Post Rona Property Taxes

2024 property tax valuation notices are showing up and the affects of the last few years is showing. Make sure you’re sitting down before opening that envelope! Good lord.

Ours went up about $500 but I really cannot complain. We live out of town in a development and pay Sartell school taxes, but not city of Sartell. Our taxes are now $1700 per year. People near us but closer to town are paying $7000 a year. Their house is worth more, but still that is ridiculous and they are also in the same township as us. Weird.

Appealing them is difficult in our rural area. There are very few (if any) relevant real estate listings that are comparable to your home, and everyone’s valuations have taken a jump leaving nothing to help make your case.

On our new build when the assessor showed up, I was prepared with our blueprints and permitted them inside the home to see that we have over 450 sq. feet of planned storage space without egress. This did help some. The classic approach of not letting an assessor in ultimately screws you. They then simply calculate your square footage in total assuming everything is finished and calculate in high end finishes on things they cannot distinguish from outside (countertops, flooring, etc.) and your feeling of “sticking it to them” backfires.

Haven’t seen the tax bill yet, but valuation went up about 19% with no improvements being made. Not saying it’s necessarily wrong with the way real estate went up the last few years, but not excited about the potential tax increase.

We built 4 years ago and as far as I know the assessor hasn’t been back since. I think you’re right Bucky, I need to have them stop out and look it over. There are a number of things we haven’t finished yet and that may help us.

I was completely unsurprised.

Property taxes are based on value plus assessments. Levies and assessments should be no surprise, those were all done/announced back in November or December.

The economy has been red hot, unemployment is near zero, and the housing market has been crazy for years. Property prices and therefore values have soared.

Unsurprisingly, our value went up 20% (with a garage built in 2021 as an improvement finally hitting the taxes) and our taxes went up 13%. Some of our levies went up, some went down, it was basically a wash.

Mine dropped again this year. Value increased. I am happy with that plus no matter what it is over half in MN compared to what it would be in WI.

Valuation went up 29%, but taxes went up only 3%, so not bad. I hope I’ll be able to sell someday for the county’s market value!

Mine went up about $20.

TheFamousGrouse wrote:

I was completely unsurprised.

Property taxes are based on value plus assessments. Levies and assessments should be no surprise, those were all done/announced back in November or December.

The economy has been red hot, unemployment is near zero, and the housing market has been crazy for years. Property prices and therefore values have soared.

Unsurprisingly, our value went up 20% (with a garage built in 2021 as an improvement finally hitting the taxes) and our taxes went up 13%. Some of our levies went up, some went down, it was basically a wash.

Exactly my thoughts grouse. If you had been paying any attention to the housing market or even basic economic signals, the writing has been on the wall for a while now. If you were on the ball, you could have refinanced your mortgage for a significantly lower rate during all that craziness. A friend of mine refinanced from a 30 year to a 15 year and his monthly payment actually went down. It was a great time to refinance if you could.

My property taxes went up 36.42%. 23.32% was market change and the rest was because of my garage addition. Next year my value is projected to go up another $40K.

How can I get more information on what they are using to compare to my house? I went in and showed them 5 homes that looked to me to be the same. They looked and said your home is nicer and you can’t compare to those. Meeting over. The homes were built around the same year (1980), with about the same home and lot size.

We moved 2.5 years ago, and knew it was coming due to what we paid. I was actually pleasantly surprised by the dollar amount increase. The total amount is still pretty crazy imo, but knew what we were getting into with our forever home. And the valuation is still under the market value so I’m good as is.

Yes market goes up taxes go up. Market goes down for some reason taxes don’t follow because government gives increase raises regardless of market.

Don’t complain too loudly. I’m paying over 2% of assessed value, with a new assessment coming soon. This is the only way a state or municipality can legally print money, by artificially inflating property tax values, and then raising the levy to match the new revenue.

Gitchi Gummi wrote:

If you were on the ball, you could have refinanced your mortgage for a significantly lower rate during all that craziness. A friend of mine refinanced from a 30 year to a 15 year and his monthly payment actually went down. It was a great time to refinance if you

Ain’t that the truth. I refinanced twice over a 1.5 year period a few years back. I now have a 15 yr mortgage with 2.25% rate. My wife keeps sending me houses she wants to buy and I keep telling her there is now way on God’s green earth we can get rid of this mortgage.

