Minneapolis Mayor, R.T Rybak proposed increasing Property Taxes by 1.7% for the latest budget. The City Council would need to approve this proposal this Fall. This is lower than the City was expecting because of increase in Sales Tax revenue and removal of financial obligations for the Target Center.
The mayor’s office said 70 percent of homeowners would see no increase — or possibly a decrease — in their city property tax levy because commercial property values have stronger than residential values.
I have not seen the 2013 proposed budget to know what is in it yet. You can view the 2012 Budget here.
I would like to see more details on this, I don’t believe shifting tax burden is the answer – but from the Star Tribune’s article it is unclear to me whether or not the tax burden is being shifted or not.
I also don’t believe a 1.7% tax increase is a good idea. If it is needed because of the decline in property values, will it go away once property values increase???