HF 2718

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; extending homestead 
  1.3             classification to certain property used for 
  1.4             nonhomestead purposes; amending Minnesota Statutes 
  1.5             2001 Supplement, section 273.124, subdivision 11. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 2001 Supplement, section 
  1.8   273.124, subdivision 11, is amended to read: 
  1.9      Subd. 11.  [LIMITATION ON HOMESTEAD REDUCTIONS PROPERTY 
  1.10  CLASSIFIED AS BOTH HOMESTEAD AND NONHOMESTEAD.] If the assessor 
  1.11  has classified a property as both homestead and nonhomestead, 
  1.12  the greater of (1) the value attributable to the portion of the 
  1.13  property classified as class 1 or class 2a; or (2) $76,000, is 
  1.14  entitled to assessment as a homestead under section 273.13, 
  1.15  subdivision 22 or 23.  This subdivision does not apply to 
  1.16  buildings containing fewer than four residential units or to a 
  1.17  single rented or leased dwelling unit located on the premises of 
  1.18  the owner of a homestead. 
  1.19     If the assessor has classified a property as both homestead 
  1.20  and nonhomestead, the reductions in tax provided under sections 
  1.21  273.135 and 273.1391 apply to the value of both the homestead 
  1.22  and the nonhomestead portions of the property. 
  1.23     [EFFECTIVE DATE; RECOMPUTATION AND REFUND OF 2002 
  1.24  TAXES.] This section is effective for taxes levied in 2001, 
  1.25  payable in 2002, and thereafter.  The county assessor shall 
  2.1   notify the county auditor of the parcels of property that 
  2.2   qualify under this section for taxes payable in 2002.  On or 
  2.3   before May 1, 2002, the county auditor shall recompute the taxes 
  2.4   due for those parcels and notify each taxpayer of the recomputed 
  2.5   taxes.  If part of the taxes payable in 2002 have been paid, the 
  2.6   county auditor shall reduce the taxes remaining unpaid so that 
  2.7   the taxes paid plus the taxes due equal the recomputed tax.  If 
  2.8   the tax already paid on the parcel for taxes payable in 2002 
  2.9   exceeds the recomputed tax, the county treasurer shall pay a 
  2.10  refund of the amount paid that exceeds the 2002 tax as 
  2.11  recomputed under this section.  
  2.12     For taxes payable in 2002, the county auditor shall report 
  2.13  the additional amount of qualifying homestead market value 
  2.14  credit under this section to the commissioner of revenue in a 
  2.15  form prescribed by the commissioner.  Reimbursement of the 
  2.16  additional credit amounts to the local taxing jurisdiction must 
  2.17  be made at the same time as the regular reimbursements. 
  2.18     A county, city or town, or school district may include in 
  2.19  its tax levy for taxes payable in 2003 its proportionate amount 
  2.20  of net loss of tax revenues received pursuant to this section.  
  2.21  This amount is in addition to and notwithstanding any levy 
  2.22  limits or other limitations to the contrary.