What is the City of Minneapolis policy on assessments?
The City of Minneapolis has a uniform assessment policy. Whenever a street is reconstructed the adjacent property owners are assessed a uniform rate for part of the construction cost. The approved 2008 uniform assessment rates for this project are $1.67/square foot for non-residential property and $0.51/square foot for residential property. These assessments are levied against the portion of each property that is within the “influence area” for this project. For a typical block on 2nd or Marquette the assessments are approximately $45,000 for each side of the street for non-residential property or $15,000 for residential property. Condominiums are assessed based on their percentage interest in the common areas (as stated in their Declaration of Covenants, Conditions and Restrictions). The assessment can be spread over 20 years.
