Homeowners' latest tax statements don't reflect the reduced home values that city assessors promised, but officials say not to worry: They have to wait until the state of Minnesota declares north Minneapolis a disaster area. The real bill should show the reduced property values -- and lighter taxes.
Home values fall, property taxes rise; homeowners ask "What gives?"
The Legislature's decision to replace the homestead tax credit with a market value exception saved the state money ... by shifting the cost onto local property taxes. That's the main ingredient in a mix of factors pushing up property tax bills around the region.