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Tax Trauma - How Higher Assessments Can Cause Lower Net Rents

Published with permission of Commercial Property Executive By John Gendler, Esq. Resurgent demand for commercial real estate is driving sale prices to record highs, pressuring assessors to increase taxable property values substantially. In the Minne…
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Apartments Risk Excessive Tax Assessments in Overbuilt Markets

Published in: Apartment Finance Today By John Gendler As many industry veterans know, new construction can lead to overbuilding in some multifamily markets when, all too often, optimistic developers assume their projects will be successful despite s…
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Fee (Not So) Simple: Property Rights & Market Value

By:  Jack Pasternacki, CAE & Timothy Vergin, MAI Presented: IAAO International Conference Sacramento, California The concept of the fee simple estate is often referenced in matters of ad valorem taxation, especially in property tax appeals. The…
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Property taxes: Commercial owners nicked for state budget deal

Published in: Finance & Commerce Commercial property tax increases and the flat economy are hampering development and business investment, developer Kelly Doran says. Increases have pushed real estate taxes up to $13 to $15 per square foot on his…
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Taxpayers, Assessors Join Forces to Redefine Mandatory Disclosure Statute

The Minnesota Legislature recently passed an amendment to Minn. Stat. §278.05, subd.6(a), the so-called 60-day rule, Minnesota’s mandatory tax appeal discovery law. That statute provides that property tax appeals are dismissed if certain finan…
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What is Market when there is no market?

Minnesota assessors are currently dealing with near-record numbers of tax petitions challenging the annual assessments made in the state. Assessors value property as of January 2, for taxes payable the following year. In stable markets, those that ar…
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Minnesota Tax Payers Cope with Recession, High Tax Rates

Jurisdiction estimates for pay 2011 taxes have just issued, and the news is not good. Due to widespread cuts in both commercial/industrial and residential valuations, the effective tax rates at which properties are assessed have skyrocketed. Taxpayer…
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Tax Court in Minnesota Deluged with Cases

The economic meltdown of the last few years has sent assessors scrambling to mark down values for commercial and industrial properties. Those efforts have necessarily come up short. The result: near-record numbers of appeals to the MinnesotaTax Court…
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Assessors May Testify Once Again in Minnesota

Recent statutory changes enacted by the Minnesota legislature restored assessors’ qualifications to testify in Tax Court proceedings. Tax Court rulings had excluded assessor testimony, based upon statutory language construed to limit assessor v…
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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. Publi…
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