Tax and Financial News for Plymouth

Plymouth residents may see some property tax relief in 2010 if the approved Hennepin County tax levy in accurate.

(Sept. 8) approved a maximum property tax levy for 2010, as required by state law. The net levy - coming from property taxes in the county - could increase by 4.95 percent over 2009, to a total of $676.2 million. The 4.95 percent increase provides:

• No increase for county operations;
• 3 percent to cover an expected surge in uninsured people seeking care at Hennepin County Medical Center as a result of the elimination of General Assistance Medical Care and other potential revenue shortfalls; and
• 1.95 percent for general economic risk and to give the county flexibility after the release of the state's November forecast.

While some cities like Kenwood and South Minneapolis will likely see little to no change, cities like Brooklyn Center and Plymouth may see a significant drop.

In other Plymouth related business, Klein Bank has acquired Community Bank of Plymouth.  Community Bank of Plymouth was feeling a big hit due to the current financial market and it had $1.1 million in loan defaults in it's construction and development division.  This should be a positive for Hennepin County and the residents of Plymouth.

The Helmers Group- Keeping you informaed on what matters.