Property taxes in Minnesota are projected to decreaseFargo, ND (WDAY TV) - For the first time in a decade, property taxes in Minnesota are projected to decrease rather than increase.
By: WDAY Staff Reports, WDAY
Fargo, ND (WDAY TV) - For the first time in a decade, property taxes in Minnesota are projected to decrease rather than increase.
Minnesota Department of Revenue Commissioner Myron Frans was on hand, along with other local government officials, to announce the news. The projected 2014 budget is set to decrease property taxes by 1.5%, or $121 million from the 2013 budget.
Along with lower property taxes, Governor Dayton's 2014 budget also calls for an 80 million dollar increase in local government aid. Local city leaders say this is a much needed relief.
Myron Frans- Minnesota Department of Revenue Commissioner: "Businesses and residents around the state have complained about the ever-increasing rising property taxes. They've risen over 86% in the past ten years, so regardless of whether you're a business owner or a homeowner, you've seen property taxes go up. So this is a real opportunity we think to put a stop to this trend."
The 2014 projected decrease is a $600 million swing from its peak years in both 2006 and 2007.