Coming and going

Star Tribune Wed, 21 May 2008 05:39:18 GMT
Housing slump doesn't mean tax slump

Some south-metro homeowners have been shocked by assessments that claim their property values -- and, likely, their taxes -- are rising. Aaron Sanders was dumbfounded to learn that the taxes on his home in Shakopee will be calculated based on a value of $258,000. "Where does this come from?" he asked. "It's been years since any homes in my neighborhood have sold for more than $230,000. If I could get even $240,000 for it, I would sell tomorrow. And they're adding another $18,000 on top of that." The problem: The tax he will pay next year will be based, in part, on the taxable market value assigned to his home. So an inflated number does him no favors. Welcome to property tax assessment season, Version 2008. This is the one where homeowners hope that the slump in the value of property across the metro area will have at least one small reward for them: a discount on the taxes they pay for it. For a variety of reasons, however, many have found themselves disappointed -- and, like Sanders, have turned up at City Hall to protest. About 20 people came one evening last week in Shakopee to lodge complaints. And the Prior Lake City Council spent the better part of two hours fielding criticisms from a roomful of unhappy people.

[[keywords: Housing;PropertyTax;Metro;]]