does anybody know the exact wording on the legislation? Is the hike in taxes payable capped at 3% annually or is the valuation capped at 3% annually. Because if it’s not the “tax amount” capped at 3% they’ll just jack the mills to the moon
The way I understand it is if your property taxes are $3000 in 2025, they can only raise the taxes $90 for the 2026 year. Which =s 3%
But there is nothing in the law that doesn’t allow them to increase the value of your property to whatever they want.
I’m guessing that the shitty of Minot will raise the value of my property to whatever it needs to, to get my taxes to increase 7 to 8% of the previous years property taxes.