2012 Property Taxes

The 2011 Legislature repealed the Homestead Residential Market Value Credit and replaced it with a new program called the Homestead Market Value Exclusion.  This change is impacting the property taxes on all homesteaded and non-homesteaded property for 2012. 

By eliminating the Homestead Market Value Credit, the state saves $260 million, which helps to balance the state's budget.  Local governments do not have the legal authority to undo this state law change.

For additional information regarding this change please click on the following links:

League of Minnesota Cities Brochure

Department of Revenue Brochure

City of Owatonna Presentation

 

The City of Owatonna will be holding a public hearing regarding the 2012 budget on December 6, 2011 at 6:00 p.m. in the council chambers.