Minneapolis residents shocked as some have seen property tax estimates rise 20% or more – WCCO
MINNEAPOLIS (WCCO) – Many residents of Hennepin County are in shock after receiving proposed levies and taxes for 2022. Some have seen their property tax estimates increase by more than 20%.
This is especially true for many north Minneapolis homeowners, some who have seen proposed increases of up to 40%.
READ MORE: In a one-on-one interview, Mayor Jacob Frey discusses the upsurge in violent crime and insists Minneapolis is safe
“The reason it’s going up is because your home’s value is going up; 13% over a year ago is huge, ”said real estate agent Nate Pentz. He added that the numbers residents see on that first property tax bill are not set in stone.
“For 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 that were viewed on January 2 of this year, so in February or March 2022 you will receive a postcard or letter that will tell you what the county and city are valuing your current property for. You can attest to that value and that can be an adjustment that can then occur, ”Pentz said.
The Camden neighborhood has seen some of the city’s biggest proposed increases, but it is still considered one of the most affordable areas to buy a home in Minneapolis.
“Some buyers are looking for a property under $ 300,000 in good condition. This is where you’re going to see a lot of demand, ”Pentz said.
READ MORE: Police call for help in locating Fridley’s wife last seen in Minneapolis
Property taxes will fund about 36.5% of the proposed budget in 2022.
“There are areas that will actually see a reduction in property taxes, there are homes that will see a reduction in property taxes,” said Minneapolis Mayor Jacob Frey. “While others yes will see a more significant increase, it all depends on whether the valuation goes up or down.”
Pentz said homeowners should wait and see when budgets are set how much their property taxes go up. He added that the state has a property tax refund if it increases by 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.
NO MORE NEWS: Rising gun violence in Twin Cities pushes more women to seek healing and protection