According to the Minnesota Department of Revenue, your recent tax-assessed value was determined from nearby home sales and market stats gathered between September 2012 and October 2013.
Many areas have seen significant gains in home prices since that time span, meaning assessed values could be lower than the current market values.
For example, the current median home price in southwest Minneapolis is $358,000. Meanwhile, the median home prices in this area ranged from $250,000 to $333,110 during the months the 2014 tax assessment data was collected. (Source: Minneapolis Area Association of REALTORS®)
That’s a difference of $108,000 from the lowest home prices assessed (in February 2013) and the current median market prices in southwest Minneapolis.
Get a second opinion
If your tax-assessed value is keeping you from selling, consider getting a second opinion. Edina Realty offers a free comparative market analysis, using current data and market conditions — with no obligation or hassle if you decide you’re not ready to list.
Reach out today for a free home value estimate. Who knows? Maybe your home is worth more than you think.