Residential properties in Rochester are growing more in value this year than in recent years, increasing in value an average of 8 percent in the city, according to the Olmsted County Assessor's Office.
The assessor's office has prepared the county's 2016 property tax statements, and the documents will be mailed to residents beginning Monday. The valuations included in those statements will be used to determine property taxes payable in 2017.
For property owners, upcoming boards of appeals meetings will be the best chance to challenge any changes to property classification or value, said Mark Krupski, an Olmsted County assessor. Values at this time are "proposed" while later in the season the values will be "certified."
"This is the opportunity, the most opportune time, to talk about the value that their property tax will be based upon the following year," Krupski said.
Residential properties are not the only properties increasing in value, though the growth this year was larger than in recent years, Krupski said. Apartments, commercial and agricultural properties in Rochester are each increasing in value, on average.
Commercial properties in the city increased by an average of 5.5 percent, according to data from the assessor's office. Specific commercial uses experienced higher average increases — restaurants increased in value 11 percent and hotels and motels increased by 12 to 15 percent.
Apartments in the city of Rochester increased in value by an average of 11 percent. Agricultural land within the city grew in value by 15 percent while agricultural land outside the city saw no increase in value.
While increasing values are a positive for property owners in terms of wealth and equity, it can also mean a higher value on which property taxes will be based.
It is early in the season to make any specific prediction on tax impact but early indications are that increasing values alone will not produce higher taxes in most cases, Krupski said.
"Given that there are so many properties going up, I don't suspect it's going to have any specific, adverse effect on any one property type or (any one) property," Krupski said.
Another positive sign for property taxpayers is a second consecutive year of growth in the tax base. The county saw about $260 million in new construction in the last year, about a 2 percent growth in the tax base.
Outside the city of Rochester, residential properties are also increasing in value. Dover and Eyota residential properties increased by an average of 15 percent, Pine Island properties grew by 13 percent and Stewartville properties increased by 8.5 percent.
For more information on property tax statements and a schedule for boards of appeal and equalization, see the county website at co.olmsted.mn.us.
Resource: http://www.postbulletin.com
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