Ouch!
For the second year in a row, our Taxable Market Value, the number upon which the taxes are calculated by multiplying by the various tax rates (which themselves go up) has gone up more than 12% (13.61% this year).
But what makes this perplexing, in times of rising real estate values are these two things:
1) Both years as the Taxable Market Value went up 12+%, the Estimated Market Value (what the assessor really thinks the property is worth on the market) has gone down by about 1% per year.
2) This is even after excluding a percentage of the improvements made to the property under the This Old House law.
How can one number go up while the other goes down? It makes no sense. I suppose we will call the assessor and see what their explanation is, but it's not going to be a rational one, that's for sure.
I lived in Minneapolis from 1990 to 1996. We moved back in 2000. But this kind of tax increase is just one more motivation among others to move out of Minneapolis. We like the city, but the costs of living here are just getting out of hand.
Chris Johnson Fulton
TEMPORARY REMINDER: 1. Don't feed the troll! Ignore obvious flame-bait. 2. If you don't like what's being discussed here, don't complain - change the subject (Mpls-specific, of course.)
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