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HF 1574

as introduced - 92nd Legislature (2021 - 2022) Posted on 02/25/2021 03:23pm

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

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A bill for an act
 relating to taxation; property; modifying the first tier valuation limit for agricultural
homestead property; amending Minnesota Statutes 2020, section 273.11,
subdivision 23.

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

Section 1.

Minnesota Statutes 2020, section 273.11, subdivision 23, is amended to read:


Subd. 23.

First tier valuation limit; agricultural homestead property.

(a) The
commissioner of revenue shall annually certify the first tier limit for agricultural homestead
property. For assessment year deleted text begin 2010deleted text end new text begin 2022new text end , the limit is deleted text begin $1,140,000deleted text end new text begin $2,000,000new text end . Beginning
with assessment year deleted text begin 2011deleted text end new text begin 2023new text end , the limit is the product of (i) the first tier limit for the
preceding assessment year, and (ii) the ratio of the statewide average taxable market value
of agricultural property per acre of deeded farm land in the preceding assessment year to
the statewide average taxable market value of agricultural property per acre of deeded farm
land for the second preceding assessment year. The limit shall be rounded to the nearest
$10,000.

(b) For the purposes of this subdivision, "agricultural property" means all class 2a
property under section 273.13, subdivision 23, except for property consisting of the house,
garage, and immediately surrounding one acre of land of an agricultural homestead.

(c) The commissioner shall certify the limit by January 2 of each assessment year.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective beginning with assessment year 2022
and thereafter.
 new text end