Understanding proposed property taxes for 2024

Olmsted County Property Records and Licensing recently sent notices to all property owners in Olmsted County regarding proposed taxes for 2024. County summary budget information as well as applicable city and school district summary budget information was included in the notice. Below are some frequently asked questions regarding property taxes. 

What are property taxes? 
Property tax dollars are received by the county, school district, municipality, and/or other local taxing districts where you live. Tax dollars are used to fund services such as public safety, parks, roads, and community services. The amount of property taxes owed is calculated on the taxable market value and classification of your property. Use our online property information public access site to find your parcel number, property values, tax statements, and more. You can learn more about the factors that affect your property taxes by visiting Olmsted County’s website. 

Can I appeal the value and classification of my property?  
The time to discuss values and classification is following the Valuation and Classification Notices that are mailed out each year in March. The values on 2024 tax statements were set on January 2, 2023. Those are based on sales that occurred from October 1, 2021, through September 30, 2022. The appeal process for values occurs from April through June of each year. At this time, Minnesota Tax Court is the only recourse; however, taxes must still be paid until your petition is resolved.   

Where can I learn more about proposed taxes for 2024? 
Property owners wanting to learn more about county budget information are invited to attend a public hearing, the Truth in Taxation meeting, at the Olmsted County Government Center Board Room on December 7, 2023, at 6 p.m. The public hearing is not a time to question your property value. Municipality, school, and township meeting information can be found on your proposed taxes notice. You can also reach out to those entities.