As news abounds currently on the possible demise of the American retail center and the inevitable rise of online shopping, we thought it was a good time to see how the country’s largest malls contribute to the local economies and what taxes they paid in 2016. Though some say the appeal of traditional malls is dying down, these mega-structures maintain their popularity among those who yearn for an exciting, ‘old school’ shopping experience. The top 10 taxpaying malls in the U.S. attract millions of visitors each year and some of them pay equally high property taxes. Check them out below:
Find all the malls on our list on the map below, and read on to discover more info on the country’s top 5 taxpaying malls:
1Mall of America, Bloomington, Minn. – $30,125,552 in property taxes in 2016
Located in Bloomington, an affluent suburb of Minneapolis, the Mall of America is the largest shopping mall in the entire U.S., by both square footage and number of stores. The massive mall encompasses nearly 4.9 million square feet of retail and parking space and over 520 stores–the mall is so large, it could fit seven Yankee Stadiums inside the premises. As if the Mall of America (or MoA, in short) wasn’t already a gargantuan presence on the U.S. retail map, an expansion is currently underway at the site, adding luxury shops, restaurants and office space. Two hotels have already been delivered as part of the long-term expansion: a new Radisson Blu completed in 2013 and a J.W. Marriott completed in 2016. The gigantic mall pays equally extravagant taxes, shelling out in excess of $30 million on property taxes alone last year. MoA actually paid one of the highest property taxes last year, landing the 25th spot on our Top 100 Property Taxes in the U.S. list.
2Tysons Corner Center, Tysons Corner, Va. – $20,905,687 in property taxes in 2016
One of the very first fully-enclosed, climate-controlled shopping centers in the Washington, D.C., area, Tysons Corner Center is the second-taxpaying mall in the country, with $20.9 million in 2016 property taxes. Featuring more than 2.3 million square feet of retail space, the 49-year-old mall is home to over 300 stores, including anchors Nordstrom, Bloomingdale’s, Macy’s and Lord & Taylor. The mall is also conveniently located right across the street from the upscale Tysons Galleria mall, completed in 1988. Tysons Corner Center is owned by Macerich and attracts more than 22 million visitors each year. The 18-story, 300-key Hyatt Regency Tysons Corner Center opened right next to the mall in 2015, as the first new-build, full-service hotel in Tysons Corner in over 20 years.
3Houston Galleria Mall, Houston – $18,840,581 in property taxes in 2016
The largest shopping mall in Texas and the seventh-largest in the U.S., the 2.2 million-square-foot Galleria is part of a mixed-use development that also includes office towers, hotels and a private health club. Anchored by Macy’s, Nordstrom, Neiman Marcus and Saks Fifth Avenue, The Galleria is home to over 375 stores and paid close to $19 million in property taxes in 2016. Developed in 1970 by Hines, the mall is currently managed by Simon Property Group and owned by Simon, Walton Street Real Estate Funds, Sony Corp. and CalPERS. The Galleria in Houston was modeled after the iconic Galleria Vittorio Emanuele II in Milan, and is the first-ever mall to feature an indoor ice skating rink, dubbed Polar Ice.
4Sawgrass Mills, Sunrise, Fla. – $17,627,151 in property taxes in 2016
The 2.3 million-square-foot Sawgrass Mills mall in Sunrise, Fla., pays the fourth-highest taxes on our list–$17.6 million. Developed and owned by Simon Property Group, Sawgrass Mills is the largest single-story shopping center in the U.S. and home to 350 stores. The mall was completed in 1990 and underwent four different expansions over the years. Sawgrass Mills houses 10 anchor tenants, including Bed Bath and Beyond, Bloomingdale’s, Marshalls, Century 21, Nordstrom Rack, Saks Off 5th and T.J. Maxx. The enclosed mall, located just 30 minutes from Miami International Airport and 15 minutes from Fort Lauderdale-Hollywood International Airport, is also the largest outlet and value retail shopping center in the country. Sawgrass Mills offers products from exclusive outlets not found anywhere else in South Florida, including Burberry, Gucci, Prada, Versace and Jimmy Choo.
5Destiny USA, Syracuse, N.Y. – $12,350,008 in property taxes in 2016
Completed in 1990 as the Carousel Center, the six-story, 2.5 million-square-foot Destiny USA mall in Syracuse, N.Y., landed the fifth spot on our list, forking over more than $12 million in property taxes in 2016. Featuring 19 anchor retailers, including the likes of Macy’s, JCPenney, Old Navy and Best Buy, the Carousel Center officially changed its name to Destiny USA in 2012, following a lengthy expansion effort. The mall was developed and owned by The Pyramid Cos., the largest privately-owned developer of shopping malls in the U.S.
Methodology
- Data sources: PropertyShark, proprietary research (download raw data);
- Tax values were verified against Assessor and County Tax Treasurer records;
- Properties can include one or more parcels under the same ownership.
