Minneapolis residents shocked as some have seen property tax estimates rise 20% or more – WCCO
Originally published November 17, 2021
MINNEAPOLIS (WCCO) – Many Hennepin County residents are in shock after receiving proposed levies and taxes for 2022. Some have seen their property tax estimates increase by more than 20%.
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This is especially true for many North Minneapolis landlords, some of whom have seen proposed increases of up to 40%.
“The reason it’s up is because the value of your home is up; 13% a year ago is huge,” said real estate agent Nate Pentz. He added that the numbers residents see on that first property tax bill aren’t set in stone.
“At the moment, the amount of the tax is not fixed, it is simply a range in which it could increase. These are based on the values consulted on January 2 this year. February or March 2022, you will receive a postcard or mail that will show what the county and city are valuing your current property at. You can attest to that value and that may be an adjustment that may occur then,” Pentz said.
The Camden neighborhood has seen some of the largest proposed increases in the city, but is still considered one of the most affordable neighborhoods to buy a home in Minneapolis.
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“Some buyers are looking for a property under $300,000 in good condition. That’s where you’re going to see a lot of demand,” Pentz said.
Property taxes will fund approximately 36.5% of the proposed budget in 2022.
“Some areas will actually see a property tax cut, some homes will see a property tax cut,” Minneapolis Mayor Jacob Frey said. “While other yeses will see a more significant increase, it will depend on whether the valuation has gone up or down.”
Pentz said homeowners have to wait and see when budgets are set by how much their property taxes will go up. He added that the state has a property tax refund if it increases more than $100 from last year.
If you are retired or on a fixed income, there are programs that offer assistance or a reduction in your property tax bill.
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