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Article: Limited market value; Property taxes will rise with phaseout; During the next few years, many Twin Cities homeowners will see higher property taxes as the limited-market value rule winds down.(HOMES)
- Article from:
- Star Tribune (Minneapolis, MN)
- Article date:
- January 4, 2003
- Author:
CopyrightCOPYRIGHT 2003 Star Tribune Co. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Neal Gendler; Staff Writer
Homeowners in Minneapolis and St. Paul have been big winners from "limited market value," a part of Minnesota tax law that limits the percentage of the annual increase in a home's value that can be taxed.
But homeowners in those cities also could feel the biggest bites from the phaseout of the limits by 2007.
While Twin Cities-area home values have been rising considerably for about four years, the percentage increase in Minneapolis and St. Paul has been at or near the top for the metropolitan area - especially in neighborhoods on the low-priced end, such as Phillips in Minneapolis.
Central-city homeowners have been big ...