New Legislation Looks To Revamp Property Tax Assessment for “Dark Stores”
“Yeah there’s a problem here. There’s something going on, we do need to take a look at this."
Legislation to revamp the state’s property tax assessment method for so-called "dark stores" is heading to the state house.
The house bill would require commercial property be assessed at its highest and best use value, regardless of the property value when the store is sitting empty, or "dark."
Retailers have fought for the different assessed values to limit their tax liability.
The Traverse City Area Chamber of Commerce says it’s caught in the middle between its different constituencies, respecting communities that need the tax dollars but understanding the perspective of businesses that are watching their bottom line.
“ What we want to see is what’s the best method for determining Fair Market Value for these properties in a way that’s consistent with how Fair Market Value is determined for properties across the state,” says Kent Wood of the Traverse City Area Chamber of Commerce.
The bill now goes to the full state house for consideration.