According to the Star and Tribune, there will be a property tax decrease in 2013 for about 56 of 85 Twin Cities communities. This will only be the second time they have gone down in the past 10 years. In Minneapolis the average homeowner will see about a 5.8% decrease, in St. Paul about 5.6%.
While this is great news for many homeowners, commercial property and apartment owners will be seeing an actual property tax increase.
Don’t expect this property tax decrease to continue into 2014 and beyond. The hope is that property values will be stabilizing resulting in more stable property taxes that will be mainly influenced by levies in the communities.
Click here for a chart detailing the property tax situation for some 80 Twin Cities communities.