Still reeling from the staggering increases in assessed property values -- twenty-percent jumps were common -- that the city mailed us in March 2018? Well, hold on to your hats. Starting on Monday, March 18, the city will begin mailing out the 2019 valuations.
For city residents who already own their homes, these double-digit increases in assessed value may bring a momentary flush of pleasure. Contrary to what Heather Worthington, the chief architect of Minneapolis2040, often says -- that home ownership is an "outdated" way of building wealth -- these increases in home equity will some day be "money in the bank."
But there's a down side, of course. The assessed values are used to set individual property taxes. Many homeowners -- and not just seniors on fixed incomes -- are seeing their property taxes increases gallop past their increases in income. And rapidly increasing home values leave fewer options for folks looking to buy their first homes.
If you're a homeowner, read the valuation notice carefully when it arrives. Here's what the city says:
Property owners can review the values of their homes with an appraiser, ask questions and, if so desired, appeal their value at the Local Board of Appeal and Equalization.
Each notice includes the name and phone number of the appraiser assigned to the property in question. Contacting the appraiser is the fastest and most efficient way for homeowners to get answers to questions or to start the appeals process.
The local board convenes April 23 and begins hearing cases May 7, 2019. More information about the appeals process is available on the Local Board of Appeal and Equalization’s webpage at minneapolismn.gov/assessor/marketvalues/LBAE.
"The time to appeal or question your CLASSIFICATION or VALUATION is NOW!" the city's notice says. The emphases are the city's.
Click HERE for the full news release from the city.