- Go to Minneapolis Tax Appeal Forum or call 311 and ask for the form to appeal your 2013 property taxes.
- There is NO FEE
- Review this link Appeal Flowchart
- Fill out the form and return it to the City of Minneapolis. All appeals must be done by March 31, 2012
For other Minnesota cities the formula is about the same. Call your city. Ask what form you fill out or who you talk to in order to appeal the market value of your house. They will immediately do this. Very simple and there is absolute no cost. Just takes a few minutes of your time. They will send someone to look at your house and then you tell them what you really believe it is worth. NO ONE wants to go to court. They will always settle before the court date.
The economy is very weak. Home values continue to decline. The Mayor and City Council are increasing taxes 16.5%. I have one house were the market value stayed the same and they increased taxes 37.7%. I won a $60,000 reduction in value earlier this year. Act now if you do not want to subsidize the City Of Minneapolis's appetite for increased spending and more taxes.
Check out the real estate in your neighborhood. that has sold in the last 4-6 months. Check on all short sales and forclusers.to find out what it sold for and what the tax value was.
If tax value was $150,000 and it sold for $100,000 that means the property was valued at 33% more than it was worth. If it sold for $120,000 it was valued at 20% more than it was worth. Your are paying 20% more than you should. If property taxes are $2000 a year 20% equals $400. If paying 33% too much your taxes are $666 to high.
In the last 1-2 years the City of Minneapolis has most likely reduced your property values. You are still probably paying 1/3 more than you should.
The value of your property is NOT what you think you can sell it for or what you think it is worth. If your property was listed today in its present condition and you wanted to sell it within 60 days what could your realistically get? After all the discounts, closing fees, paying the buyers closing fees etc what would your realistically get. That is the real value.
Many real estate agents value a property for substantially more than it will ever sell for. You wait 6 months and every 3 months they have huge price reductions. If you have several real estate agents look at your property make sure you ask for the real price that will sell the house in 60 days. Very few houses are selling.The real estate market has collapsed. It is a buyers market and offers are often for a LOT LESS THAN THE ASKING PRICE.
You can check the property values and more detailed information on houses in your neighborhood by going to www.zillow.com or hennepin.mn.us/pins It will tell you what has sold in your area and for the how much if you put in your zip code or address. The value is NOT what you want or what the City of Minneapolis has your property valued at. The real value is what did it sell for. When you check out the assessments on properties over the last several years you will notice a huge increase in values and then a smaller reduction. Your property is still values at about 1/3 more than it is worth. That means you are paying a lot more in property taxes than you should.
Your property value is going down fast and property taxes are increasing 16.5% if the Mayor
and City Council have their way. You can help subsidize their bureaucracy and spending or fight to personally pay what your property is really worth.
If you appeal your property taxes now and get a reduced value you will have a lower value for years to come. I have appealed the values of every property I own and have ALWAYS got a lower value. I have never had to go to court. The choice is yours. Give more of your income to the City of Minneapolis for fictious values or fight to keep more of your money and have a realistic property tax value.
Property taxes just went up 9.4% to 37.7% in Minneapolis, Even though some property tax values went down 9.4% the City of Minneapolis has increased the actual taxes by 9.4% In realty most houses in Minneapolis are 33% over valued. If you do nothing for years you will face higher taxes to support the aggressive spending of the City of Minneapolis.
I have one property where they kept the market values the same and increased the property taxes 37.7%. I won a $43,500 reduction in value this year and still got a 37.7% increase.
John Tschohl
Minneapolis property owner
Email: jtschohl@aol.com
Find out more information about People for Fair Property Taxes in Minnesota.