The City Council adopted the preliminary 2012 property tax levy and operating budget on September 7, 2011. The 2012 property tax levy of $12.2 million represents zero increase from the 2011 levy. Despite no change in the levy, a change from the Market Value Homestead Credit (MVHC) program to the Market Value Exclusion program will cause the City’s tax rate to increase. However, the impact of this rate increase on any individual City property will depend on a variety of factors.
Property specific notices will be mailed to all property owners in November with comparisons of proposed property taxes by jurisdiction and year (2011 vs. 2012). Residents are encouraged to review these notices and attend the public information sessions identified by each taxing entity to find out more about their 2012 property taxes.
Prior to a law change in 2008, these meetings were known as “Truth in Taxation” hearings. The City’s information meeting was held Wednesday, December 7, 2011 as part of the Council Meeting that evening at 7:30. Click here for a brief Minnesota Public Radio video that was produced to help you understand your property tax bill.