[Mpls] Mpls property values

[Steve Brandt]

Vickie Heller: The StarTribune hasn't had a property tax increase.  In
fact its
headquarters building taxable valuation has dropped.....despite the
LRT
station's arrival......

Steve Brandt:  As Ronald Reagan would say, there you go again...

Yes, the Star Tribune's estimated market value has dropped for its
headquarters building.  It has also dropped for the company's other
office building next door.  It has also dropped for 225 S. 6th, one of
the city's tallest office towers.  And it has dropped in general for
office buildings downtown.  The reason is no mystery, since it has been
discussed in detail on this list.  A surge in vacancies reduces building
income, which prompts the owners to appeal their income-stream-derived
assessments, and creates a general downward valuation of valuations.  I
supposed we could pick out any one of those buildings, and imply that it
is getting favored treatment because its value dropped.  But that would
be taking facts out of context, and most folks on this list are above
that.

Steve Brandt
Star Tribune