Some Minneapolis homeowners are assessing how to tighten their budgets to help cover their growing property taxes.
“It's hurting people,” said Steve Brandt, president of the Minneapolis Board of Estimation and Taxation. The current taxation plan for the city shows the burden of property taxes on homeowners shifting from 48 percent in 2025 to around 56 percent in 2030.
That increase, Brandt said, is because of declining values in downtown commercial areas. The Minneapolis City Council already approved an 8 percent increase on Dec. 9. Hennepin County followed closely behind with a 7.79 percent increase to its property taxes as well.
Brandt said he has ideas on other income streams to offset that added financial burden, but he doesn’t have the power to implement them.
“The Legislature is crucial for most of these ideas” Brandt said. “I think the more other cities come in and say, ‘Hey, we need something besides the property tax,’ the better off Minneapolis is.”
Listen to the conversation by clicking the player above.