I'm curious how the property tax deal cut between the governor and
legislative leaders affects Minneapolis finances. Reports characterize the
deal as "lowering & flattening" property tax rates - particularly for
apartments and businesses, but also a dramatic cut for higher-valued homes.
Currently, homeowners pay 1 percent of assessed value up to $76,000, and
1.65 percent of assessed value over that. In the new deal, everyone pays 1
percent up to $500,000 and 1.25 percent above that.
My question: if the rates are property tax rates are sliced, and the city
treasury relies quite a bit on property taxes, doesn't this the city
treasury takes a big hit? Perhaps the city's property tax slice is
independent of the doings at the capitol. Can someone in the know explain
how it all fits together?
David Brauer
King Field - Ward 10
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