Market Value

A home made out of fifty dollar bills.

Determining your home’s market value
The City of Minnetonka Assessor’s office uses a computerized mass appraisal system to determine your market value. This involves adjusting all property values annually, based on actual sales of similar properties and allowing for statistical analysis.
Assessing requirements
Minnesota State Statutes require that assessors physically view each parcel of real estate to appraise its market value. Minnesota Statute 273.03 defines market value as “the usual selling price at the time of assessment.”
Citywide total market value: 2006
The 2006 total market value for the City of Minnetonka is over $8.1 billion.
Median sales price: 2005
In 2005, the median sales price for a single-family residential property in the City of Minnetonka was $340,000. In 1997, the median sales price was $178,000.