Minnesota Tax Court Slashes Valuation of Vacant Lakefront Parcel

The Minnesota Tax Court dropped the $1.92 million assessment of a 93-acre parcel’s fair market value to $1.3 million because not much of its substantial lake frontage is suitable for development.

Cook County assessment of the property couldn’t stand up to owner Rainier Property LLC’s credible appraisal of the property’s value for 2023, the court said. The owner’s appraisal “constitutes a more precise study of the subject’s market value than the County’s mass appraisal,” Beverly J. Luther Quast wrote in a Tuesday opinion.

• The vacant, unimproved property includes nearly 5,000 feet of frontage along two lakes
• Rainier’s expert compared ...