In recent years, local governments throughout the country have been eager to collect revenue in any way possible. As such, property tax rates have climbed in many areas. At the same time, many property owners may have felt as though their homes were overvalued, which would have helped the government collect more property tax revenue.
Despite the fact that property tax rates have been elevated during the last several years, Minnesota residents are probably pleased by news that property tax rates are finally expected to be fall statewide.
According to a St. Paul think tank, homestead properties throughout the state are expected to be taxed 6.4 percent less on average. A smaller tax liability cut could prove to be beneficial to those who have grappled with larger tax bills over the last several years.
The think tank noted that increased funding from the state to local governments and increased education spending has taken pressure off of property tax assessors.
Just because property tax rates are likely to be lower doesn’t mean property owners shouldn’t be concerned about being taxed fairly. Property tax bills are based on valuations of property provided by local government officials. The reality is that a tax assessment might be too large as the result of overvalued property. Thankfully, assessments can be challenged and Minnesota residents can take steps to be taxed more fairly.
Even though a person may know his or her property tax burden is too large, preparations must be made in order to successfully challenge an assessment. Taking time to work with an attorney could prove to be helpful in disputing property valuation and preventing a person from falling behind on tax payments.
Source: St. Cloud Times, “Expect property tax drop, Minnesota 2020 leader tells St. Cloud audience,” Kari Petrie, Sept. 24, 2013