The City of Bloomington’s published their June Newsletter and had an interesting break down of property taxes. I thought it was well done on how Bloomington compares to Eden Prairie, Edina, Minnetonka, Maple Grove, Brooklyn Park, Plymouth and Richfield property taxes.
I am not certain of the methodology used here, but am assuming they ran apples to apples comparisons.
Meeting demands with quality City services
Bloomington ranks well in comparison The City continues to meet the needs of its residents while constantly looking for ways to improve and keep costs affordable. In a 2011 comparison of seven communities in Hennepin County with more than 20,000 residents, the monthly cost of City services for a single-family home in Bloomington ranked lowest at $67.82. The graph at left illustrates the cost effectiveness of Bloomington services in terms of what the owner of a median-value home pays in the metro area. Bloomington is very cost competitive even with newer communities such as Brooklyn Park, Plymouth and Maple Grove that are just on the cusp of infrastructure renewal that Bloomington began almost 20 years ago.
Read Full Article from City of Bloomington
Your 2012 tax dollar
How it all breaks down The single-family residential tax dollar is divided among several governmental entities. As the graphic at right shows, for every dollar of taxes paid, 29 cents are for City services. The actual amount of taxes owed is based on market value, tax law and the levy. The levy for all local governmental entities is spread across properties within each entity’s respective boundaries using tax capacity, a function of market value and property type. After applying educational aids, a Bloomington homeowner with a median-value home pays $2,788 in property taxes. Of that, $814, or $67.82 per month, goes to the City for services. The remaining $1,974 or $164.50 a month goes to other taxing districts.
This is a good visual of the “mil rates”, without giving us the actual mil rates… The County, City and School District each have their own mil rate and combining them and multiplying that with your Assessed Property Value gives you your property taxes. So when property taxes go up everyone screams at the City, while they are only 1/3 of the culprit. The County and School Districts should also be receiving the calls.
Over all, property taxes seem to be the lowest in Hennepin County that I have seen from a non-scientific observation. They raised a good point in this article, that the infrastructure replacement(water/sewer lines/roads/sidewalks etc) is going to be impacting Cities going forward. Bloomington has begun to address this issue.