Business owners in the state of Minnesota hold a distinct advantage as it is one of only 15 states across the nation that doesn’t levy property taxes on equipment, inventory and other on-site personal property. While the state is the 8th highest in terms of property taxes on commercial property, the savings from having no personal property taxes can result in hundreds of thousands of dollars per year for larger manufacturers.
According to Finance & Commerce, The absence of these taxes should help to lure large data centers to the state. Property taxes are not the only thing companies look for however when choosing location. More tend to be concerned about the quality of available workforce, infrastructure, and educational and research institutions, while taxes usually come into play when all of those things are equal with competing states.
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