Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Property Tax topic
No spam. Unsubscribe anytime.
Hennepin County assessors brief Minnetrista on 2024 valuations and homestead exclusion changes
Summary
Hennepin County Assessor Josh Hoglund told Minnetrista council members the assessor’s office sets market value and state classifications, reviewed countywide and local growth for the 2024 assessment (payable 2025), and explained a legislative change raising the homestead exclusion cap that reduced the county tax base.
Hennepin County Assessor Josh Hoglund told the Minnetrista City Council on Oct. 21 that county assessors determine market value and state classification for every property and that those determinations feed into local levy and tax calculations. "Again, my name is Josh Hoglund, County Assessor," he said as he opened a presentation describing the valuation timetable and methodology.
Hoglund outlined the statutory calendar: assessors target market value as of Jan. 2, valuation notices are sent in March, and the Department of Revenue conducts sales‑ratio analysis using a reporting window (for the 2024 assessment, the Department used sales from Oct. 1, 2022, to Sept. 30, 2023). He described the five‑class state classification system and the five‑year inspection/"quintile" cycle for jurisdictions.
Why it matters: the sales‑ratio study determines whether a jurisdiction’s assessments align with market transactions. Hoglund said Hennepin County targets 95% of market value and that the Department of Revenue requires jurisdictions to fall within a 90%–105% range; if a city falls below 90%, the commissioner of revenue can raise the city's assessments incrementally to bring it into range.
County and local results: Hoglund presented countywide net changes for the 2024 assessment — agricultural +2.4%, commercial -2.7%, industrial +3.1%, and residential roughly flat (+0.4%). He said Minnetrista’s residential change hovered near +0.6% and that some commercial growth in the city reflects new improvements not yet captured in net figures.
Hoglund also explained recent legislative changes to the homestead market value exclusion, which raised the cap from $413,800 to $517,200 for pay‑2025. He said the change increased the share of residential market value excluded from the taxable base; in his presentation he estimated the adjustment excluded roughly an additional $2 billion from the county value base.
Council questions focused on staffing and process. Council members and residents asked how many appraisers do field visits and whether outside appraisers are qualified. Hoglund and colleague Kevin Wynne said Hennepin County employs 34 appraisers, that field inspections and data analysis are part of their approach, and that staff are sometimes reassigned across jurisdictions during periods of heavy public contact.
What remains: assessors will tighten valuation work for next cycles and send valuation notices in March; homeowners who disagree can use Minnetrista’s open‑book option first and then county‑level appeal procedures. Hoglund urged residents to consult the annual assessment report for detailed local figures.
The council did not take formal action on the assessor presentation. The presentation concluded and the mayor thanked the assessors.
