Wednesday, October 14, 2009

2009 Property Tax Report details revenue challenges faced by Minnesota cities
The League of Minnesota Cities has released its annual Property Tax Report, and it shows a weak residential housing market further adding to revenue challenges imposed by state cuts to city aid and credits, and levy limits. According to the report, city tax capacity grew by only 2.3 percent last year--a 71 percent slower growth than between 2007 and 2008. Additionally, it notes that the slowdown in market value growth has become more pronounced in the past year. Look here for additional resources, including a city-by-city breakdown of tax capacity and total market value, a property tax calculator, and background materials that help to explain the complex property tax system.