Are you curious why your property taxes show a decrease in value, but you have an increase in taxes?
It involves the homestead market value credit and the homestead market value exclusion from the state, as explained by Steele County at: http://www.co.steele.mn.us/truth_in_taxation_information.html
By eliminating the homestead market value credit, the state saves approximately $260 million, which helps to balance the state’s budget.
Steele County lost $1,216,112 in homestead market value credit and $97,242 of County Program Aid that was paid by the State of Minnesota in 2011. This $1,313,354 represented 6.4% of the $20,559,346 total levy for Steele County in 2011. Due to the state’s change, this will be absorbed by the taxpayers of Steele County, even without any levy increase.
The state did not change the property tax refund calculations. Affected homeowners with household incomes below $100,780 or whose taxes increase by more than 12% or $100 (whichever is greater) may apply for the state’s property tax refund and, if qualified, will get some of the increase refunded. The form to apply for the state’s property tax refund is the M1PR and is available at: http://taxes.state.mn.us/pages/current_forms.aspx.
The State of Minnesota has prepared an information sheet regarding the current changes. This is available at:
http://taxes.state.mn.us/property/Documents/hmve-taxpayers.pdf
Additional information regarding the portion of taxes levied by the City of Owatonna can be found at www.ci.owatonna.mn.us
--information provided by http://www.co.steele.mn.us/truth_in_taxation_information.html
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