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Tax Reform Not Enough for Shopping Center Group

BLOOMINGTON, MN-Shopping center owners expect lower property tax bills by 6% to 7% this year. However, the average for those bills paid in the Twin Cities is up to three times as more than comparable mid-sized markets.

By Jim McCartney | Updated on April 01, 2002

BLOOMINGTON, MN-A recent property tax survey by the Minnesota Shopping Center Association concludes that Minnesota retailers are still paying up to three times more in property taxes compared to other states despite a significant reduction enacted by the legislature last year. “Even with the recent property tax reductions, Minnesota remains significantly higher than other Midwest states in which we operate, putting allMinnesota retailers at a competitive disadvantage,” says Alan Bloom, director of real estate for Minneapolis-based Nash Finch Co.

Property taxes are expected to decline 6% to 7% for 2002 taxes, according to the state department of revenue. The association, based in Bloomington, MN, argues this property tax burden is prompting some retailers to prefer expansion in other areas, such as Kansas City, Milwaukee and Houston.

The association also argues the situation has left Minnesota consumers with few choices and higher prices that reflect the higher costs due to property taxes.

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