A number of preliminary budget meetings are wrapping up in Detroit Lakes. It appears that a property tax increase of just over 10 percent is coming in 2022. The average home valuation in the local area is $191,000, which means that residents should expect to pay about $37 more in taxes this year than in prior years. The property tax increase this year is higher than in prior years; however, the local board believes that the residents are going to be able to enjoy a wide variety of additional services because of the additional tax revenue. In 2021, the increase was six percent.
Where Will The Additional Money Go?
The additional tax revenue was going to be used to fund several important benefits. These include:
- The local board is going to use the additional money to add a parks employee. This employee is going to be responsible for making sure the local parks are taken care of.
- The local authorities are also going to use that money to create a home repair program. This is important for people whose homes have fallen into a state of disrepair but who might not have money or insurance to fix them on their own.
- The tax revenue was also going to be used to offset a recent drop in funding from the state.
Even though it can be difficult for residents to grapple with an increase in property taxes, the local board believes the money is going to be put to good use.
A New Affordable Housing Program in Detroit Lakes Is Coming
In the budget for this year, the Detroit Lakes Housing & Redevelopment Authority is going to receive approximately $120,000 in property tax revenue. This revenue is going to be used to implement a housing repair program. The goal is to repair, save, and preserve affordable housing in Detroit Lakes. This is important for making sure everyone has a place to live.
As affordable housing is a significant issue across the country, Detroit Lakes is taking steps to make sure affordable housing is protected in the area. This money can be used to repair issues related to the foundation of a home, repair a roof that might be leaking, or replace a furnace that has burnt out. The local board estimate that approximately ten homeowners are going to be assisted with this first round of funding.
Meeting the Demands of the Parks Department
The local parks department has been asking for another employee for a long time. Now, in this round of funding, they are going to get it. The parks department is going to use this employee to cover a lot of the tasks that have been neglected during the past few years. Even though it is difficult to anticipate all the expenses, the local board believes the budget is solid and should be passed in the near future. The property tax increase should be put to good use throughout the region.