In general city property tax calculations are based on property tax values and the tax levy. In April of 2010 information was sent out and presented by the Sibley County Assessor that on the average based on recent sales all residential building values in Henderson needed to be reduced by about 15%, this was later approved by the city council. As far as I know residential land values were generally kept the same. I don't know if there was a specific method that was followed for determining commercial building values.
In September of this year the Henderson City Council voted to keep the preliminary tax levy for payable 2011 the same as it was in 2010-$649,000.
Whatever final decision is made this December on what amount the payable 2011 Henderson tax levy will be (whether it stays the same or goes down further) what individual Henderson property taxpayer’s final bill will be will depend on what their overall property value did. If your overall value stayed the same or went up (or if you have property that is land only) according to the Sibley County Assessor it looks like the proposed tax went up 10-15 per cent. If your house value was dropped it looks like proposed taxes are projected to go down 5-15 per cent.
Just an idea,to make it fair,why not no matter what have a law,where it may only go up so much a year,people on a fixed income has a tough time as is,if special problems come up have public elections to vote on it Jeanette
If I'm not mistaken there is something of a law that you mention. I might be wrong, but the county can only raise the "taxable value" on your home by a certain percentage each year. That is why in the 90s and early 2000s everyone's "taxable value" was considerably less than the "market values", because market values went up at such a rapid pace that the counties were not able to raise the "taxable value" at the same pace. That is why even as your "market value" flat-lined or started to decrease in the mid-2000s your "taxable value" might have continued to go up, as the county was still trying to close that gap. This is residential only.
On the other hand, I might not have any idea what I'm talking about and might have completely misunderstood this explanation when it was presented me.