Minneapolis residents could see a decrease in their 2011 property taxes.
Mayor R.T. Rybak announced a change to the proposed 2011 city budget that would lessen the property tax increase to 4.7 percent.
The decrease would come if the city can cut an additional $6.1 million from the proposed 2011 city budget. Rybak, City Council President Barbara Johnson and Ways and Means Committee Chairwoman Betsy Hodges proposed the plan Tuesday.
The property tax increase would change from 7.5 percent to 4.7 percent. Rybak proposed the original increase in August to cover the rising cost of obligations to closed pension funds.
At a 4.7 percent levy increase, the property tax bill for a typical $196,000 home will be $42 smaller than it would have been under the original levy increase proposal.
âÄúSometimes you stand firmly for the policies you propose even when theyâÄôre unpopular,âÄù Rybak said in a statement, âÄúand sometimes when you see the cumulative impact on peopleâÄôs lives of decisions youâÄôve made, you listen and take action.âÄù The increase would take effect Jan. 1.