HF 69

as introduced - 88th Legislature (2013 - 2014) Posted on 01/14/2013 02:36pm

A bill for an act
relating to taxation; property; extending limited market value; amending
Minnesota Statutes 2012, section 273.11, subdivision 1a.

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

Section 1.

Minnesota Statutes 2012, section 273.11, subdivision 1a, is amended to read:

Subd. 1a.

Limited market value.

In the case of all property classified as
agricultural homestead or nonhomestead, residential homestead or nonhomestead, timber,
or noncommercial seasonal residential recreational, the assessor shall compare the value
with the taxable portion of the value determined in the preceding assessment.

deleted text begin For assessment years 2004, 2005, and 2006, the amount of the increase shall not
exceed the greater of (1) 15 percent of the value in the preceding assessment, or (2) 25
percent of the difference between the current assessment and the preceding assessment.
deleted text end

deleted text begin For assessment year 2007, the amount of the increase shall not exceed the greater of
(1) 15 percent of the value in the preceding assessment, or (2) 33 percent of the difference
between the current assessment and the preceding assessment.
deleted text end

deleted text begin For assessment year 2008, the amount of the increase shall not exceed the greater of
(1) 15 percent of the value in the preceding assessment, or (2) 50 percent of the difference
between the current assessment and the preceding assessment.
deleted text end

new text begin For assessment years 2013 and thereafter, the amount of the increase shall not
exceed the greater of:
new text end

new text begin (1) 15 percent of the value of the preceding assessment; or
new text end

new text begin (2) 25 percent of the difference between the current assessment and the preceding
assessment.
new text end

This limitation shall not apply to increases in value due to improvements. For
purposes of this subdivision, the term "assessment" means the value prior to any exclusion
under subdivision 16.

deleted text begin The provisions of this subdivision shall be in effect through assessment year 2008
as provided in this subdivision.
deleted text end

For purposes of the assessment/sales ratio study conducted under section 127A.48,
and the computation of state aids paid under chapters 122A, 123A, 123B, 124D, 125A,
126C, 127A, and 477A, market values and net tax capacities determined under this
subdivision and subdivision 16, shall be used.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxes payable in 2014 and
thereafter.
new text end