Rising Property Taxes

A news clip on KARE11 Monday night stated:

It's no secret to any homeowner looking to sell, the price tag is coming down.

"It's a huge departure from three or four years ago when we were in a stronger sellers market," realtor Bill Reidell told KARE 11.

But it's what's going up in cost that surely has some homeowners a bit miffed these days.

If you haven't already gotten your property tax statement, you will soon.

For many, the value of your home according to your local assessor is higher than it was last year or the year before and it turn you will pay more property tax.

"They would much prefer to over-value your property therefore you pay more in taxes than they would undervalue it and you pay less in taxes. That's the system. The driver in the system is to collect more money," MN Taxpayer League president Phil Krinkie says.

It's troubling because the rapid decline in the housing market means you can't always sell for the assessed value. It's a disconnect, that Krinkie says is built into the system of assessments.

"The market is taking a plunge but the property tax assessment system and the willingness of city and county officials to reduce those valuations, there is going to be a lot of resistance to doing that,' Krinkie says.

Assessing a property isn't an exact science. The county is only required by state law to physically come to your home once every five years, but, the home has to be assessed annually.

"It's a massive system; think about the valuation of millions of pieces of property," Krinkie says.

A system Krinkie thinks need some fixing.

Click here to watch the news clip.