[Mpls] Target: Property Values and Property Taxes
MCDA/Tetzlaff: "Any decrease in EMV from 2001 was due to over-all reductions in CBD office values by the City Assessor." Heller: Does this mean that only one section of the block lost value? Where would we find the information on the other two parcels? Please provide the PINs (property identification numbers) so that we can look them up. Also, if office buildings are losing value, why is the MCDA financing a new one next to the former ice skating rink? Also, the assessor increased my property values (Cedar-Riverside) by 30% this year. Where would I find the facts supporting Target's reduction and my increase? MCDA/Tetzlaff: "The real estate taxes are paid by the Timberwolves and the Northwest Health Club based on Personal Property Tax Account valuations as leasehold interests. These are assessed just like the regular tax parcels and taxes are paid at the regular C/I rate. The total 2002 EMV for Target Center is $53,960,000 and the total 2003 real estate taxes paid will be $4,999,254." Heller: Where is this data published? How much have the Timberwolves paid over the past few years? WHEN will they pay the $4,999,254? Will they pay real cash, or will there simply be a bookkeeping entry crediting this amount against improvements promised by the City? Several other properties show no property taxes due (Northern Cap for example.) Where can people go to find a list of all Minneapolis property that pays no tax? Thank you for the added information; awaiting your reply. Vicky Heller, North Oaks TEMPORARY REMINDER: 1. Don't feed the troll! Ignore obvious flame-bait. 2. If you don't like what's being discussed here, don't complain - change the subject (Mpls-specific, of course.) Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Unsubscribe, Digest, and more: http://e-democracy.org/mpls
RE: [Mpls] Target: Property Values and Property Taxes
Regarding the market value & property tax numbers cited below, Phil Handy of this office has provided the following: 1000 Nicollet Mall (Target Headquarters Block, not the Target Store Block): The valuation that Ms. Heller cites, $54,500,000, is only one of three tax parcels that comprise the Target HQ Block. The total 2002 EMV for the block is $167,000,000 and the total real estate taxes paid in 2003 will be $7,062,713. Any decrease in EMV from 2001 was due to over-all reductions in CBD office values by the City Assessor. Target did not file any petitions to reduce valuation, unlike many office tower owners. This project received no public financial assistance. Target Center The valuation that Ms. Heller cites is only the exempt fee interest parcel owned by MCDA. The real estate taxes are paid by the Timberwolves and the Northwest Health Club based on Personal Property Tax Account valuations as leasehold interests. These are assessed just like the regular tax parcels and taxes are paid at the regular C/I rate. The total 2002 EMV for Target Center is $53,960,000 and the total 2003 real estate taxes paid will be $4,999,254. Bill Tetzlaff MCDA/Kingfield -Original Message- From: Victoria Heller [mailto:[EMAIL PROTECTED] Sent: Sunday, June 15, 2003 7:19 AM To: Mpls Forum Subject: [Mpls] Target: Property Values and Property Taxes 701 West Broadway Market Value: $3,638,000 (up from $3,025,000) Property Tax: $148,408 (4.1%) 313,487 square feet of land 1000 Nicollet Mall Market Value: $54,500,000 (down from $62 million) Property Tax: $2,244,464 (4.1%) 71,508 square feet of land 600 1st Avenue North (Target Center) Market Value: $43,960,000 Property Tax: $0.00 127,999 square feet of land Vicky Heller, North Oaks TEMPORARY REMINDER: 1. Don't feed the troll! Ignore obvious flame-bait. 2. If you don't like what's being discussed here, don't complain - change the subject (Mpls-specific, of course.) Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Unsubscribe, Digest, and more: http://e-democracy.org/mpls
[Mpls] Target: Property Values and Property Taxes
701 West Broadway Market Value: $3,638,000 (up from $3,025,000) Property Tax: $148,408 (4.1%) 313,487 square feet of land 1000 Nicollet Mall Market Value: $54,500,000 (down from $62 million) Property Tax: $2,244,464 (4.1%) 71,508 square feet of land 600 1st Avenue North (Target Center) Market Value: $43,960,000 Property Tax: $0.00 127,999 square feet of land Interesting that the market value on West Broadway has increased while the market value on the Nicollet Mall has decreased. When Target disposes of this property, I hope the buyer is told that property taxes are expected double over the next 5-8 years. The falling value of the Nicollet Mall site should be a major concern to Minneapolis taxpayers. When asset values fall, the corresponding debts don't fall with them. Minneapolis taxpayers guaranteed payment of the debts. In return for NO property tax payments, every taxpayer in Minneapolis should get free Timberwolves tickets, not just politicians. (Ditto for Guthrie Tickets.) Vicky Heller, North Oaks TEMPORARY REMINDER: 1. Don't feed the troll! Ignore obvious flame-bait. 2. If you don't like what's being discussed here, don't complain - change the subject (Mpls-specific, of course.) Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Unsubscribe, Digest, and more: http://e-democracy.org/mpls
