DEADLINE APRIL 30, 2009: Property Tax Appeals

Property Taxpayers - examine your property tax statements.

With market values of commercial, retail, industrial and residential properties declining across the entire economy, property tax assessments should go down commensurately. Although property tax rates are subject to variations from year to year, property tax assessments (or valuations) must be based on market value.

Is Your Property Assessment Too High?

Under current market conditions, even an assessment the same as last year may be too high.

In Minnesota, property owners recently received their tax assessments in the mail for taxes payable in 2009.

Review Your Statement

When you receive your tax statement, you may wish to contact your Faegre & Benson attorney to discuss whether the assessment accurately reflects market value.

To challenge Minnesota property taxes payable in 2009, a property tax appeal must be filed on or before April 30, 2009.

Tax Exemptions for Nonprofits Under Scrutiny

Nonprofits qualifying for property tax exemptions may wish to pay special attention to recent court cases and legislative activity. Minnesota's one-year moratorium on changes in assessment practices for nonprofits may expire in 2009 depending on the outcome of legislative action during the 2009 session.

The Department of Revenue issued a report on the assessment and classification practices for institutions of purely public charity on February 2. The report also contains proposals for legislative changes regarding the property tax exemption for purely public charities. To view the report, please click here.