ROCHESTER, Minn. – Olmsted County companies can take advantage of a temporary COVID-19 property tax hardship abatement policy.
Approved by the Board of Commissioners Tuesday, the policy is meant to provide relief to business owners facing trouble paying their 2020 property taxes due to the impact of the coronavirus pandemic. Commercial and Industrial property owners will be allowed to defer some taxes and abate other penalties and interest.
- 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.
Approved applicants will be allowed a 6- to 18-month period to pay back taxes, starting January 1, 2021.
For more information on this hardship policy, click here.