The function of the County Assessor's office is to assess all Real and Personal property located within Faribault County for the purpose of establishing in Estimated Market Value on each parcel of property.  The estimated market value is one of several factors that determines the amount of real estate tax that will be paid by the owner of the property.  For residential and commercial/industrial property, the estimated market value is arrived at by using criteria such as the size, age and condition of the structures and also the size of the site on which the structures are located.  Agricultural values are determine by data such as the number of acres in the farm, the productivity of those acres and also the size, age and condition of any structures that are situated on the farm site.  Each year a Sales Ratio study is conducted to help determine if the County Assessor must raise or lower property values to bring the local level of assessment into compliance with the Department of Revenue standards.  In addition to establishing market value, it is also the duty of the County Assessor's office to equalize values among similar types of property.  The County Assessor's office must also assess property as to its use to determine the proper classification of the property.  Some of the different property classes are residential, apartment, commercial, industrial, agricultural, and seasonal recreational.  Some property qualifies for a homestead classification if it is owner occupied or if it is occupied by a qualifying relative of the owner.  In addition, some property qualifies for a tax exemption and that exemption must also be determined by the assessor's office to make certain that the organization applying for the the exemption is a qualifying entity.  By law, each parcel of Real or Personal property must be viewed and inspected every five years.  Exempt property is assessed on a six year cycle.  Faribault County is one of the counties in the State of Minnesota that does not utilize local or city assessors.  All of the assessing is done out of the County Assessor's office by a highly trained staff of professional appraisers who are all licensed Minnesota assessors.  Each year the assessing personnel are required by law to attend Continuing Education classes and seminars to maintain their current level of licensure or to attain a higher designation of licensure.  The Minnesota Department of Revenue continually conducts audits of the work completed by the Assessor's office to assure that the work completed in our office is in compliance with the rules and regulations set forth by the State Legislature and by the Department of Revenue that determine the duties and functions of the County Assessor's office. The State Board of Assessor's monitors the performance and educational requirements of the County Assessor and the appraisal staff to make certain they have the proper levels of licensure and education to perform their duties.