Dear Source,
In Minnesota, property values are reassessed when
1) the property is sold (the new value is based on the selling price);
2) when significant property improvements increase the home's value.
Also, there is a cap on the annual rate of increase allowed.
This seems like a fair way to tax real estate. St John's process of assessing a new market value for all homes will place an unfair tax burden on long-term residents.
It seems more fair for the new buyers who are paying the inflated prices to also pay higher property taxes, but existing homeowners should not be penalized for a "hot" housing market.
If reassessment is irrevocable, then adjusting the mil rate to reflect the inflated market prices is definitely in order.
Doug Downs
St. John, Coral Bay
Stillwater, Minn.

Editor's note: We welcome and encourage readers to keep the dialogue going by responding to Source commentary. Letters should be e-mailed with name and place of residence to [email protected].

Publisher's note : Like the St. John Source now? Find out how you can love us twice as much — and show your support for the islands' free and independent news voice … click here.