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Tax Court Ruling Favors City, Costs EOP

MINNEAPOLIS-In a ruling closely watched by city officials and commercial real estate owners, the Minnesota Tax Court backed valuation reasoning by the city's assessors for the 30-story US Bancorp Center at 800 Nicollet Mall. Former building owner Equity Office Properties Trust had hoped to shave about $20 million a year off city's valuations in 2000 and 2001.

By Jim McCartney | Updated on February 20, 2005

MINNEAPOLIS-The Minnesota Tax Court recently ruled in favor of the city in the multi-million-dollar-appeal of an assessment on a Downtown trophy office tower. The litigation involved the 30-story US Bancorp Center at 800 Nicollet Mall, across the street from the IDS Center.

The four-year-old building is the third-highest valued office building Downtown. It’s a case that was watched closely by area tax officials and the commercial real estate community.

Judge Kathleen Sanberg tilted heavily toward the values suggested by the city rather than those put forward by petitioner EOP-Nicollet Mall. Equity Office Properties attorneys argued in a three-week trial last summer the property should have been assessed at $86.3 million in 2000 and $105.6 million in 2001. City assessors put the values at $114.8 million in 2000 and $132.6 million in 2001, and they argued for higher values in a post-trial brief. Sanberg fixed the values at $114 million for 2000 and $127 million for 2001.

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