Special Olmsted County Tax Levy Will Increase Next Year
Rochester, MN (KROC-AM News) - A special tax levy used to fund affordable housing programs in the Rochester area is set to increase next year.
The Olmsted County Board voted this week to approve a one-million-dollar hike in the Housing and Redevelopment Authority Tax Levy. The county has been collecting the special tax for several years to provide money for housing development, housing rehabilitation, homeless prevention, housing stability, as well as operations and administrative costs.
Officials say the $2.5 million generated by the tax this year benefited about 3,500 Olmsted County residents by improving their housing stability and leveraged over $26 million of private investment. It’s estimated the increase will increase the overall property tax paid by the owner of a $250,000 home in Olmsted County by about $11.50 a year.