Minnesota commercial property owners have been waiting months for the other shoe to drop. The first shoe fell back in March when assessors told owners their estimated market values. The other shoe will drop in the next few weeks when local governments send out their truth-in-taxation forms, informing property owners of their proposed tax rates. Property tax liability is calculated by multiplying the estimated market value by the tax rate, so this will be the first look at what property owners will owe in 2026.

Although the taxes you owe next year may seem a long time away, if you think your taxes are too high, now is the time to have someone look at them. While you can’t challenge the tax rate, you may be able to lower the assessed value. Here is a checklist of common indicators that your assessed value is too high:

• Your estimated market value spiked dramatically compared to the previous year.
• Your property experienced significant depreciation.
• Properties similar to yours recently sold for less than the estimated market value listed on your form.
• You have a recent appraisal report that is less than the value on your truth-in-taxation form.
• A unique feature of your property makes it less marketable.
• The property was specially built for your business’s particular use.
• To raise capital, your business executed a sale-leaseback, and the new value mirrors the sale price.
• You completed a 1031-exchange, and the new value tracks the 1031 sale price.

Unfortunately, the meetings provided on the truth-in-taxation form are not opportunities to change your property’s estimated market value. Although your local assessor may be available to talk at these meetings, by statute, they are unable to make any changes to the value. Instead, you must file a tax petition in court. The deadline to file a petition for the taxes payable in 2026 is April 30, 2026. You should seek advice from a property tax attorney to determine whether you have a potential appeal.