Lowering Property Taxes
It’s been 25 years since Minnesota last reformed its property tax system. Given the big property tax spikes we’ve seen, Matt thinks the system is showing its age. Matt wants to lead the reform of property taxes in our state to help family budgets while investing in the parks, schools, public safety and infrastructure we depend on.
Matt’s Plan for Reforming Property Taxes
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Increase state aid to local government
The amount of aid the state gives cities, counties, and schools has decreased the last two decades. Without this funding source, local units of government have to increase property taxes to make up the difference. Matt will increase state aid to reduce the need to increase property taxes.
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Update the ways the state keeps property taxes in check
Local governments decide how much you pay in property taxes. But the state has tools like the Homestead Market Value Exclusion and Homestead Property Tax Refund to reduce the amount for working class and middle class families. Those tools haven’t kept up with the modern economy, so Matt will update them so they help family’s budgets as intended.
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Boost tools to keep Minnesotans in their homes
Matt wants to make sure Minnesotans, especially seniors, are not priced out of their homes. The state has some tools like the Senior Property Tax Deferral Program to help. Matt will expand who is eligible for these programs and make it easier to apply.
Building on Matt’s Existing Work
Matt has been a leader in tackling the rise in property taxes during his time at the Capitol. Here are some of the bills he’s led on to help Minnesota families:
Authored an increase in the homestead market value exclusion so more homes qualify for this reduction in their property taxes.
Authored a boost to the targeted property tax refund to give larger refunds to more taxpayers who saw big spikes in their property tax bills.
Helped pass a version of his proposal to increase the homestead property tax refund on a one-time basis.