Shopping centers contribute mightily to local economies through hefty property taxes—so as more shut down, it could have a big impact on city budgets. Just how much do some malls pay?
Mall of America in Bloomington, Minn., shelled out $30 million in property taxes in 2016, making it the shopping center that paid the most in the nation, according to commercial real estate blog Commercial Café. With 4.9 million square feet of shops, restaurants, and office space, Mall of America also landed at number 25 on the blog’s list of overall highest taxpaying buildings in the U.S.
Meanwhile, the country’s second largest mall, King of Prussia Mall in Pennsylvania, paid the seventh highest taxes among malls last year: $9.45 million for 2.79 million square feet of shops. Here is Commercial Café’s list of the top 10 malls that paid the most in 2016 property taxes.
- Mall of America, Bloomington, Minn.: $30,125,552
- Tysons Corner Center, Tysons Corner, Va.: $20,905,687
- The Galleria, Houston: $18,840,581
- Sawgrass Mills, Sunrise, Fla.: $17,627,151
- Destiny USA, Syracuse, N.Y.: $12,350,008
- Ala Moana Center, Honolulu: $11,410,530
- King of Prussia Mall, Prussia, Pa.: $9,449,398
- Del Amo Fashion Center, Torrance, Calif.: $8,405,849
- Aventura Mall, Miami: $5,188,205
- South Coast Plaza, Costa Mesa, Calif.: $4,074,795
Source: “How Much Do the Country’s Biggest Malls Play in Property Taxes?” Commercial Café (June 12, 2017)
