New Minneapolis property tax levy set at 8%
Hang onto your pocketbook again fellow citizens, more taxes are heading your way. The city of Minneapolis is capping the current property tax levy at 8% though one board member dissented, wanting more money allotted for park use.
While the city counsel won’t address how to spend the additional tax revenue for 2008, the levy does conform to the counsel’s 2002 policy to raise tax collection by 8% year over year. The increases are designed to offset cuts in state aid.
Individual homes rather than commercial property generates the bulk of the property taxes in Minneapolis. Because of the housing values change quickly, the current drop in the housing market in some areas will not show in property taxes until 2009.
Via: Star Tribune.com - Minneapolis City Council caps tax levy at 8%
Minneapolis Taxes, Property Taxes
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