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HF 3632

as introduced - 86th Legislature (2009 - 2010) Posted on 03/10/2010 03:58pm

KEY: stricken = removed, old language.
underscored = added, new language.
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Bill Text Versions

Engrossments
Introduction Posted on 03/10/2010

Current Version - as introduced

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A bill for an act
 relating to taxation; property; residential market homestead credit; amending
Minnesota Statutes 2008, section 273.1384, subdivision 1.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2008, section 273.1384, subdivision 1, is amended to
read:


Subdivision 1.

Residential homestead market value credit.

Each county auditor
shall determine a homestead credit for each class 1a, 1b, and 2a homestead property
within the county equal to deleted text begin 0.4deleted text end new text begin .35new text end percent of the first deleted text begin $76,000deleted text end new text begin $80,000new text end of market value
of the property minus deleted text begin .09deleted text end new text begin 0.1new text end percent of the market value in excess of deleted text begin $76,000deleted text end new text begin $80,000new text end .
The credit amount may not be less than zero. In the case of an agricultural or resort
homestead, only the market value of the house, garage, and immediately surrounding one
acre of land is eligible in determining the property's homestead credit. In the case of a
property that is classified as part homestead and part nonhomestead, (i) the credit shall
apply only to the homestead portion of the property, but (ii) if a portion of a property is
classified as nonhomestead solely because not all the owners occupy the property, not all
the owners have qualifying relatives occupying the property, or solely because not all the
spouses of owners occupy the property, the credit amount shall be initially computed as
if that nonhomestead portion were also in the homestead class and then prorated to the
owner-occupant's percentage of ownership. For the purpose of this section, when an
owner-occupant's spouse does not occupy the property, the percentage of ownership for
the owner-occupant spouse is one-half of the couple's ownership percentage.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxes payable in 2011 and
thereafter.
 new text end