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SMALL BUSINESS NEWS

31 Aug 2015

 

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Tax Increases Coming to Ramsey County, MN

Small businesses could be negatively impacted by the Ramsey County budget proposal.

The County Commissioners of Ramsey County, MN are proposing a 2.8 percent property tax increase in 2016 and 2017. 

The County Commissioners are looking to fund their two year budget for 2016 and 2017 by increasing revenues by 2.9 % in 2016 and 2.2% in 2017.  This will bring in a additional $18.2 million in 2016 and $13.9 million in 2017.

According to the commissioners, 27% of homeowners and 53% of renters spend more than 1/3 of their income on housing.  Over 43% of the taxes taken by the county comes from property taxes.

If you're an entrepreneur who own or rent an apartment or an office in the county this tax increase will impact you.  Home owners will have to pay out of pocket.  But, property owners will pass the cost onto their renters.

The public hearing will take place on September 15 and November 30 and the final budget passagae will take place on December 15, 2015.

 

Sources:
Ramsey County Budget


By Bill Williams

 

 

 

 

 

 

 

 

 

 
 

 

  
 

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