Haven’t seen my 2024 assessment yet. Just got my 2023 and the value went up 23% but taxes only increased by 4.6%

That’s dirt cheap crappie! You did good. You’re right, you’d have to have a pretty amazing house in the hopper to even think about leaving that mortgage. Just guessing without knowing your other details but you easily saved over $100k in interest over the life of your mortgage.

Our taxes increased about 8% thanks to Biden Bucks (similar to the ridiculous inflation)

I’m sure everyone’s salaries matched that at minimum (rolls eyes)

Same for your energy bill, grocery bill, vehicle fuel costs, etc.

On another note, mortgage interest keeps increasing to make homes even less affordable to young people trying to get a life started. I’d love to be 20 years old again, but on the same note, man are they are really going to have to work for it…

All of that printed money has been rather counterintuitive.

All that FREE money the government was doling out turns out nit to be free after all eh.

Your Walz check for your portion if the $17 billion TAX surplus should help ya.

I presume just about everyone who owns a home has seen an increase in value recently, and should therefore see an increase in property taxes. The issue is when your home property value drops, they seem to still increase property taxes. We all want the value of our homes to increase, or at least stay flat. But obviously no one wants to pay an arm and a leg on property taxes. Kind of a double edged sword here.

crappie55369 wrote:

My wife keeps sending me houses she wants to buy and I keep telling her there is now way on God’s green earth we can get rid of this mortgage.

That’s an incredible rate Crappie and my wife is doing the same thing to me except her homes are in Houston. The problem is buying around here you are going to get soaked because the prices are so high. I could get a helluva house in Houston for what mine is worth. It would likely be 700k here. The no income tax is VERY appealing too. She would take a beating on teacher pay though. You could perhaps think of renting your current house out. I bet you would make good money on it, but that is a hassle too.

Just go an email back from my residential appraiser stating they are not currently adjusting values based on conduction. How can that be?

Mine went up by $100, but my value sky rocketed!

Charles wrote:

Mine went up by $100, but my value sky rocketed!

In Crosslake?
Same in Outing. Taxes up a $104, value up a boatload.

Anybody else cross reference the County with Zillow?
Mine are pretty close, with the County a bit back from what Zillow indicates.

CaptainMusky wrote:

Ours went up about $500 but I really cannot complain. We live out of town in a development and pay Sartell school taxes, but not city of Sartell. Our taxes are now $1700 per year. People near us but closer to town are paying $7000 a year. Their house is worth more, but still that is ridiculous and they are also in the same township as us. Weird.

Yep the Sartell Taxes are ugly. I would be really happy with your 1700. No make that Really Really happy. Then again it could be worse like those you know who are paying 7000 a year. Mine went up more than your 1700 just due to the two school levies. If I’m not mistaken we got hit in Back to Back years.

fishthumper wrote:

If I’m not mistaken we got hit in Back to Back years.

Yep

Eelpoutguy wrote:

Anybody else cross reference the County with Zillow?
Mine are pretty close, with the County a bit back from what Zillow indicate

Just did, and Zillow was close enough that I’d say it’s correct. They were off a few hundred for last year. I did the math last night, according to the County our value went up 19%, according to an appraisal we did in the fall it went up even more than that and taxes went up 3% in Carver County. It’s really hard to nail down property tax rates due to all the factors that go into them, for example Carver County has the highest median tax rate at just under $3k, but when we moved the taxes in Carver County were typically about $500-1k less than similarly priced homes in Hennepin County.

Eelpoutguy wrote:

<div class=”d4p-bbt-quote-title”>Charles wrote:</div>
Mine went up by $100, but my value sky rocketed!

In Crosslake?
Same in Outing. Taxes up a $104, value up a boatload.

Yup, that is about same I was shocked, I think it is because the loon center is suppose explosive growth to the area.

^I thought the loons were all dead from our use of lead fishing tackle?

…man it is hard to keep up

if anyone still happens to be paying PMI, with the jump in property values, it’d be a great time to contact the bank holding your mortgage and get an appraisal done to possibly get rid of the PMI. it depends on the type of bank your mortgage is thru. Some banks allow for a new appraisal to be done to calculate the % of equity in your home and other banks do not give you that benefit and stick with the appraised value at the time you took out the mortgage. Its something worth looking into for anyone currently paying PMI