HF 929

as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to taxation; property; providing for the 
  1.3             assessment of certain platted property; amending 
  1.4             Minnesota Statutes 2000, section 273.11, subdivision 
  1.5             14, and by adding a subdivision. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 2000, section 273.11, 
  1.8   subdivision 14, is amended to read: 
  1.9      Subd. 14.  [VACANT LAND PLATTED ON OR AFTER AUGUST 1, 1991, 
  1.10  AND BEFORE AUGUST 1, 2001.] (a) All land platted on or after 
  1.11  August 1, 1991, and before August 1, 2001, and not improved with 
  1.12  a permanent structure, shall be assessed as provided in this 
  1.13  subdivision.  The assessor shall determine the market value of 
  1.14  each individual lot based upon the highest and best use of the 
  1.15  property as unplatted land.  In establishing the market value of 
  1.16  the property, the assessor shall consider the sale price of the 
  1.17  unplatted land or comparable sales of unplatted land of similar 
  1.18  use and similar availability of public utilities. 
  1.19     (b) The market value determined in paragraph (a) shall be 
  1.20  increased as follows for each of the three assessment years 
  1.21  immediately following the final approval of the plat:  one-third 
  1.22  of the difference between the property's unplatted market value 
  1.23  as determined under paragraph (a) and the market value based 
  1.24  upon the highest and best use of the land as platted property 
  1.25  shall be added in each of the three subsequent assessment years. 
  2.1      (c) Any increase in market value after the first assessment 
  2.2   year following the plat's final approval shall be added to the 
  2.3   property's market value in the next assessment year.  
  2.4   Notwithstanding paragraph (b), if construction begins before the 
  2.5   expiration of the three years in paragraph (b), that lot shall 
  2.6   be eligible for revaluation in the next assessment year.  The 
  2.7   market value of a platted lot determined under this subdivision 
  2.8   shall not exceed the value of that lot based upon the highest 
  2.9   and best use of the property as platted land. 
  2.10     Sec. 2.  Minnesota Statutes 2000, section 273.11, is 
  2.11  amended by adding a subdivision to read: 
  2.12     Subd. 14a.  [VACANT LAND PLATTED ON OR AFTER AUGUST 1, 
  2.13  2001.] (a) All land platted on or after August 1, 2001, and not 
  2.14  improved with a permanent structure, shall be assessed as 
  2.15  provided in this subdivision.  The assessor shall determine the 
  2.16  market value of each individual lot based upon the highest and 
  2.17  best use of the property as unplatted land.  In establishing the 
  2.18  market value of the property, the assessor shall consider the 
  2.19  sale price of the unplatted land or comparable sales of 
  2.20  unplatted land of similar use and similar availability of public 
  2.21  utilities. 
  2.22     (b) The market value determined in paragraph (a) shall be 
  2.23  increased as follows for each of the ten assessment years 
  2.24  immediately following the final approval of the plat:  one-tenth 
  2.25  of the difference between the property's unplatted market value 
  2.26  as determined under paragraph (a) and the market value based 
  2.27  upon the highest and best use of the land as platted property 
  2.28  shall be added in each of the ten subsequent assessment years. 
  2.29     (c) Any increase in market value after the first assessment 
  2.30  year following the plat's final approval shall be added to the 
  2.31  property's market value in the next assessment year.  
  2.32  Notwithstanding paragraph (b), if construction begins before the 
  2.33  expiration of the ten years in paragraph (b), that lot shall be 
  2.34  eligible for revaluation in the next assessment year.  The 
  2.35  market value of a platted lot determined under this subdivision 
  2.36  shall not exceed the value of that lot based upon the highest 
  3.1   and best use of the property as platted land. 
  3.2      Sec. 3.  [EFFECTIVE DATE.] 
  3.3      Sections 1 and 2 are effective for land platted after July 
  3.4   31, 2001.