When I first ran to represent you on our City Council back in 2002, I proposed long-term financial planning as a path to prosperity for Red Wing. Implementation has been a huge “WIN” for Red Wing taxpayers. Careful Spending has kept your property tax rate about the same as in 2002. Adjusted for inflation, you have paid about 1% less each of the 15 years I’ve been serving you, a 15% tax cut.
What Changed Everything
In the 1970’s, city leaders allowed a nuclear power plant near our families because there was a huge financial benefit. Xcel once paid 70% of local taxes - that dwindled to as low as 32%. Small recent increases, combined with Xcel’s increased value, have brought that up to 55%. Since Xcel pays a higher rate, a little more from you, means a lot more from them, and also increases the percentage of overall taxes Xcel covers for us, which actually lowers the tax bill for homeowners and local business.
Your Taxes Remain Low
2018’s 2.5% tax rate increase, adjusted for inflation, was actually less than half of one percent for homeowners and less than one percent for local business. I am supporting even lower taxes next year.
Who's Really Paying for Improvements
Millions in new income from Xcel are paying to rebuild our century-old infrastructure, and to build our new public safety building.
The improvements will last for generations - are nearly free to today’s residents - and no costs will be passed to our children.
Wise Planning has Saved You Money
When we began our infrastructure rebuild, Red Wing was debt free. Interest rates were historically low (1.3%) and project costs were going up at a much higher rate, so we bonded with a specific plan to save taxpayer’s money. Each bond is paid in 10 years (the first one is about 50% paid already), with the vast majority covered by taxes collected from Xcel. Maximizing today’s benefit from Xcel is part of our long-range thinking that includes the eventual closure of the nuclear plant.
Click on Your Taxes are Going Down
Click YOUR TAXES ARE GOING DOWN on the homepage for a summary of your taxes these past 15 years.
Paid for by Dean Hove for City Council , Wards 1 & 2, 4149 Hwy 61, Red Wing, MN, 55066