Big Apple residents, brace your wallets—the City Council just green-lit the 2024 budget, meaning more cash out of your pockets. In a move that's sure to sting come tax time, the council has approved a property tax levy that's nearly 8% heftier than last year, totaling a whopping $80,484,270 for the city's coffers, according to Bloomingtonmn.gov.
City Manager Jamie Verbrugge said, “Most property taxes support core public safety services including police and fire, and other essential core services such as public works." For every dollar of City taxes paid, 50 cents goes toward police and fire, and 16 cents goes toward public works, as per Bloomingtonmn.gov.
Here's the kicker for homeowners: property values are up, as the median home value has nosed up by a modest 1.7% from last year, tagging the price at $361,800. But it's not just bragging rights to higher home values—with the levy approved, the monthly bill for city tax-supported services for a home of this value will jump from your 2023 tab of $111.09 to $118.60.
“These annual budget discussions are clearly the most important discussions we have as a City,” Mayor Tim Busse said, as stated in Bloomingtonmn.gov.
