The Mankato Free Press has an article breaking down one of the side-effects of this summer’s post-shutdown budget agreement: higher property taxes on apartment buildings, translating into higher rents for renters:
The nonpartisan Minnesota House Research office estimates that apartment buildings around the state could average property tax increases of 4.6 percent, but in Ramsey County taxes could go up by 16 percent on apartment buildings.
Incomes have gone down in recent years (inflation adjusted), and rents have been increasing in some places since it’s hard to buy a home when you’re out of work, or if you were recently foreclosed upon.
But that’s not all of the bad news:
And renters got hit with a double whammy of sorts when the Legislature also cut a renter tax refund program.
And that’s not all of the bad news. The City of St. Paul has calculated that the sales tax increase Ramsey County Commissioners Tony Bennett and Rafael Ortega are attempting to shove down Ramsey County shopper’s throats would be the equivalent to a 17% property tax increase for Ramsey County’s St. Paul residents. That’s a lot of money to pay so Zygi Wilf can build a 21,000 spot parking lot out in Arden Hills with a stadium that we don’t need but he wants (but doesn’t want enough to pay for it with his own money).
Here’s a future Ramsey County slogan to consider: Sure, we have the highest sales taxes in the state of Minnesota, and our property taxes are going through the roof, but we’re home 8 Vikings home games per year up in Arden Hills, so there’s that.