Things You Need to Know...

Property Tax Update

St. Paul BOMA is actively involved in working to reform the statewide commercial property tax.  It is partnering with other commercial real estate groups and the Minnesota State Chamber to help lead this initiative.  Recently, BOMA became aware of a proposal that would reduce the overall tax on all commercial properties and include a provision to exempt the first $500,000 in property value.  On the surface, this proposal may seem supportive of our goals since any reduction is good.  However, BOMA is conducting research to ensure the exemption doesn’t create any unintended consequences.  BOMA will support tax reform legislation that is fair and helps to reduce the tax burden on commercial real estate.  We are hopeful that our efforts during the current session will result in some meaningful progress toward this legislative goal. 

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