Lake of the Isles Classic

Original character?  Check.

Terrific location?  Check.

Great curb appeal, condition, updates, and well-priced at $1.295 million (below the tax assessed value)?  You betcha.

So, what’s the . . . uhh, hold-up?

A whopping $26,329 annual property tax bill!

If the City of Minneapolis was trying to dissuade upper bracket Buyers from living in the city, it could hardly have a devised a more effective strategy. 

See also, “Minneapolis Property Tax Sticker Shock“;  “Minneapolis’ Property Tax Millstone“; “Putting the Brakes on Property Taxes“; and “Never Mind the Mortgage — Can the Buyer Afford the Property Taxes??” 

*“PITI” stands for “Principal, Interest, Taxes & Insurance — the monthly costs that go into owning a home.

Except that in the case of upper bracket Minneapolis homes, it really should be called PITI.

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

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