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mnpACT!: Have To Wonder Why Farmers Vote Republican…

by Dave Mindeman Posted: 03/28/12 00:55

Some interesting notes on property taxes….

Residential properties on average lost 6 percent to 8 percent of their market value (Dakota County), Peterson said. Last year’s elimination of the federal First-Time Homebuyer Credit – which likely encouraged home sales in years past – could have contributed to the drop in values.

In 2011, home values decreased by 4 per cent. Of course, there isn’t a provable direct correlation between the loss of the First Time Home Buyers Tax Credit and the accelerated home value decrease, but the coincidence is glaring in a market that is supposed to be stabilizing.

To maintain the property tax base it looks like farmers are going to get slapped with a lot of the burden…

This year, farmland gained about 20 percent in taxable value.Ouch.

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