How does the Assessor determine market value?

Sales of real estate are the primary guide to the county's mass appraisal system. Winona County uses a computerized mass appraisal system that uses the sales and the property characteristics that are unique to each parcel to arrive at a market value. Major property characteristics used to determine value on homes include the square footage, number of bathrooms, number of bedrooms, age and condition, basement finish, garage size, the presence of a fireplace, and the value of the land.

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1. What is market value?
2. How does the Assessor determine market value?
3. How close to actual value does the Assessor need to be?
4. How come values go up each year when no improvements are made to the property?
5. What kinds of improvements add to market value?
6. Will making repairs increase the estimated market value?
7. What can I do if the estimated market value or property classification is wrong?
8. What are the requirements for homestead?
9. Does an increase in estimated market value always mean an increase in property tax?