The property levy proposed by Mayor R.T. Rybak for 2013 is up just 1.7 percent,, and the mayor says that 70 percent of homeowners won’t see an increase in the city portion of their tax.
But experience shows that the impact of a hike in the overall levy falls differently according to what’s happened to your home’s value. Rybak is right that because home values are falling by a larger amount in aggregate that those for most other classes of property, most homeowners will see relief in what has been a steadily increasing property tax burden.
But home values are falling at different rates around the city, according to the 2012 assessments obtained from the assessor's office . The 2013 tax will be levied against those assessments. The more your value is marked down by the assessor, the better your chances are that your tax burden will drop. But those whose values held almost steady will shoulder more of the burden than those whose value fell by more than the 3.4 percent drop in the overall city tax base.
The list of neighborhoods that will see increases is dominated by such southwest Minneapolis neighborhoods as Armatage, Fulton,Tangletown, Lynnhurst, Kenny, Linden Hills, East Calhoun, Kingfield and Kenwood. Those high voting turnout areas have shouldered progressively more of the city’s residential tax burden over the past several years because they’ve held their values better. The median assessment change for those neighborhoods dropped by no more than 2.3 percent for 2013 taxes.
Those neighborhoods are joined by two northern neighborhoods where property values also appear to have bottomed out – Harrison and Bryn Mawr.
So who benefits? These neighborhoods saw their median home value drop by more than twice the city’s tax base decrease: Midtown Phillips, East Phillips, West Calhoun, Lind-Bohanon, Morris Park, McKinley, Bryant, Powderhorn Park, Webber-Camden, Folwell, Central and Longfellow.
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