Single-family properties in Brooklyn Park will see an average increase of 13.6 percent over 2000. Average values of condominiums are up 22.8 percent and townhomes are up 12.4 percent. Limited market value, under current law, limits the amount of increase that can be used to calculate taxes to 8.5 percent annually. Any increase in value in excess of 8.5 percent will be applied to future years. Limited market value does not apply to commercial, industrial or apartments of four or more units or to improvement values on properties that do qualify for Limited Market Value.
State law mandates the city assessor value all property at market value.
If the city does not value at or close to market value, the State of Minnesota will make adjustments to the value of all properties in the class to meet the criteria. The housing market has changed over the last few years as values increase. Brooklyn Park is not the only city to see sale prices rise. The following numbers come from the Minneapolis Area Association of Realtors on surrounding communities. Click here for information on frequently asked questions about estimated market values.