As the Minnesota Twins prepare to start their second season in their new home, Forbes named the team the 12th-most valuable in Major League Baseball (MLB)-an improvement from last year when the team ranked 16th.

The team, which will start its second regular season at Target Field on April 1, is worth $490 million, according to Forbes, which released its annual list on Wednesday. Last year, Forbes reported that the team was worth $405 million.

The value of the Twins jumped 21 percent since last year, marking the second-largest increase among all MLB teams. The Texas Rangers, which saw a 25 percent increase in value from 2010, experienced the greatest increase.

The Twins were purchased in 1984 by James Pohlad for $44 million, and the team's recent success has been driven by the team's new stadium, Target Field, according to Forbes.

The team, which operates the $440 million stadium, drew more than 3.2 million fans last year, the sixth-highest number among all MLB teams and second only to the St. Louis Cardinals among mid-market franchises, according to Forbes. The team's average ticket price increased 45 percent between 2010 and 2011, which helped boost total stadium revenues by $75 million, according to the team's marketing report.

The New York Yankees is the most valuable franchise and is worth $1.7 billion, representing a 6 percent increase from last year, according to Forbes. The Boston Red Sox ranked second with a value of $912 million and the Los Angeles Dodgers took the third spot with a value of $800 million.

The average MLB franchise is now worth $523 million, an all-time high and 7 percent more than last year's average, Forbes said. All of the league's teams rose in value from last year, except for three: the New York Mets (down 13 percent), the Cleveland Indians (down 10 percent), and the San Diego Padres (even with last year).