Appraisers employed by the City of Edina Assessing Department are professionals with stringent training and experience requirements set by the State Board of Assessors. The State Board of Assessors administers licensure of appraisers. The price obtained at a forced sale shall not be considered. In other words, market value is the price that would prevail under competitive open-market conditions. The law specifically requires that assessors view each parcel of real estate to appraise its market value.
Property values change continuously with changing market conditions.
In addition to market changes, numerous physical changes affect the value of land and building. Such changes may include draining and clearing the land, redevelopment, improving adjacent public streets and installing utilities, and adding to or remodeling buildings. All factors are considered in estimating the value of a property. This requires physical inspection of all property subject to assessment. The Assessor also determines the classification, or use, of each parcel.