Except as provided in this section and section 274.01, subdivision 1, all real property
assessments shall be completed two weeks prior to the date scheduled for the local board of
review or equalization. No changes in valuation or classification which are intended to correct
errors in judgment by the county assessor may be made by the county assessor after the board of
review or the county board of equalization has adjourned; however, corrections of errors that are
merely clerical in nature or changes that extend homestead treatment to property are permitted
after adjournment until the tax extension date for that assessment year. Any changes made by the
assessor after adjournment must be fully documented and maintained in a file in the assessor's
office and shall be available for review by any person. A copy of any changes made during this
period shall be sent to the county board no later than December 31 of the assessment year. In
the event a valuation and classification is not placed on any real property by the dates scheduled
for the local board of review or equalization the valuation and classification determined in the
preceding assessment shall be continued in effect and the provisions of section 273.13 shall, in
such case, not be applicable, except with respect to real estate which has been constructed since
the previous assessment. Real property containing iron ore, the fee to which is owned by the state
of Minnesota, shall, if leased by the state after January 2 in any year, be subject to assessment for
that year on the value of any iron ore removed under said lease prior to January 2 of the following
year. Personal property subject to taxation shall be listed and assessed annually with reference to
its value on January 2; and, if acquired on that day, shall be listed by or for the person acquiring it.
History: (1984) RL s 802; 1945 c 485 s 1; Ex1959 c 70 art 1 s 1; 1965 c 624 s 1; 1969 c 709
s 1; 1971 c 564 s 5; 1975 c 437 art 8 s 2; 1986 c 444; 1988 c 719 art 7 s 4; 1989 c 277 art 2 s 16;
1990 c 480 art 7 s 4; 2003 c 127 art 2 s 10

Official Publication of the State of Minnesota
Revisor of Statutes