Olmsted County Announces Property Tax Relief Program
Rochester, MN (KROC AM News) - Olmsted County has released details about its latest COVID-19 property tax hardship abatement policy.
The County Board of Commissioners has approved a temporary abatement policy for commercial/industrial property owners. The policy is intended to provide some relief to business owners having difficulty paying their 2020 property taxes due to COVID-19 impacts on their businesses. This will defer payment of some of the taxes and abate some of the penalties and interest to help those businesses recover.
Commercial/industrial property owners who meet the qualification criteria and would like to seek abatement must apply by 5 p.m. on February 15, 2021. Applications must be submitted by the property owner and all applications will require approval from the Olmsted County Board of Commissioners. Approved applicants will be allowed a 6- to 18-month period to pay back taxes that are in arrears, starting January 1, 2021.
Here are the criteria to qualify for the COVID-19 property tax hardship abatement program:
- Properties must be classified as a commercial or industrial property in Olmsted County. Apartment and agricultural properties will not qualify.
- Property owners need to have paid at least 25% of abatement year property taxes prior to the time of application.
- Property owners must have been current on their property taxes as of March 1, 2020.
- Business revenue must have decreased by 30% or more as a result of the COVID-19 pandemic compared to 2019.
- The business must have been in operation as of March 1, 2020.
- The business must have been in good standing with Minnesota Secretary of State as of March 1, 2020.
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