Since property tax records are public knowledge, it reasonably easy to obtain facts. Just now, I looked up 4 properties (2 commercial and 2 residential) on the Hennepin County website to illustrate the current (payable 2004) discrepancy between homestead and commercial property tax rates in Minneapolis.
Jackie Cherryhomes' house: Taxable Market Value is $86,500, Net tax is $1,081, or 1.24%. (The Estimated Market Value is $189,000).
Mayor Rybak's house: Taxable Market Value is $404,000, net tax is $6,338, or 1.56%. (The Estimated Market Value is $454,000).
Skyway News' location: Taxable and Estimated Market Value is $625,000, net tax is $24,076, or 3.85%
Grandma's 7 Corners: Taxable and Estimated Market Value is $1,345,500, net tax is $53,593, or 3.98%.
Dennis Plante responds:
You're absolutely right Vicky, there is a descrepancy... It appears RT is getting gouged.
On a side-note, maybe the more approporiate way to look at it is that when you elect a republican governor that drastically cuts LGA support to the largest revenue producing entity in the state - the City of Minneapolis, it's going to become more expensive to operate a commercial property here. In other words, be careful of what you ask for, it may just come true.
The first lesson of free enterprise (as a republican you should know this one) - something is worth what someone else is willing to pay for it. Apparently the commercial properties you've run an "analysis" on are able to generate the revenues necessary to sustain a higher tax rate, because of their location.
Dennis Plante Jordan
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