Single-family properties in Brooklyn Park will see an average increase of 10.9 percent over 1999. Average values of condominiums are up 10.5 percent and townhomes are up 7.9 percent. Limited market value, under current law, limits the amount of increase that can be used to calculate taxes to 8.5 percent annually. Any increase in value in excess of 8.5 percent will be applied to future years. Limited market value does not apply to commercial, industrial or apartments of four or more or properties which have made improvements.
State law mandates the city assessor value all property at market value.
If the city does not value at or close to market value, the State of Minnesota will make adjustments to the value of all properties in the class to meet the criteria. Valuation increases won't necessarily mean an increase in taxes next year. The majority of home owners saw a decrease in property taxes in 2000 compared to 1999. This happened because of law changes that moved more money into the property tax system. Combined with the lowering of the city tax rate, and an increased tax base, many people received a lower property tax bill even though they saw an increase in valuation.