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Property Tax Burden (Voss) Report
Nick Greene | Property Tax Research Director
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About the Voss data
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For every Minnesota non-farm Homestead:
2 MN Dept. of Revenue
Property Tax Burden (Voss) Report Nick Greene | Property Tax - - PowerPoint PPT Presentation
Property Tax Burden (Voss) Report Nick Greene | Property Tax - - PowerPoint PPT Presentation
Property Tax Burden (Voss) Report Nick Greene | Property Tax Research Director 1 About the Voss data For every Minnesota non-farm Homestead: = MN Dept. of Revenue 2 Determinants of Property Taxes Total local levies and each parcels share
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Determinants of Property Taxes
Total local levies and each parcel’s share of tax base. These are affected by:
- Level of public services
- Intergovernmental aid and other non-property tax resources
- Tax base composition and property tax classification system
- Property tax refunds (PTR), credits, exclusions
3 MN Dept. of Revenue
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2017 Homestead Market Values
50,000 100,000 150,000 200,000 250,000 300,000 $50 or less $50-$100 $100-$150 $150-$200 $200-$250 $250-$300 $300-$350 $350-$400 $400-$450 Over $450
Count of Homesteads Estimated Market Value of Homestead (in thousands)
Greater MN Metro
4 MN Dept. of Revenue
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2017 Net Tax
50,000 100,000 150,000 200,000 250,000 $500 or less $500-$1,000 $1,000-$1,500 $1,500-$2,000 $2,000-$2,500 $2,500-$3,000 $3,000-$3,500 $3,500-$4,000 $4,000-$4,500 More than $4,500
Count of Homesteads Net Property Tax
Greater MN Metro
5 MN Dept. of Revenue
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2017 Property Tax Burden by Region
Median Burden after PTR
≤ 2.00% ≤ 2.35% ≤ 2.70% ≤ 3.00%
6 MN Dept. of Revenue
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2017 Tax Burden by Region
Region Median Burden before PTR after PTR Greater Minnesota 2.4% 2.1% Metro 3.1% 2.6% Statewide 2.8% 2.4%
7 MN Dept. of Revenue
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2017 Tax Burden by Income
Income range Median Burden before PTR after PTR $10,000 - $30,000 6.5% 3.2% $30,000 - $45,000 4.3% 2.8% $45,000 - $65,000 3.4% 2.5% $65,000 - $90,000 2.8% 2.4% $90,000 - $125,000 2.5% 2.4% $125,000 or more 2.0% 2.0% Overall 2.8% 2.4%
8 MN Dept. of Revenue
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2017 Burden Greater than 5% of Income
Percent of Homesteads where Burden after PTR is greater than 5% of income
≤ 5.0% ≤ 7.0% ≤ 9.0% ≤ 17.2%
9 MN Dept. of Revenue
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2017 Property Tax Burden by School District
Median Burden after PTR
≤ 2.00% ≤ 2.50% ≤ 3.00% ≤ 3.35%
10 MN Dept. of Revenue
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AMSD Member Districts 2017 Burden Greater than 5% of Income
≤ 10.0% ≤ 15.0% ≤ 20.0% ≤ 25.0% ≤ 30.0% ≤ 36.4%
Percent of Homesteads Before PTR After PTR
11 MN Dept. of Revenue
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History
2.00% 2.20% 2.40% 2.60% 2.80% 3.00% 3.20% 2007 2009 2011 2013 2015 2017
Median Property Tax Burden after PTR Property Taxes Payable 2007-2017
Greater Minnesota Metro Statewide
12 MN Dept. of Revenue
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Looking past 2017
- Increasing residential homestead values in recent years
- Agricultural property values stabilizing
13 MN Dept. of Revenue
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History – more information
https://www.revenue.state.mn.us/property-tax-burden-voss-report
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Questions?
nick.greene@state.mn.us
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