If you drive southeast of Hennepin County for about 90 miles, you will arrive in Olmsted County. Their County Board of Commissioners recently approved a temporary commercial property tax hardship abatement policy for commercial and industrial property owners.
The board says the policy will give those property owners a break. Many are struggling to pay their 2020 commercial property taxes because of the negative impact of the Covid-19 pandemic on businesses. The measure defers payment on a portion of the taxes and reduces some penalties and interest on late tax payments.
On its website, Olmsted County lists the following criteria in order to qualify for the pandemic commercial property tax hardship abatement program:
- Olmsted County properties must be classified as commercial or industrial – agricultural and apartment properties aren’t eligible for the program.
- Property owners must have paid at least 25 percent of their 2020 property year taxes before applying for the abatement program.
- Property owners also must have been current on their commercial property taxes as of March 1 of 2020.
- The pandemic must have caused a decrease of at least 30 percent in business revenue compared to 2019 revenue.
- The business must’ve been in operation as of March 1 of 2020.
- The business also must’ve been in good standing with Minnesota’s Secretary of State as of March 1 of 2020.
The county says qualified commercial and industrial property owners must submit an application for abatement to the Olmsted County Board of Commissioners by Feb. 15 of this year. Approved property owners will have 6 to 18 months to pay taxes in arrears.