Things You Need to Know...

UPDATE: BOMA Opposes C/I Tax Exemption Failed!

The conference committee decided not to adopt the House provision to exempt the first $150,000 of property value in C/I taxes.  BOMA is pleased with the results as it will help small, mid-size, and large property owners.  Greater Saint Paul BOMA, BOMA MN, along with other business groups, efforts to stop the enactment of this provision has resulted in an outcome that is beneficial to the commercial industry.  

The 2014 Minnesota House tax bill included a provision to exempt the first $150,000 of value for commercial and industrial properties.  The intent of the provision was to provide tax relief to small business property owners.  The overall effect would be that properties valued at greater than $1.1 Million would pay a net increase in property taxes to make up for the shortfall due to the exemption.  The Legislature’s Conference Committee discussed this provision.  Greater Saint Paul BOMA, in cooperation with BOMA MN, sent a letter to Conference Committee members opposing this provision to the tax bill.  BOMA presented the argument that this provision will negatively impact small business tenants in properties over $1.1 Million.  Thus, the provision is just a shift of taxes from one group to another, not true property relief.

Letter to Conference Committee  

Click here for more Information on BOMA Minnesota

Return to list

0 Comments