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HF 546

as introduced - 87th Legislature (2011 - 2012) Posted on 02/17/2011 09:54am

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

Current Version - as introduced

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A bill for an act
relating to taxation; property; extending limited market value; amending
Minnesota Statutes 2010, section 273.11, subdivision 1a.

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

Section 1.

Minnesota Statutes 2010, 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.

For assessment years deleted text begin 2004, 2005, and 2006deleted text end new text begin 2011 through 2013new text end , 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.

For assessment year deleted text begin 2007deleted text end new text begin 2014new text end , 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.

For assessment year deleted text begin 2008deleted text end new text begin 2015new text end , 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.

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.

The provisions of this subdivision shall be in effect through assessment year deleted text begin 2008deleted text end new text begin
2015
new text end as provided in this subdivision.

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 assessment year 2011 and
thereafter, for taxes payable in 2012 and thereafter.
new text end