Which commercial building pays the most property taxes in the Midwest? You might be surprised

by Dan Rafter

We all know that commercial real estate is key for the economies of cities across the country and Midwest. After all, these buildings sometimes shell out huge dollars in property taxes each year.

How huge? You might be surprised. The Commercial Cafe Web site recently ran a list of the commercial buildings that paid the highest amount of property taxes each year. To little surprise, the top payer was in New York City, the General Motors Building, which paid out more than $71 million in property taxes last year.

But you migt be surprised to discover how many commercial buildings in the Midwest pay out a huge amount of property taxes each year, too. In face, the 13th biggest payer of property taxes in 2016, and the first commercial property not in New York, is located in the relatively small community of Byron, Illinois. That’s the Exelon-Byron Nuclear Generation Station, which paid out more than $36 million in property taxes last year.

The Willis Tower in Chicago — formerly known, and forever known to some people, as the Sears Tower — paid more than $28 million in property taxes in 2016. That ranks it as number 28 on Commercial Cafe’s list. It’s also the first office building on the list that isn’t located in Manhattan.

When it comes to retail, the Minneapolis-St. Paul market boasts the property that pays the most property taxes each year. That is the Mall of AMerica in Bloomington, Minnesota. This sprawling shpoping center paid more than $30 million in property taxes last year, far ahead of any other retail property on Commercial Cafe’s list.

Looking for the Trump International Hotel & Tower in Chicago? That one didn’t make Commercial Cafe’s list of the top-100 property tax payers.

Advertisements
This entry was posted in Chicago Commercial Real Estate, Illinois, Illinois real estate, industrial real estate, Minneapolis commercial real estate, Minnesota real estate, office, retail, St. Paul commercial real estate and tagged , , , , , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s