April 30 Deadline for Minnesota Tax Payers

Minnesota law permits property taxpayers to file a petition challenging value, level of assessment, and other claims by April 30, 2010. The filing deadline is absolute, and if missed, costs the taxpayer a chance to challenge its tax assessment.

Public attention has focused on the subprime lending crisis, and the woes in the residential real estate market over the last two years. Only recently has the freefall in commercial values started to manifest in foreclosures, prominent vacancies, and media attention. The assessment community is tuning into the problems in the commercial sector, and significant reductions in value and taxes are now possible. Filing opportunities should not be ignored in this environment.

Assessors and Tax Court officials are bracing for a near-record number of tax petition filings this year. Values that have been held flat, or even cut 5-10% are almost certainly high, with some property sectors estimated to have lost 30% or more of value from just two years ago. Taxpayers should ensure that the April 30 deadline does not pass without a review of their assessment.