Nick here. My Minneapolis property tax bill went up a whopping 18% this year. Yikes!
Yes, but: A friend tipped me off to the state’s Special Property Tax Refund program, which has been around since 1980, but hasn’t been talked about much in recent years because booming development offset the need for bigger property tax hikes.
- But that’s changing this year as homeowners across the metro have faced significant increases tied to plummeting office values, stalled growth, and rising municipal labor costs.
How it works: The program is designed to mitigate large spikes in property tax levels, and there’s no income limit to claim it.
- Homeowners whose property tax increased more than 12% and at least $100 this year are eligible for a refund of 60% of the increase above 12%.
- The maximum refund is $1,000.
Where to start: Right here online . You will need your 2024 income tax return and your 2025 property tax statement, which can be found on your county’s website…