Minneapolis Council Adopts Budget with 6.8% Property Tax Levy Increase for 2024
The Minneapolis City Council has approved a new budget for 2024, which includes a 6.8% increase in the property tax levy. The decision, finalized after weeks of deliberation, aims to address critical city needs while balancing fiscal responsibility.
Key Highlights of the Budget
The $1.8 billion budget prioritizes public safety, affordable housing, and infrastructure improvements. City leaders emphasized that the tax increase is necessary to maintain essential services and invest in long-term community benefits.
- Public Safety: A significant portion of the budget is allocated to enhancing police and fire services. The city plans to hire additional personnel, invest in officer training, and expand community safety programs to address rising concerns about crime.
- Affordable Housing: Minneapolis continues its commitment to addressing the housing crisis. The budget allocates funds for creating and preserving affordable housing units, supporting low-income renters, and offering resources for those facing homelessness.
- Infrastructure Investments: Road maintenance, public transit upgrades, and green initiatives also see increased funding. These projects aim to improve city livability and sustainability while creating local jobs.
Impact on Residents
The 6.8% property tax levy hike translates to an increase in property taxes for Minneapolis homeowners. For a median-valued home, this could mean an additional $130-$150 annually. While some residents have expressed concerns about affordability, city officials argue that the additional revenue is crucial for maintaining and improving services.
Council Reactions
The budget received mixed reactions from council members. Supporters highlighted its focus on equity and essential services, while critics argued it places an undue burden on taxpayers already grappling with inflation and rising costs.
Looking Ahead
Mayor Jacob Frey praised the council’s approval, calling it a balanced approach to the city’s challenges. As Minneapolis navigates economic uncertainties, the 2024 budget reflects a commitment to sustaining progress while addressing pressing issues. However, the tax increase underscores the ongoing debate over balancing fiscal responsibility with community investment.
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