Property taxes for Minnesota communities to increase by 4.5% in 2022
Minnesotans are getting their proposed property tax statements this week, and most of you are probably noticing a hike in what you have to pay next year.
Driving the news: Overall 2022 preliminary property taxes statewide will increase by 4.5%, according to a report released this week by the Minnesota Department of Revenue.
- That compares to last year, when overall taxes only went up by 2.1%.
Of note: These figures are preliminary and often decrease — if only slightly — when final city, county and school district budgets are approved.
- And your mileage may vary depending on how much your home's value has increased and how much your community's tax base expanded.
Zoom in: Property tax levy increases can vary widely depending on where you live.
- Minneapolis and St. Paul's proposed city levies are up by 5.5% and 6.9%, respectively. Hennepin and Ramsey counties' levies are up by 3.5% and 1.5% respectively.
- Some of the cities seeing the biggest jumps include Ramsey (17.8%), Corcoran (13.5%), Vadnais Heights (13.1%), Excelsior (12.1%) and Inver Grove Heights (9.7%).
Meanwhile, Lake Elmo's proposed tax levy is up a whopping 42%.
- City administrator Kristina Handt said the money is going toward debt payments on a new city center and public works addition, more staff and increased spending on roadway maintenance
More Twin Cities stories
No stories could be found
Get a free daily digest of the most important news in your backyard with Axios Twin Cities.