ST. PAUL, Minn. (AP) — Minnesota property taxes for this year are mostly static once refunds and credits are factored in. That is despite a highly publicized prediction that they would drop considerably.
A Department of Revenue analysis released late Friday shows a net $8 million drop in a property tax system that generates $8 billion a year.
Here's where it gets complicated: Homeowners and businesses will pay a total of $125 million more in 2014 than they did in 2013. But the $133 million in new property tax refunds and credits cancel out some increases for those who qualify.
Last summer, Gov. Mark Dayton and other Democrats predicted tax savings of $121 million after lawmakers boosted allowances for schools and local governments. Those entities impose the lion's share of the property taxes people pay.