Have you seen your property values on your real estate tax statements go extremely high in the last few years? Everyone is feeling the difference this inflated real estate value is having on their real estate taxes. It is hitting the homes valued under $250,000 more than anyone because their values have gone up and the homestead exclusion has gone down.
How do we fix this? Who is responsible? You would think it could be fixed by your city or county. Nope, the state of Minnesota’s legislators are the ones that set the rules.
What could be changed? Raise the values for homestead exclusion from the first $76,000 to $150,000. Then change the way they calculate the property values. Right now they only look at last year's sales. So, if only high price homes sell, everyone gets a value increase. How about a three-year rolling average of sales? The "sudden" spikes would be spread out over three years and not be so drastic.
Leaving the formula the way it currently is — set in 2011 — benefits the wealthy. It is not fair!
Call Senate Tax Committee Chair Ann Rest at 651-296-2889 and let her know how you feel. And while you are at it, tell her we, the taxpayers, are hurting. No new taxes! No fee increases! We the people need some of our money back!
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Diane Cash
Crosby
The Trust Project
