City of Minneapolis, Hennepin County begin consideration of 2024 tax levy proposals
The Minneapolis Board of Estimate and Taxation is set to hold a public hearing to consider setting the maximum property tax levy for 2024 on Wednesday evening.
The proposed budget for 2024 is $1.8 billion, with a suggested tax levy of 6.2%, according to a release from the City of Minneapolis.
Wednesday’s meeting is set to take place in City Hall on Wednesday at 5:05 p.m. The City Council will hold additional public hearings in October and December. CLICK HERE if you’d like to participate in the hearing.
Meanwhile, Hennepin County is also in the process of working through its budget.
On Tuesday, Hennepin County Administrator David Hough spoke in front of the Hennepin County Board, proposing a budget of $2.64 billion in 2024.
The net property tax levy would be $991.3 million, which the county says is a 6.5% levy increase from 2023. However, $2.3 billion of that proposal represents the operating portion, which county officials say marks a 1.45% decrease from the adjusted 2023 budget.
“While we invest in our future, we must also confront the fiscal realities of today,” said Hough. “Our strategy is to focus our investments on innovative, sustainable programs that are less costly and provide better outcomes.”
The Hennepin County Board is scheduled to set its maximum tax levy on Sept. 19.
The Hennepin County Board and the City of Minneapolis are both expected to adopt their final budgets in December.
For more information on the Hennepin County budget, CLICK HERE.
Minneapolis’ city budget can be found HERE.