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HF 486

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

KEY: stricken = removed, old language.
underscored = added, new language.
Version List Authors and Status
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Current Version - as introduced

Line numbers 1.1 1.2 1.3 1.4 1.5
1.6 1.7 1.8 1.9 1.10 1.11 1.12 1.13 1.14 1.15 1.16 1.17 1.18 1.19 1.20 1.21 1.22 1.23
2.1 2.2

A bill for an act
 relating to taxation; extending homestead classification to certain property
used for nonhomestead purposes; amending Minnesota Statutes 2006, section
273.124, subdivision 11.

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

Section 1.

Minnesota Statutes 2006, section 273.124, subdivision 11, is amended to
read:


Subd. 11.

Limitation on homestead treatment.

deleted text begin (a) For taxes payable in 2003
through 2005 only,deleted text end If the assessor has classified a property as both homestead and
nonhomestead, the greater ofdeleted text begin :deleted text end (1) the value attributable to the portion of the property
used as a homesteaddeleted text begin ;deleted text end new text begin ,new text end or (2) deleted text begin the homestead value amount determined under paragraph
(b)deleted text end new text begin $76,000new text end , is entitled to assessment as a homestead under section 273.13, subdivision
22 or 23.

deleted text begin (b) For taxes payable in 2003 only, the homestead value amount is $60,000. For
taxes payable in 2004 only, the homestead value amount is $45,000. For taxes payable in
2005 only, the homestead value amount is $30,000.
 deleted text end

deleted text begin The homestead value amount must not exceed the property's taxable market value.
 deleted text end

deleted text begin (c)deleted text end new text begin The limitation in this section does not apply to buildings containing fewer than
four residential units or to a single rented or leased dwelling unit located within or attached
to a private garage or similar structure owned by the owner of a homestead and located on
the premises of that homestead.new text end If the assessor has classified a property as both homestead
and nonhomestead, the reductions in tax provided under sections 273.135 and 273.1391
apply to the value of both the homestead and the nonhomestead portions of the property.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxes levied in 2007, payable
in 2008, and thereafter.
 new text end