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Minn. Property Taxes Mostly Static after Refunds

Updated: 02/28/2014 5:11 PM
Created: 02/28/2014 5:10 PM WDIO.com

ST. PAUL, Minn. (AP) - Minnesota property taxes for this year are mostly static once refunds and credits are factored in. That is despite a highly publicized prediction that they would drop considerably.

A Department of Revenue analysis released late Friday shows a net $8 million drop in a property tax system that generates $8 billion a year.

Here's where it gets complicated: Homeowners and businesses will pay a total of $125 million more in 2014 than they did in 2013. But the $133 million in new property tax refunds and credits cancel out some increases for those who qualify.

Last summer, Gov. Mark Dayton and other Democrats predicted tax savings of $121 million after lawmakers boosted allowances for schools and local governments. Those entities impose the lion's share of the property taxes people pay.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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