Menu

Property Tax Resources

33 minutes reading time (6505 words)

Minnesota Property Tax Updates

Updated december 2020

Assessors Struggle with COVID Valuations

In Minnesota, the valuation date for pay ’21 taxes was January 2, 2020.  Assessors have taken the position that COVID impacts for 2021 were neither known nor appreciated at that date, and that pay ’21 tax appeals should not consider the impacts from COVID. 

Now, assessors are faced with making valuations for the January 2, 2021 assessment for pay ’22 taxes, with no argument about the presence of the coronavirus.  Some jurisdictions are asking taxpayers to voluntarily produce sensitive income and expense information about their properties, with the suggestion that cooperation could lead to reduced valuations for the upcoming assessment.

While the prospect of influencing value and taxes downward for pay ’22 is enticing, taxpayers should understand that information they provide may be exposed to other property owners with active tax appeals if used by the assessor or its agent in an appraisal.  Assessors also may misunderstand what property operating information means when it is provide without context.  For example, retail properties have been among the hardest hit by the pandemic.  Tenants have often stopped paying rent, or are paying reduced amounts. However, that information may not be apparent from a rent roll that continues to list face rates pending resolution of the tenancy issues.  An assessor considering this information might assume that impacts on that property have not been significant.

Taxpayers are advised to consult their property tax representatives when approached by an assessing office for proprietary operating information.  Otherwise, they might find their sensitive income information is being used in a way that was not intended.


Mark Maher.
Smith, Gendler, Shiell, Sheff, Ford & Maher
American Property Tax Counsel (APTC)

Michigan Property Tax Updates
Missouri Property Tax Updates

By accepting you will be accessing a service provided by a third-party external to https://www.aptcnet.com/

American Property Tax Counsel

Recent Published Property Tax Articles

Does Your Property Tax Assessment Reflect COVID-19's Long-Term Challenges?

Here are a number of approaches to defending against excessive tax assessments.

Countless companies have seen their top and bottom lines decimated by COVID-related shutdowns, travel restrictions and changing consumer preferences since the start of the pandemic. Yet for many taxpayers, property tax values have changed little or even increased.

Many...

Read more

Property Tax Relief for the COVID Years

Strategies for getting value adjustments on assets impacted by the pandemic, from attorney Cynthia Fraser.

Last January I penned an article for this publication titled: "Will 2021 Bring Property-Tax Relief?" I never imagined we would enter a second phase of outbreaks and continued economic fallout related to COVID-19.

Because most states assess...

Read more

Understand the Impact of Intangibles

How to use these factors to reduce a senior living property's tax assessment.

The longstanding debate over intangible value in commercial real estate taxation rages unabated, and nowhere is the squabbling fiercer than in valuing seniors living facilities. Because these properties generally transact based on income from a going concern rather...

Read more

Member Spotlight

Members

Forgot your password? / Forgot your username?