What's New at Larkin Hoffman
Larkin Hoffman is proud to announce the firm's inclusion in
Midwest Real Estate News' 2012 'Best of the Best.' Larkin Hoffman was included with 28 other firms that have a significant influence and reputation within the real estate industry.
Owners of “income-producing property” (property that produces revenue through rents) who are considering filing a tax petition should be mindful of special considerations—and associated pitfalls—that apply to such properties. The Minnesota Supreme Court provided a recent reminder that the financial information disclosure requirements will be strictly enforced—upon pain of dismissal of the tax petition for noncompliance.
The April 30 deadline for filing a property tax appeal will soon be upon us, which makes this the perfect time to consider whether your property is fairly or properly assessed by the local taxing authority. The real estate valuation subgroup of Larkin Hoffman’s Real Estate Litigation department provides property tax consultation services at little or no cost to the client. We provide free property tax appeal consultations for properties with assessed values of $2 million or greater. We have assisted many owners of income-producing properties in determining whether to file a tax petition and in obtaining substantial tax savings through assessed value reductions. There is still time to seek a consultation before this year’s April 30 filing deadline.
Minnesota Legislature has adopted a new gift tax and made major changes to Minnesota estate tax provisions. A new Minnesota gift tax will apply to gifts made after June 30, 2013, at a rate of 10% of all gifts in excess of a lifetime exemption of $1 million. Federal rules exempting gifts to spouses, gifts to charity, and annual gifts below the federal gift tax annual exclusion amount (currently $14,000) will apply.
