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Tax Impact & Deductions

An personalized estimate of the tax impacts for homeowners and businesses can be found using our tax calculator, available by clicking here. A chart with general tax information can be seen below. 

Homeowner Tax Impact for Referendum Questions
PROPERTY VALUE

Q1: $15 MILLION OPERATING LEVY RENEWAL 

Q2: $7.3 MILLION OPERATING LEVY INCREASE

Q3: $2 MILLION CAPITOL PROJECTS LEVY  TOTAL ANNUAL IMPACT TOTAL MONTHLY IMPACT
$150,000 $-7/Year $111/Year $25/Year $129 $10.74
$250,000 $-12/Year $185/Year $46/Year $219 $18.25
$350,000 $-16/Year $259/Year $67/Year $310 $25.83
$500,000 $-23/Year $370/Year $97/Year $444 $37.00
$1,000,000 $-45/Year $740/Year $218/Year $913 $76.08
Commercial Tax Impact for Referendum Questions
PROPERTY VALUE

Q1: $15 MILLION OPERATING LEVY RENEWAL 

Q2: $7.3 MILLION OPERATING LEVY INCREASE

Q3: $2 MILLION CAPITOL PROJECTS LEVY TOTAL ANNUAL IMPACT TOTAL MONTHLY IMPACT
$750,000 $-34/Year $555/Year $179/Year $700 $33.33
$1,000,000 $-45/Year $740/Year $242/Year $937 $78.08
$1,500,000 $-68/Year $1,111/Year $367/Year $1,410 $117.50
$2,000,000 $-91/Year $1,481/Year $493/Year $1,883 $156.92

Tax Deductions

In some cases tax increases can be off-set by property tax refunds, deductibility and deferrals. Information on those options can be found below.

  • Minnesota Homestead Credit Refund: Applies for homeowners with an adjusted gross income below $108,660.
  • Special Property Tax Refund: Applies if your property taxes increase by more than 12 percent and more than $100 from one year to the next. There is no income limit for this refund.
  • Deductibility of Property Taxes for State and Federal Income Taxes: If you itemize deductions for federal income taxes, you may deduct all property taxes paid.
  • Senior Citizen Property Tax Deferral: If you are 65 years or older and have a household income of $60,000 or less, you may be eligible to defer a portion of the property taxes on your home. 

If you have any questions email info@sowashco.org.