How Property Value Is Determined in Stearns County
Property values have been on a steady rise in the St. Cloud area. Stearns County Assessor Jake Pidde explained how property values are determined. Residential properties are grouped into townships and cities and they take it a step further and group them into neighborhoods and locations based on property type. He says they typically look at about 20% of the properties every year in person and pick up on any changes and new construction and take a look at the sales that have come through recently. Pidde says those sales are the main determiner of where values are headed. He says it is:
No secret the market was hot this year and has been the last few years. It really drove values up for us.
Pidde says they looked at over 2,600 sales which is up from about 2,300 from the previous year. He says they are required by the state of Minnesota to keep their values at an acceptable levels which is about 90% to 105% of what a property could sell for. January 2 each year is when they need to have their values set.
St. Cloud has their own assessor who handles the city with Stearns County handling the remaining portions of the county.
Pidde says on the city and township level some special assessments are applied to roads in your neighborhood or area so property owners will pay a little more for those roads. He says county roads come out of the general fund.
If you'd like to listen to my conversation with Jake Pidde it is available below.
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