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Impacts of Projected Increase in St. Paul Home Values, Property Taxes

Updated: 08/18/2014 7:14 AM
Created: 08/17/2014 6:47 PM KSTP.com
By: Brandi Powell

Home values are beginning to turn around. While that's good news for homeowners, it also means an increase in property taxes, as those taxes are based on the value of the home.

Ramsey County expects that planning district in St. Pauls’ Greater East Side to see the biggest change. The area is a St. Paul Neighborhood Lisa Latessa and her family has called home for 20 years.

"I love it, I'm friends with all of the neighbors," said Lisa's son, Brandon Latessa.

"People are really nice, it's a close-knit little community," Lisa Latessa said.

It's been hit hard, with falling home-values in the past.

"I believe it was like $160,000 and within the last five years. It was down to the 90's, yeah, so that hurt," Lisa Latessa said. It's why they're taking notice of Ramsey County's projected $25,000 increase in home values.

This year, the median-home-market-value in Greater East Side, is about $99,000. Next year, it's projected to be about $124,000.

"Overall the properties going up in value is a good thing, it's just how to manage the tax increase," said Joy Erickson, realtor with Edina Realty.

Ramsey County is predicting Greater East Side homeowners to go from paying $1.300 a year in property taxes, to almost $1,650 a year. That's an increase of about $350.

"Having a 27 or 25 percent increase in your taxes in one year is difficult," Erickson said.

Others say paying more in property taxes, means more benefits for their community.

"As long as it goes towards things, like in the community or even for roads and what not," Lisa Latessa said it won't be as hard to swallow.

Erickson said a jump in property taxes won't make most homeowners decide to move. But the increase in home values could give them hope for selling in the future.

Erickson said homeowners have the right to dispute their property taxes.

 


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