fall leaves

Property Taxes, Too (At Least in Minnesota)

In addition to the more recognizable hallmarks of Fall, Minnesotans — at least ones who have cars parked outside — will doubtless recognize tire pressurethat last sign (literally) as well.

The explanation:  the cool overnight temps cause the air in the tires to contract, tripping the warning light.

Higher Carrying Costs

For Minnesota homeowners, one other Fall marker is the looming, “second-half” property tax payment, due October 15.**

I can’t prove it, but I’ve always suspected a link between that deadline, and price reductions on “For Sale” homes — especially vacant ones.

Mid-October is when prospective Sellers contemplate the added carrying costs of owning a home through the winter, and, if they’re motivated, reconsider their asking price if it’s unrealistic.

**The first-half payment is due May 15.

The standard explanation for that not-so-coincidental timing is that — once upon a time when the state’s economy was overwhelmingly agricultural — the two times each year that farmers were predictably flush were before they planted in the Spring, and after they harvested in the Fall.

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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