Burnsville Medical Building, LLC, Relator v. County of Dakota

Summary

The court affirmed the tax court’s valuation of the medical office building for 2021 property taxes. It held that market rent, rather than effective net rent, was properly used because the taxpayer did not show that tenant improvements or rent concessions were excessive or atypical, and it upheld rejection of the proposed occupancy adjustment because the supporting evidence was inconsistent and did not establish an impending destabilizing vacancy.