Mixed Blessing
If you’re selling your home, it’s unqualified good news (at least to the extent that prospective Buyers consult it).
If you’re staying put — and now have to fork over more money every year — maybe not so much.
The news I’m referring to?
Hennepin County’s just-released proposed 2015 property taxes.
Up 10%?
The County’s letters reached homeowners this week; anecdotally, I’m hearing bumps in property value of anywhere from 5% to 12% (mine is up just over 10%).
If there’s a surprise in the numbers, it’s that 2015 property taxes are rising less than the increase in estimated market value — presumably, the explanation is a drop in the mill (tax) rate.
Homeowners who are upset about the news should keep two things in mind: 1) the bump in property taxes may ultimately end up being reduced; and 2) protesting one’s property taxes, if unsuccessful, may actually result in them being raised.
