Painful property tax hike ahead for apartments — and likely their tenants
The assessed valuations of Mankato homes rocketed upward in recent years, bringing a similarly steep jump in property taxes. For 2024, though, it's...
The assessed valuations of Mankato homes rocketed upward in recent years, bringing a similarly steep jump in property taxes. For 2024, though, it's apartment owners — and probably their tenants — who will be facing the big hit. The average apartment building in Mankato saw its taxable value rise nearly 60% this year, which means a major jump in property tax payments is coming in May and October of 2024. 'Nothing's been budgeted for this magnitude of increases,' said Carrie Chum, asset manager for the Southwest Minnesota Housing Partnership, which owns three apartment complexes in Mankato.