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Published December 02 2012

Property taxes declining on Twin Cities metro area homes

MINNEAPOLIS — The property tax bite is declining on Twin Cities metro area homes.

The owner of a home in Minneapolis with a median taxable value of $170,500 can expect a 5.8 percent reduction in 2013. In St. Paul, where the median taxable value is $108,500, the projected decrease is about 5.6 percent.

The Star Tribune reports most homeowners would see decreases in 56 of 85 metro area communities, compared with nine in which increases have been projected. The remaining 20 communities show both increases and decreases, with differences depending on a homeowner's school district.

The projected tax bills could be scaled back and don't all include the effect of school levies approved in November.

Officials say the relief could be short-lived as the improving housing market pushes property values up.