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Posted on: November 29, 2022

City Proposes 2023 Budget/Tax Levy

At its Sept 20 meeting, the Golden Valley City Council certified a tax levy of $31,087,048. This total tax levy is the amount of property taxes needed to help fund the City’s general operations and bond payments. The Council will have a final budget hearing Dec 6 at 6:30 pm. 

The City's proposed 2023 General Fund budget is $27,869,210. Of the proposed $31,087,048 total tax levy, $25,008,020 is allocated to the General Fund for operations (police, fire, inspections, streets, parks and recreation, administration, transfers, etc), $4,860,728 is allocated for bond payments for street improvements, and $1,218,300 is allocated for bond payments for the Brookview facility.

The remaining $2,421,620 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 Dec 6 at 6:30 pm.

Housing and Redevelopment Authority (HRA) Levy

Also Sept 20, the Golden Valley HRA certified a proposed 2023 tax levy of $245,000 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 2022. The City portion of taxes on the $411,000 median home is expected to increase by $241.90, or $20.16/month.

The impact from the HRA levy (shown under “Other Taxing Jurisdictions,” along with many others) is an increase of $17.85/year, or $1.49/month.

Hennepin County mailed individual property tax statements the week of Nov 14 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. Budget details and other City financial information can be viewed on the City website.

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