Minnesota Real Estate Taxes Out of Control

Despite the housing-bust and declining home values, Minnesota homeowners see property taxes increase at an alarming rate in 2010. Local governments are turning to property taxes to help with fiscal deficits. Homeowners in several states are fighting for caps on property tax increases. Florida has capped increases on assessed market value at the lower of either: 3% over the preceding year on homestead property  or the percentage change in the Consumer Price Index under a “Save our Home” Law. Minnesota should consider something similar. Somewhere along the line, increases have gone crazy. In the author’s case, her taxes increased over 30 percent this year with a markedly increased taxable value, in spite of the fact the property would clearly sell for less.  Horrific. Unwarranted. Unrealistic. Unconscionable. There ought to be a law… or all in Minnesota will  lose our homes.