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Property tax estimates hitting home this month Page 1 of 3 <br />index <br />north <br />south <br />west <br />faith & values <br />education <br />police /court <br />news <br />lotteries <br />obituaries <br />traffic <br />gas prices <br />photos <br />graphics <br />ap news <br />-ninnesota <br />Nisconsin <br />archive <br />;tones <br />corrections <br />reprints <br />xolects <br />feedback <br />iews <br />idvertisinq <br />general <br />:ontact info <br />k,, , 'i.....il , travel sh000i ; b ; <br />inedro/region nation world pf�il ,I iJ LIS :::;pores T::±,rietv tun talk i td <br />UIIIIIIIINULllpUN Ulllll1/ 1 111IIIIIWUIl1111uMWIIWILWlIW111 IUUIWLllWU1111 , jU1U11111111111u1 ,N <br />-IS, <br />.,,';il; <br />update: ' I�.:)`df. nlb °1 200 in ... : ,Vi <br />Property tax estimates hitting home this month <br />Tony Lonetree and Bill Mcauliffe, Star Tribune <br />November 19, 2004 -rAxas it r ; <br />All across the Twin Cities <br />metro area, homeowners <br />are confronting a rite of <br />fall: the annual deluge of <br />proposed property tax <br />statements that are <br />appearing in mail slots <br />and postal boxes. <br />Even in a year when few <br />counties, cities or school <br />districts have imposed <br />large tax increases, some <br />homeowners are seeing <br />sharp spikes in their tax <br />bills for 2005. <br />"Mine went up a bunch," said Wade Abed, CEO of Northwest Mortgage <br />Co. and past president of the Minnesota Association of Mortgage Brokers, <br />who tentatively will be paying 15 percent more in taxes on his Lakeville <br />home, which increased in value 7 percent. <br />Truth -in- taxation notices began going out last weekend. <br />Objections will get a formal hearing next month at locations indicated on <br />the statements. <br />Where there are large increases, one of the driving factors is a phaseout of <br />a state program meant to protect homeowners from steep tax increases <br />caused by rising property values. <br />The phaseout of the limited market value program will require individual <br />properties to be at their full market values for tax purposes by 2007 -- with <br />homeowners increasingly vulnerable to steep increases until then. <br />For property taxes to be paid in 2005, the ceiling was raised for the market <br />value increase used in tax calculations. It will be the greater of two <br />numbers: 15 percent, if the property's market value rose by that much; or <br />25 percent of the difference between the property's estimated market value <br />in 2004 and its taxable market value in 2003. <br />In 2004, by comparison, those ceilings were 12 percent and 20 percent, <br />respectively. <br />Chris Samuel, manager of local government policy and research for <br />Ramsey County, said recently that a greater percentage of St. Paul homes <br />are seeing the "second tier" -- the 25 percent figure -- come into play for <br />2005 taxes. <br />lAortGr L.01 <br />UIII <br />1110111111111WWW.11111111ILLOILWIIII <br />I co;nt!..f:t <br />El Talking taxes <br />n Tax refunds <br />CD Dept. of Revenue: <br />Property taxes <br />gi Email this story <br />RAM this story <br />4g Print this story <br />Er Make us your <br />homepage <br />Search <br />Such large tax increases could represent a particular hardship for <br />- 1 0 - <br />