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.