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Thursday, November 18, 2010

Mill(stone) Rate

2011 Hennepin County Property Taxes

Every time I think I'm a Democrat, they do something stupid. Every
time I think I'm a Republican, they do something greedy.

--Jay Leno

What do you call proposing to steeply raise property taxes against a backdrop of weak home prices and an economy just emerging, maybe, from recession?

How about, greedy and stupid?

Like a couple hundred thousand other homeowners in Hennepin County, I got my proposed 2011 property tax statement yesterday.

My assessed tax value: down 3% from last year.

My proposed 2011 property taxes: up 12%.


Add: Arrogance

How can property taxes being going up at the same time assessed tax values are going down?

Because of something called the "mill rate," or the percentage tax levied on each $1 of assessed value, which has been increasing.

Good thing my Realtor's income, 401(k), and interest on my savings have all gained so smartly the last year, allowing me to easily foot that increased property tax bill.


Most homeowners -- myself included -- will figure out some way to come up with the extra dough.

But we'll have to compensate by finding savings elsewhere.

Such does not a robust recovery make.

P.S.: And no, I'm not expecting a 12% increase in the services I receive for my increased property taxes.


Anonymous said...

hey ross !
FYI --- looks like my market value is the same (understandably - right ?) BUT -- my taxes are up 16+ %....

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