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Some lakeshore property owners who have had part of their property values capped for years under the Limited Market Value program, have seen huge increases in valuations and taxes as the program is phased out this year. (Sarah Smith / Enterprise)

County to gain millions in taxable property

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Hubbard County will recapture an astounding $93.5 million of taxable property next year under a state program being phased out that gave tax breaks to property owners during inflationary times.

Called Limited Market Value, the program, which courts have ruled unconstitutional, then constitutional, has been around three decades. At its peak, $32 billion was excluded from Minnesota property tax rolls in 2004.

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