MOA Had One of Nations Highest Property Tax Bills in 2016
Mall of America pays some of the highest property taxes in the nation amongst commercial properties, according to a report compiled by CommercialCafÃ©, a commercial real estate website.
The Bloomington-based shopping center, which has over 500 stores across 5.6 million square feet, paid $30.1 million in property taxes in 2016—making it the 25th-highest amount in the nation.
Perhaps unsurprisingly, the list was dominated by properties in New York City: A whopping 83 of the 100 that made the list are in the Big Apple, concentrated almost entirely in Manhattan. Mall of America paid the highest property taxes amongst shopping centers, and it ranked second overall for properties located outside NYC. Only the Exelon-Byron Nuclear Generating Station located about 100 miles from Chicago exceeded it, paying $36.6 million last year.
While the amount MOA owed in taxes seems eye-popping, it’s less than half the amount of the property that topped the list: That honor goes to the General Motors Building in Midtown Manhattan, which paid $71.7 million in 2016.
The entire Top 100 list can be viewed here.