HF 2268

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; including certain 
  1.3             small resorts in limited market value; amending 
  1.4             Minnesota Statutes 2000, section 273.11, subdivision 
  1.5             1a. 
  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 1a, is amended to read: 
  1.9      Subd. 1a.  [LIMITED MARKET VALUE.] In the case of all 
  1.10  property classified as agricultural homestead or nonhomestead, 
  1.11  residential homestead or nonhomestead, or noncommercial seasonal 
  1.12  recreational residential, or small resorts, the assessor shall 
  1.13  compare the value with that determined in the preceding 
  1.14  assessment.  The amount of the increase entered in the current 
  1.15  assessment shall not exceed the greater of (1) 8.5 percent of 
  1.16  the value in the preceding assessment, or (2) 15 percent of the 
  1.17  difference between the current assessment and the preceding 
  1.18  assessment.  This limitation shall not apply to increases in 
  1.19  value due to improvements.  For purposes of this subdivision, 
  1.20  the term "assessment" means the value prior to any exclusion 
  1.21  under subdivision 16. 
  1.22     For purposes of this subdivision, "small resorts" are real 
  1.23  property qualifying for classification as class 1c under section 
  1.24  273.13, subdivision 22, paragraph (c).  If the majority of the 
  1.25  resort is classified as class 1c, the entire property qualifies 
  2.1   under this subdivision, even if a portion of the resort is 
  2.2   classified as class 3 commercial property under section 273.13, 
  2.3   subdivision 24.  However, if any portion of the resort is 
  2.4   classified as class 4c under section 273.13, subdivision 25, 
  2.5   paragraph (d), none of the property qualifies under this 
  2.6   subdivision.  
  2.7      The provisions of this subdivision shall be in effect only 
  2.8   through assessment year 2001. 
  2.9      For purposes of the assessment/sales ratio study conducted 
  2.10  under section 127A.48, and the computation of state aids paid 
  2.11  under chapters 122A, 123A, 123B, 124D, 125A, 126C, 127A, and 
  2.12  477A, market values and net tax capacities determined under this 
  2.13  subdivision and subdivision 16, shall be used. 
  2.14     [EFFECTIVE DATE.] This section is effective for assessment 
  2.15  year 2001.