By CHAO YAN
Capital News Service
LANSING — Local governments continue to fight recent changes in valuing commercial properties that they say have cost them $100 million in lost tax revenue since 2013.
The problem, according to local officials and some lawmakers, is that the state’s Tax Tribunal is using methods to assess “big-box” retailers like Target and Menard’s based on sales of similar, vacant properties, often called “dark stores,” whose true value is not reflected.
That’s a shift from evaluating a store’s tax value based on more complete factors such as the cost of constructing the building and the amount of income it generates. Now, big retailers are appealing assessments and winning big tax breaks across the state.
Rep. David Maturen, R-Vicksburg, and dozens of co-sponsors are again pushing to solve the issue by insisting that the tribunal take more information into account when reviewing assessment appeals for any commercial property. Continue reading