Homestead Market Value Credit
I’m writing today because I just opened my property tax statement. I thought the new Republican majority in the Minnesota House and Senate shut down state government for the longest state shutdown in our country’s history so there would be no tax increases.
In there effort to balance a $5 billion budget shortfall besides delaying billions of dollars of school funding they cut out the Homestead Market Value Credit. I don’t know about your property taxes but ours went up over 6 percent and that’s with Chisago County Board keeping the tax levy the same and a decreased valuation on our property.
The Republicans replaced the Homestead Market Value Credit with the Homestead Market Value Exclusion which takes a county assessor to explain. The Homestead Market Value Credit would have bought down property taxes across the State of Minnesota in 2012 about $260 million. Now all local tax levies will be paid with by property taxes with no credits. This is a huge shift and the usually business friendly Republicans have just caused a large increase in business property taxes on business property.
Senator Sean Nienow, Representative Bob Barrett And Representative Kurt Daudt by sticking to there no new taxes have just shifted millions of dollars to property taxes which your property value isn’t connected to how much money you make or if you are on a fixed income. It wouldn’t hurt to give their offices a call and let them know what you think of this increase.