Hopkins Formally Approves 1.1 Percent Levy Increase

Hopkins City Council members on Tuesday put their final stamp of approval on a budget that increases the tax levy 1.1 percent to $10.3 million.

A $225,000 home will pay $1,319 in city taxes in 2012 under the current plan, up from $1,252 for an identically priced home in 2011.

Because property taxes are based on a home’s value relative to others in the community—not an absolute value—homes that retain their values will take on a greater share of the property tax burden when the market as a whole is dropping.  

In all, nearly 60 percent of homeowners .

The levy increase is part of a $10.5 million general fund budget that grew 1.66 percent over last year’s $10.3 million budget.