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Posted on: December 2, 2021

City Proposes 2022 Budget/Tax Levy

Of the proposed total tax levy for 2022, $22,291,855 is allocated to the General Fund for operations (police, fire, inspections, streets, parks and recreation, administration, transfers, etc), $4,417,288 is allocated for bond payments (for street improvements), and $1,218,300 is allocated for bond payments for the Brookview facility.

The rest of the $25,447,590 General Fund budget is funded by assessments and fees charged for services. The City receives no local government aid and contributes to the fiscal disparity pool. The proposed levy can be lowered but not raised at the final budget hearing Dec 7 at 6:30 pm.

Transfers from the General Fund help fund a portion of street overlays, improvements to buildings and parks, and major equipment purchases. For 2022, transfers will increase by $82,420 for a total of $2.8 million.

Housing And Redevelopment Authority (HRA) Levy

Also Sept 21, the Golden Valley HRA certified a proposed 2022 tax levy of $214,000 to continue funding the City’s housing and economic development manager position and monies for supplies, services, and activities.

Tax Impact

The tax impact will vary for each property based on how the property value changed from 2021. The City portion of taxes on the $345,000 median home is expected to increase by $113.37, or $9.45/month.

The impact from the HRA levy (shown under “Other Taxing Jurisdictions,” along with many others) is an increase of $4.83/year, or 40 cents/month.

Hennepin County mailed individual property tax statements Nov 8 to all Golden Valley properties.

Property Tax Relief Programs

If your tax increases, you may qualify for one of Minnesota’s three property tax relief programs: the Homestead Credit Refund Program, the Targeting Property Tax Refund, or the Senior Citizen Property Tax Deferral Program. If you are a renter, you may qualify for a renter’s property tax refund. For more information about these programs, go to www.revenue.state.mn.us/individuals or call 651-556-3000.

Questions?

Contact Finance Director Sue Virnig at 763-593-8010 or svirnig@goldenvalleymn.gov.

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