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Pequot Lakes taxation summary

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Potential impact on taxes

with three-year phase-in:

• $200,000 rural residential home, $296 increase for homestead property, $328 increase for non-homestead property.

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• $300,000 rural residential home, $475 increase for homestead property, $492 increase for non-homestead property.

• $400,000 rural residential home, $654 increase for homestead property, $656 increase for non-homestead property.

• $500,000 rural residential home, $820 increase for both homestead and non-homestead properties.

The taxable market value in the rural district is larger than that in the urban district. Therefore, property owners in the rural district will see a smaller increase in taxes than the decrease the urban district property owners will see.

• $200,000 urban home, $390 tax decrease.

• $300,000 urban home, $624 tax decrease.

• $400,000 urban home, $860 tax decrease.

• $500,000 urban home, $1,077 tax decrease.

Tax increases and decreases are estimates and will ultimately depend on the city tax levy.

(Source: Springsted Inc. The company’s final report is available on the city’s website at www.pequotlakes-mn.gov.)

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