Economics
INVER GROVE HEIGHTS HOUSING AND COMMERCIAL INVESTMENT
Housing & Commercial Activity
| Housing Information |
| Single Family Units: |
6,761 |
Percentage Owner Occupied: |
78 |
| Multiple Family Units: |
5,853 |
Median Sales Price: |
$198,250.00 |
| Mobile Homes: |
858 |
Median Assessed Value: |
$168,700 |
| Number of Units Built Since Last Census: |
1,867 |
Median Rent: |
$767 |
| Number of Residential Building Permits for 2005: |
201 |
Vacancy Rate: |
1 |
| Value of Residential Building Permits for 2005: |
$40,294,600 |
|
|
| Source: Dakota County; Twin Cities Assoc of Realtors |
| Commercial Activity Information |
| Number of Commercial Building Permits for 2005: |
62 |
|
|
| Value of Commercial Building Permits for 2005: |
$18,159,600 |
|
|
| Number of Public Building Permits for: |
|
|
|
| Value of Public Building Permits for: |
|
|
|
| Retail Sales Information |
| Year |
Community Sales |
County Sales |
| 2004 |
$776,111,525 |
$6,203,335,056 |
| 2003 |
$621,980,340 |
$5,781,056,739 |
| 2000 |
$505,825,832 |
$5,141,352,830 |
| Source: MN Dept. of Revenue |
SOUTH SAINT PAUL HOUSING AND COMMERCIAL INVESTMENT
Housing & Commercial Activity
| Housing Information |
| Single Family Units: |
6,029 |
Percentage Owner Occupied: |
70 |
| Multiple Family Units: |
37 |
Median Sales Price: |
$159,000.00 |
| Mobile Homes: |
36 |
Median Assessed Value: |
$139,700 |
| Number of Units Built Since Last Census: |
58 |
Median Rent: |
$566 |
| Number of Residential Building Permits for 2003: |
787 |
Vacancy Rate: |
1 |
| Value of Residential Building Permits for 2003: |
$10,333,455 |
|
|
| Source: Dakota County; Twin Cities Assoc of Realtors |
| Commercial Activity Information |
| Number of Commercial Building Permits for 2005: |
54 |
|
|
| Value of Commercial Building Permits for 2005: |
$10,346,359 |
|
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| Number of Public Building Permits for: |
|
|
|
| Value of Public Building Permits for: |
|
|
|
| Retail Sales Information |
| Year |
Community Sales |
County Sales |
| 2004 |
$520,353,591 |
$6,203,335,056 |
| 2003 |
$411,237,874 |
$5,781,056,739 |
| 2000 |
$298,791,830 |
$5,141,352,830 |
| Source: MN Dept. of Revenue |
Minnesota commercial real estate taxes are based upon market value of taxable property as set by the local assessor. To calculate the tax for the current year, first compute the tax capacity by multiplying all property value up to $150,000 times .015, plus any value over $150,000 times .02. Example: net tax capacity on a $200,000 business property: ($150,000 X .015) + ($50,000 X .02) = $2,250 + $1,000 = $3,250. Tax capacity times the tax rate equals taxes owed. Commercial and industrial property must also pay a state property tax, which is equal to the tax capacity times the State Tax Rate.
In some localities where voters have approved referendums, an additional referendum tax must be added, calculated by multiplying the referendum tax rate times the total market value of the commercial property.
Please note: Specific property tax classifications and computations can be more complex and result in different tax amounts. This simplified explanation applies in the most general situations and will allow a business to roughly estimate its potential property tax burden. The county assessor or auditor may be able to answer questions about specific properties and uses.
