Property Taxes

According to NAIOP, the Commercial Real Estate Development Association, is the leading organization for developers, owners and related professionals in office, industrial and mixed-use real estate, with 15,000 members in North America.

In a publication printed in 2009 by the NAIOP Minnesota Chapter, Minnesota is one of 15 states that taxes business property twice – first at the local level and then by the state of Minnesota through the statewide general tax. It also points out that Wisconsin exempts manufacturers from personal property tax.

NAIOP’s comparison study projects Personal Property and Real Property Taxes within a number of states for a “typical” manufacturing firm with 99 employees and gross revenues of $8.7 million.

Here is the NAIOP 2009 ranking of Midwestern states and the “typical” tax burden for the study’s “typical” manufacturer.

  • Illinois -- $192,390
  • Minnesota -- $128,975
  • South Dakota -- $111,506
  • Iowa -- $90,586
  • Wisconsin -- $59,545
  • North Dakota -- $55,095

 

Stong one sentance mission or vission statement for the New Richmond Area Economic Development Corporation.

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