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Property Tax Agreement Key To End Of 2008 Session

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May 18, 2008 4:37 pm US/Central

Property Tax Agreement Key To End Of 2008 Session

ST. PAUL (AP) ― An agreement that would lead to slower increases in property taxes was key to today's expected end to the 2008 session.

Under the agreement, cities and counties won't be able to raise their tax levies by more than 3.9 percent a year for the next three years.

Governor Pawlenty says the levy limit is projected to save taxpayers more than 78 (M) million dollars in 2009 and over $460 million over the next three years.

Pawlenty says homeowners shouldn't expect to see their tax bills fall, but they will see slower upticks after years of sharp spikes.

The tax bill gives Bloomington permission to raise sales taxes at the Mall of America and impose a higher lodging tax across the city to assist with a $2 billion expansion. The project is mostly privately funded and is expected to create 7,000 construction jobs.

 

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