The assessor has not created the value.
People make value by their transactions in the market place.
Property values are based on market values which fluctuate with general economic conditions such as interest rates, inflation rates, supply and demand and changes in tax laws. By Minnesota state law, as properties values change in the market place, those changes must be reflected in the assessor's estimated market value. Taxing authorities actually determine how much money the property tax has to raise to provide services to the taxpayer. A mass appraisal process is used for estimating market values. Information from all sales that occur within the county is collected and closely analyzed by the assessor's office.