Ramsey County homeowners should find their county tax statement in the mail soon — and they’ll likely see big boosts in their home value. And in what they owe. For the first time, Ramsey County’s residential properties are worth more than they were at the pre-recession peak. And it likely won’t end anytime soon. “All indications are values are going to go up next year too,” said Luis Rosario, director of Ramsey County’s Assessor’s Office. According to the 2019 county assessor’s report, released this week, median residential property values in the county reached $256,400 — beating the previous 2007 record of $247,800. But there remains one place in the county where median values still remain below $200,000: its largest city, St. Paul. CAPITOL CITY GAINS While the capitol city’s median home price sits at $198,800, the lowest in the county, those living there will be hit with significant increases in city (10.5 percent), … [Read more...] about Ramsey County home values — and taxes — spike, with poorest areas seeing biggest jumps
Assessed home value property taxes
opinion Nancy Kaffer Detroit Free Press Published 6:00 AM EST Jan 24, 2019 The real estate market in Detroit is a study in extremes: In the city's most stable and prosperous neighborhoods, home values have skyrocketed beyond the wildest aspirations of most Detroiters; on the city's less-fortunate blocks, residents live with deterioration and blight. But this week, there's good news for almost everyone. Numbers released by Detroit Mayor Mike Duggan's office this week suggest that the city is starting to climb out of its long real estate decline. Residential property values have increased in more than 90 percent of the city's neighborhoods, at an average of 12 percent. In some neighborhoods, those prosperous and stable ones, values have gone up by 20 percent. Property values have declined in just 16 city neighborhoods. For Detroit homeowners, who've learned to treat both assessments and real estate booms with healthy skepticism, it's a welcome … [Read more...] about Should you trust Detroit’s new home value numbers?
Jennifer Chambers The Detroit News Published 2:00 PM EST Jan 22, 2019 Detroit — Residential property values in 2018 rose in more than 90 percent of Detroit’s 194 neighborhoods, Mayor Mike Duggan announced Tuesday, saying it's a sign that revitalization efforts are impacting more areas of the city. The average increase in residential value citywide was 12 percent, with several neighborhoods seeing gains of more than 20 percent, according to data released Tuesday by the City Assessor’s Office as part of its annual proposed property assessment changes. "These new numbers represent a historic shift for our neighborhoods, which for nearly two decades had seen only a decline in home values," Duggan said in a prepared statement. "This shows that the work we are doing to remove blight, improve parks and revitalize commercial districts in our neighborhoods is paying off." The new values are based on two years of market data, which included … [Read more...] about 90 percent of Detroit neighborhoods see increased home values in 2018
Voters approved the inherited property tax break in 1986, eight years after Proposition 13’s passage. Under current law, parents can give primary residences to their children, stepchildren, adopted children, or sons- or daughters-in-law without triggering a reassessment in value no matter how much the home is worth. Parents also can transfer their businesses, farms, second homes and rentals if the total assessed value is less than $1 million. … [Read more...] about Proposed ballot measure would cut California’s inherited property tax breaks
If you’re a homeowner with sticker shock over your most recent tax bill, you are not alone. Homeowners are getting hit with a double-whammy on their proposed property tax bills for 2019. Here’s why: Home values continue to climb, not only recovering what they lost during the Great Recession but gaining even more ground because of a competitive real estate market. At the same time, local governments — counties, cities, schools and other entities — plan to add more than a half-billion dollars to the property tax rolls next year. That means in 2019, Minnesota’s property tax collections will approach $10 billion for the first time in state history. The increase in local taxes comes as the state’s two-year budget has grown by roughly $9.5 billion over the last eight years to more than $46 billion. With state officials forecasting a $1.5 billion budget surplus, many lawmakers say Minnesota homeowners deserve some tax respite. “You are seeing monster … [Read more...] about Here’s why your 2019 property tax bill is so high