ST. PAUL, Minn. (AP) — Property taxes owed this year are set to increase by 3.4 percent on average statewide, state officials said Friday.
But the analysis by the Minnesota Department of Revenue of planned property tax collections for 2015 doesn’t paint the whole picture.READ MORE: University Of North Dakota Aerospace School Halts Flights After Student Dies In Crash
Lawmakers last year approved larger refunds and tax credits that may soften the blow or erase tax hikes entirely, and the actual increases vary widely by city, county and school district.
Some areas will see modest decreases while other local governments collect 20 percent or more in property taxes compared to last year. For example, residents of Todd County in western Minnesota will pay out 21.3 percent more while property tax collection in nearby Benton County will fall by 3.3 percent.READ MORE: State Auditor: St. Paul School Lost $4.3 Million In Risky Hedge Fund Investment
Minnesota residents’ actual tax bills depend just not on those amounts, but the value, location and type of property.
Across the board, the property tax system plans to collect $8.74 billion in 2015 — up $286 million from last year, but slightly down from previous estimates released in the fall.
This year’s increases come after a small drop in 2014 after refunds and tax credits were factored in.MORE NEWS: Supply Chain Issues: 'There Really Are Problems Everywhere,' Even For Small Companies
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