Cold Spring Proposes 10.5% Property Tax Hike in 2025 Budget

(KNSI) – Cold Spring residents can expect to see their property taxes increase by approximately 10.5% under the city’s preliminary 2025 budget.

The proposal for the city’s general fund levy is around $2,022,000, with the operating budget increasing by $233,440 and debt service rising by $142,882 compared to the previous year. City Administrator Kris Dockendorf explained to KNSI News what’s behind the increase. “The biggest part of it is the increase in the debt service is mostly due to the construction of our new fire hall.”

The remaining budget increase stems from standard cost-of-living adjustments affecting insurance, employee wages, and general operating expenses across city departments. No single department is driving the increase more than others, with costs spread relatively evenly throughout city operations.

For property owners, this means that even if property values remain unchanged, taxes will increase by the full 10.5%. However, property value changes could see some homeowners seeing larger increases.

The preliminary budget is not yet finalized. Dockendorf said the Cold Spring city council must approve the draft of the levy by September 30th. “After we’ve adopted our preliminary levy, Stearns County sends out notices to everybody that says in December, they’re going to have a meeting to approve the final levy. It can’t go up, it can go down.”

The final budget approval will take place at the first Cold Spring City Council meeting in December, where residents will have the opportunity to provide public comment before the council makes its final decision.

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