Dear Source,
In Minnesota, property values are reassessed when
1) the property is sold (the new value is based on the selling price);
2) when significant property improvements increase the home's value.
Also, there is a cap on the annual rate of increase allowed.
This seems like a fair way to tax real estate. St John's process of assessing a new market value for all homes will place an unfair tax burden on long-term residents.
It seems more fair for the new buyers who are paying the inflated prices to also pay higher property taxes, but existing homeowners should not be penalized for a "hot" housing market.
If reassessment is irrevocable, then adjusting the mil rate to reflect the inflated market prices is definitely in order.
Doug Downs
St. John, Coral Bay
Stillwater, Minn.
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