Property taxes are always a hot topic and rarely do people get good news when they open the envelope from their respective county.
But there is one thing to note, there has been a major increase in the taconite homestead credit which lowers residential property taxes.
Legislation sponsored by both Democrats and Republicans was passed that raised the credit from around $300 to $515 per homeowner, a 77 percent increase.
That property tax reduction is thanks to mining, pure and simple. Imagine how that number could increase if one of the copper-nickel projects were able to go through environmental review and prove they could do it. That tax reduction could be even higher. Lower taxes thanks to mining.
It was Rep. Dave Lislegard (DFL), Rep. Roger Skraba (R) and Sen. Grant Hauschild (DFL) who were able to get the credit increased for the first time since 1998. And the good news this the newly updated Taconite Homestead Credit is ongoing each year, making the tax cut permanent.
The Taconite Homestead Credit applies to homeowners in school districts in the Taconite Relief Area (TRA). These school districts include Nashwauk-Keewatin, Cook County, Greenway, Chisholm, Lake Superior, Ely, Hibbing, Mt. Iron-Buhl, St. Louis County, Mesabi East and Rock Ridge.
May 15 is the first payment for property taxes, and that hit to your pocketbook will be $515 less, thanks to mining. That amount could increase when other mining operations come online and that could include helium as well.
Now we can debate mining, and this newspaper has certainly done so, providing space for both sides over many years. And if you are anti-mining and you want to pay higher property taxes, feel free to add the taconite homestead credit onto your payment.
