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State budget deal may mean higher rents

The credit was cut as part of a debt deal to end the government shutdown earlier this summer. But MPR reports apartment renters and small commercial properties will likely be hit the hardest -- with tax increases around 17 percent.
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The credit was cut as part of a debt deal to end the government shutdown earlier this summer. But MPR reports apartment renters and small commercial properties will likely be hit the hardest -- with tax increases around 17 percent.

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Property tax increases will likely mean higher rents next year

Recent changes to the state's property tax rules are increasing taxes on apartment owners, and many of them may pass those costs on to their tenants. High demand and few vacancies aren't helping the situation for renters.

Early numbers suggest most of us will see higher property taxes

MPR cautions that property taxes can be a complex thing in Minnesota. Most increases will be in the single digits.

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But many homeowners will see their tax bills increase anyway because lawmakers cut the Market Value Homestead Credit as part of a debt deal to end the government shutdown earlier this summer.

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