(KNSI) – The Benton County Administrator’s Office is warning property owners of potential sticker shock. Notices go out soon announcing an increase in taxable values of around 20% on average compared to the last update two years ago.
The change affects every category of real estate, with agricultural land seeing the largest jump.
By law, every county in Minnesota is required to have taxable values equal to at least 90% of the median selling price for a given period. For ag land, that number had fallen to 71% as the average price per acre rose from $2,850 to $3,150.
Residents are able to appeal the new values through their local board of equalization. An increase in property values could potentially be offset by a change in the millage rate assessed by municipal governments.
Residents can contact the county assessor’s office for more information on their property at 320-968-5019 or landservices.assessor@co.benton.mn.us.
Written by Grant Dossetto
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