Minnesota Commercial Property Taxes Among Nation’s Highest
Minnesota has some of the nation’s highest tax burdens on commercial properties, according to a new study.
The Lincoln Institute and Minnesota Center For Fiscal Excellence found that properties valued at $1 million and $25 million ranked second in the nation for tax burden. That’s 115 percent and 120 percent above study averages respectively.
The Minnesota Chamber of Commerce says that eliminating the statewide general property tax—a state levy on commercial, industrial and cabin properties—would help the city of Minneapolis reduce its tax burden rank on the list by 11 to 12 places for commercial properties and 11 to 15 places for industrial spaces.
The full study can be viewed here.