At its Sept 17, 2024 meeting, the Golden Valley City Council certified a tax levy of $34,756,330. This total tax levy is the amount of property taxes needed to help fund the City's general operations and bond payments.
The City's proposed 2025 General Fund budget is $31,785,700. Of the proposed $34,756,330 total tax levy, $27,965,845 is allocated to the General Fund for operations (police, fire, inspections, streets, parks and recreation, administration, transfer, etc), $5,564,785 is allocated for bond payments for street improvements, and $1,202,675 is allocated for bond payments for the Brookview facility.
The remaining $3,820,355 of the 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 in December.
Housing And Redevelopment Authority (HRA) Levy
Also Sept 17, the Golden Valley HRA certified a proposed 2025 tax levy of $319,181 to continue funding the City's housing and economic development manager position and monies for affordable housing trust fund, title work, and supplies.
Tax Impact
The tax impact will vary for each property based on how the property value changed from 2023. The City portion of taxes on the $440,600 median home is expected to increase by $134.04, or $11.17 per month.
The impact from the HRA levy (shown under “Other Taxing Jurisdictions,” along with many others) is an increase of $23.68 per year, or $1.97 per month.
Hennepin County mailed individual property tax statements the week of Nov 11 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 Lyle Hodges at 763-593-8010 or lhodges@goldenvalleymn.gov. Budget details and other City financial information can be viewed on the City website.