Cedar Lake Estate Tax Increase Could Mean Big Change For Many Residents
Cedar Lake, Minnesota – The Cedar Lake-area estate tax is set to increase by nearly $1 million this year and could mean a big change for many residents.
According to the Tax Department, the county will be seeing an increase of $1,700 per year.
“That is a significant increase and it will affect our tax base and our homeowners,” said Steve Stahl, Cedar Lake County Supervisor.
The County will be required to make $2,600 in property taxes for every $1 it raises.
That will result in an increase for homeowners in Cedar Lake of nearly $8,000 per year, or $5,500 per year for the average homeowner.
The county is paying a 3.8 percent property tax increase this year, which is more than double the 2.9 percent hike the county has seen in the past.
Stahl said Cedar Lake residents are worried about how the property tax hike will affect them financially.
“The County is facing an increase, but it’s not a lot of money,” he said.
“Our tax base has gone down a lot.
We are going to have to make a few changes in order to get back on track.”
Some Cedar Lake home owners may have to move out of the area if the tax hike is passed.
In 2018, the Cedar Lake Board of Supervisors approved a resolution asking the county to begin paying taxes at a rate of 3.85 percent.
The resolution will have to be approved by the county’s voters in November.
The Cedar Lake Tax Committee, which includes the County Board, will begin the process of filing an application for a referendum to increase the tax.
The board said the next steps will be to file for a new countywide election and get more information about the impact of the tax increase.
The proposed tax increase will be considered by the County Tax Committee on June 30.