Minneapolisl property tax statements about to go out

[Bruce Runn]

Started my annual right of Spring  which is my property tax assessment challenge in Minneapolis.  Bought a duplex 2 months ago for $275,000 and it's current year assessment is $307,000 with what I anticipate will be another increase to $330-$350,000 for next year when the new values get sent out this month.   I already had the city assessor in to walk through the property so we can pre negotiate the revised assessed value before they get busy.  I laid out why the value is exactly what I paid for the duplex less the appliances so I actually asked for $273,000. He just kept saying, well, you got a really really good deal.  I typically challenge 10-20% of my properties per year to get the assessments lowered and have been successful every time. 

[John Woodrich]

I had to do this on our new primary residence this year.  The 2018 value was $35k more than I purchased it for and the 2019 value was $80k higher than our purchase price.  My wife met the assessor and he dropped it down to $25k over our purchase price stating that I got a deal.