Mayor releases property tax details

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August 24, 2012 by Sarah M

By Nick Halter

Mayor R.T. Rybak today released the details of his 2013 budget, which shows how property tax bills will change for owners of homes of varying values.

Here are a few tidbits (Note: these figures are for only the city portion of property tax bills. They do not include taxes for Hennepin County, Minneapolis Schools and other levies).

–       The owner of a $195,500 home that held its value from 2012 to 2013 will pay $1,377 in city property taxes in 2013, versus $1,298 in 2012. That’s an increase of $79, or 6.1 percent.

–       If that same home has lost 5 percent of its value, and is now valued at $185,725, then the city property tax bill will decrease from $1,298 to 1,294. That’s a decrease of $4, or 0.3 percent.

–       If the $195,500 home lost 10 percent of its value from 2012 to 2013 and is now valued at $175,950, then the property tax bill will decrease from $1,298 to $1,211. That’s a decrease of $87, or 6.7 percent.

–       Utilities fees (water, sewer and recycling) do not vary by home value. However, utility costs are proposed to increase in 2013. The utility bill on an average home will go from $1,015 to $1,040. That’s an increase of $25, or 2.4 percent.

–       A $532,000 home that maintained its value from 2012 to 2013 will pay $4,209 in 2013 versus $4,064 in 2012. That’s an increase of $145, or 3.6 percent

–       See all the property tax data on pages 36 and 37 of this document: http://www.ci.minneapolis.mn.us/www/groups/public/@finance/documents/webcontent/wcms1p-097525.pdf

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