Tag Archives: Property tax

City of Bloomington lowers Tax Levy


Well this was certainly great news, especially for me since I own property in Bloomington.  The City has lowered their property tax levy for 2012, not by much but at least they are trying.  Given the changes in the Homestead Taxes, I don’t expect to see any actual reduction in the property taxes.  Funny how one takes this with relative nature, “at least it didn’t go up more..”

Bloomington reduced its total City levy despite state changes in Market Value Homestead Credit and relative values between residential and commercial properties. The City Council’s objective is to hold the median value home’s 2012 property taxes for City services at $67.82 per month, the same amount as in 2010 and 2011, with the average value home seeing a 1.45 percent decrease for 2012. See table below.

Property tax cost of services

Levy
amount

Change from
prior yr.

Median value home monthly cost of tax-supported services

Average value home monthly cost of tax-
supported services

2010

$44,606,281

+2.98%

$67.82

$78.01

2011

$44,582,753

-0.12%

$67.82

$79.73

2012
prelim.

$44,441,371

-0.25%

$67.82

$78.58

The property tax dollar levy for a median value and average value home is shown for the past three years. In 2011, the City Council approved a levy decrease. Over the past 20 years through 2011, the average levy increase was 3.24%. 2012 figures are preliminary. It can be reduced but not increased.

2012 median value home – $207,300; 2010 average value home: $235,500.

The City of Bloomington does a fairly good job on explaining why the taxes continue to increase even while our values are decreasing.  If you read this blog you will recognize the flow of this chart from another post of mine comparing the CPI with the FHFA Home Price Index.  The City property taxes seem to be pacing along the track of inflation, give or take.  Our home values are heading back down to keep more in line with the inflation.  Things are balancing back out naturally.

One of the great things about Bloomington is their fiscal responsibility, compared with other nearby Cities.  The only downside is we are still subject to Hennepin County tax levies and Schools district levies.  But for the Twin Cities area, Bloomington offers very nice affordable homes and a relatively low property tax rate.

If you are interested in further detail on The City of Bloomington’s property taxes, the City has published a very in-depth explanation you can read on their website.

If you are considering relocating, I highly recommend you look into Bloomington.  It is a great location within the Twin Cities at a great value.  Contact me if you would like further information about Bloomington Real Estate.

Leave a comment

Filed under Uncategorized

The Tax Assessor-Should You Let Them In Your Home


It is Property Tax season, the Assessors have been making their rounds valuing the properties and your 2nd Half property taxes are due Friday…

Every year property taxes keep increasing while our values keep dropping.  This coming year most of the Cities property taxes are going up, the State reworked the Homestead Tax Credit to the Homestead Exclusion and to top that off there is talk of many school districts wanting an increase also.  We all feel like victims to this cycle and that there is nothing we can do.  Michael Bolton, a local appraiser has a great post about the process of valuations and the procedures for appealing your property taxes.

Take a few minutes to read his post and ask specific questions about your situation.

The Tax Assessor-Should You Let Them In Your Home

 

Leave a comment

Filed under Uncategorized

Its not a scam, though it sounds like one Property Tax Information


City seal of Detroit, Michigan.

Image via Wikipedia

Date:� Wed, 09/07/2011 Mike Allende Some Detroit homeowners are taking advantage of a loophole to avoid tax debt, and other homeowners think it�s just plain wrong. The Detroit News reports that some property owners are allowing their

via Its not a scam, though it sounds like one Property Tax Information.

Only in Detroit!  (at least for now…)

 

Leave a comment

Filed under Uncategorized

Reminder: 2nd Half Property Taxes Due


Property market

Image by alancleaver_2000 via Flickr

Just a reminder that your 2nd Half Property Taxes are Due October 15th.  (that’s coming up soon!)  (enough time to secure a loan!)

If you are in Hennepin County you can pay your 2nd Half Property Taxes Online at:

http://www.hennepin.us/PropertyTaxPayments

Property Taxes are due May 15 and October 15. If the date falls on a weekend or holiday, taxes are due the next business day.

* if you escrow your property taxes, your mortgage lender is paying the taxes that you have paid monthly.  If you are uncertain if you escrow, look on your mortgage loan statement and call the lender.

 

Leave a comment

Filed under Uncategorized

Commercial Real Estate Market set to rebound.


Maybe I should have finished that Headline off with a question mark.  There is a great post from HousingWire reporting on the SF Fed’s report suggesting the Cap Rates are indicating a turn around in the commercial real estate market.   I agree the cap rates are the key factor on investing in commercial property, however I don’t believe the economy is sound enough yet.  In order to achieve these rates of returns you need tenants (businesses) to occupy the space and pay the rent.  You also need a stable tax environment where property taxes aren’t skyrocketing underneath you undermining your rate of return.

Investors are expecting a widespread rebound in U.S. commercial real estate markets, according to an analysis published Monday by the San Francisco Federal Reserve Bank.

With the two most widely followed measures of commercial real estate prices showing divergent trends since early 2010, economists at the San Francisco Fed turned to capitalization rates as an indicator of expected returns on commercial properties.

“Recent declines in these cap rates appear to be signaling a commercial real estate rebound, indicating improved investor expectations of price growth in the market,” said the San Francisco Fed’s economic letter.

…..Price appreciation in Kansas City, Minneapolis, Salt Lake City and Austin, Texas, is expected to be about 2% higher than national trends would indicate, said Hobijn and Krainer.

Read Full Article to get their Graphs and details of the report.

2 Comments

Filed under Uncategorized

County property tax levels set for first stage of approval today


The Pioneer Press has a great breakdown of the Twin Cities County taxes.  It is well written, concise and I can not add anything to it other than to comment:  Way to go Anoka County!

See the County Tax rates at the Pioneer Press.

Leave a comment

Filed under Uncategorized

MinnPost – Hennepin County Board sets 1 percent levy increase


Seal of Hennepin County, Minnesota

Image via Wikipedia

Hennepin County board decided that the tax levy will go up no more than 1 percent next year. 

The board set the maximum property tax levy of $676.1 million, and will now hold public hearings before setting the final levy on Dec. 13. They say it could go down but can’t go up.

MinnPost – Hennepin County Board sets 1 percent levy increase.

Leave a comment

Filed under Uncategorized