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Bloomington Briefing

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Understanding your property tax statement

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Bloomington Briefing Published January 31, 2022
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Updated on January 31, 2022
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Hennepin County will mail out 2022 property tax statements in March. You’ll see the market valuation of your home on the statement. That value is determined by Bloomington’s Assessing Division, which is responsible for appraising 32,000 parcels each year and determining their annual estimated market value. This is the probable selling price if it was placed on the open market.  The statement also shows the tax amounts that go to the county, the City and Bloomington Public Schools. The City’s 2022 tax levy was set at $68.3 million, an increase of of 2.75%. In the graph at right, you’ll see how that amount is allocated among police, fire, public works, community development, parks and recreation, community services and debt service.

Hennepin County’s tax levy increase is 3.5%, the City’s increase is 2.75%, and Bloomington Public Schools’ increase is 1.4%. However, many property owners will notice that their overall 2022 property tax has increased more than those percentages. This is because there has been an overall shift in the amount of taxes paid by residential properties as the strong demand in the housing market increased the values of many homes in Bloomington. At the same time, commercial properties saw a decline in value due to the pandemic, mainly in the lodging and retail sector.

Minnesota property tax calculations are very complex. In general, overall properties that have higher values pay a higher portion of the tax levy. The City’s total levy amount of $68.3 million is allocated among properties based on their value and property type. The state offers property tax refunds based on income for both homeowners and renters. The state offers another property tax refund when a home’s value has increased substantially in one year. That state refund form is called M1PR and can be found on the Minnesota Department of Revenue’s website at blm.mn/mdr.

“Keeping a City running takes a lot of work and resources. The City Council doesn’t take the taxing decisions they make lightly,” Mayor Tim Busse said. “Each year, department budgets and services are carefully analyzed to ensure services are aligned with residents’ needs and City Council’s strategic priorities.”

Detailed information about the 2022 City budget can be found online at blm.mn/budget.