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Attorneys
Timothy A. Rye is an associate with Larkin Hoffman’s Real Estate Litigation practice group. Tim joined Larkin Hoffman as an attorney after six years as a commercial real estate appraiser. He uses his significant real estate and valuation background to assist clients with many complex real estate and valuation issues including property tax appeals and eminent domain matters. Bar Admissions Minnesota, 2011 Education Hamline University School of Law, St. Paul, MN, 2011 J.D. University of St. Thomas, St. Paul, MN, 2004 B.S. Certifications Certified General Real Property Appraiser, Minnesota, License No: 40044602
Service Areas
Litigation Real Estate, Land Use and Resources |
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A Recent Arms-Length Transaction May Be A Key To Lower Property Taxes
When a property is purchased at a price significantly below the current assessed market value, what impact can the sale have on the owner’s property taxes or on the taxes of owners of similar properties in the neighborhood? If the sale is arms-length does that guarantee a reduction in value and, as a result, a reduction in taxes? While a property that is purchased in an arms-length transaction will not result in a guaranteed reduction in taxes, it can be a significant – if not the primary factor – in obtaining a reduction.
Vacancy in the Tax Court
During the recent recession and downturn in the commercial real estate market there has been increased vacancy across many commercial real estate sectors through higher rates of default by tenants, higher concessions required to maintain occupancy, and reduced demand.
