Star Tribune Staff Writer Steve Brandt brought up the topic on the Minneapolis Issues Forum regarding 2008 home assessments that were recently mailed out. Looks like he was doing a little research for his article that came out a few hours later.
The latest city assessments are bringing some unusual news to much of Minneapolis: Home values are dropping. Drops of $20,000 to $30,000 are not uncommon in middle-class areas of south Minneapolis, where just a few months ago the assessor was expecting values to remain stable.
Anissa Hollingshead on the Issues Forum wrote up an excellent post on the issue of how the city would react to the housing market when doing the assessments, and also regarding the idea that property taxes might also go down.
Regardless of individual assessed values, the city still needs the same or more revenue. If the tax base is smaller, it seems to figure that taxes will probably have to go up to compensate. Thus, any decrease in value doesn’t hold any promise of a decrease in taxes.
Here’s the link to the City’s property valuation page for my house that we bought this summer. Looking back, I wish we could have remained homeless for a few more months. I love our house, but we probably could have found an ever better place for a little less. Oh well.
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