I'm looking for input on lowering property taxes in MN. We purchased 14 units a few months ago, that was bank owned. The valuation used for the property taxes is close to 1M, and our purchase price was $600K. I've spoke with the county assessor, and am being told, that they most likely will not lower the taxes because they do not take into account sale prices of foreclosure properties. Has anyone else run into this? Do you think it is worth it for me to set up a new evaluation? Any input would be appreciated. Thanks!!
@Karen Higgins You should be able to submit an appraisal (if that helps your case). There is no reason for them to not accept this.
Did you buy them at a foreclosure auction or directly from the bank?
If from the bank and it was advertised then this was an open market retail purchase and they should honor your purchase price.