Item 2. Open Forum Commissioner Holland3
Otsego Valuation Change — 2026 Assessment
Residential +1.83%
Agriculture +3.26%
Commercial +13.30%
Industrial +6.89%
Apartments +1.79%
MH Parks +31.18%
Total Valuation +2.64%
4
Residential / Seasonal Recreational
The annual property assessment elements in Otsego consist of new construction, quintile review, and sales
analysis. This year's 2026 residential assessment activity included 280 net new home permits along with 230+
structure or various item permits for a total new construction value of over $106,000,000. Approximately 2,100
properties were reviewed in the field for quintile, and 330 qualified sales were analyzed for the sales ratio study.
The result of this activity was a 1.83% net increase in total city residential value, year -over -year. After
adjusting for market conditions and equalization, the final median ratio of the 2026 assessment is
95.89%. The State of Minnesota requires assessors to value property at 100 percent of market value with an
allowable median ratio range of 90 to 105 percent.
Wright County Large Cities Net % Change
District
% Change
Albertville
2.53
Buffalo
3.46
Delano
2.69
Monticello
1.75
Otsego
1.83
St. Michael
3.37
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