The times we live in are challenging for everyone, and commercial property owners are not being spared. Many retail properties were closed for months, and the hospitality industry has been ravaged. Office employees have been working from home, and many in the industry suspect that office use by corporations, law firms, and other traditional users of such space will change forever.
The financial pressures on properties are real, and have been recognized by many Minnesota counties that extended payment deadlines for first half 2020 tax payments by forgiving penalties. Assessing jurisdictions are also reaching out to property owners who may qualify for disaster relief because structures were significantly damaged in the Twin Cities’ recent civil unrest following the death of George Floyd in Minneapolis police custody.
The issue for many owners is whether assessing jurisdictions can react quickly enough to the distress to afford meaningful tax relief. Taxpayers may face valuation analyses by assessors that bear no relationship to the changed circumstances 2020 has brought. It’s more imperative than ever that the financial realities faced by owners be shared with assessors so that properties can survive the turmoil.