HF 4122

as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to taxation; property; limiting increases in 
  1.3             market value; amending Minnesota Statutes 1999 
  1.4             Supplement, section 273.11, subdivision 1a. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  Minnesota Statutes 1999 Supplement, section 
  1.7   273.11, subdivision 1a, is amended to read: 
  1.8      Subd. 1a.  [LIMITED MARKET VALUE.] (a) In the case of all 
  1.9   property classified as agricultural homestead or nonhomestead, 
  1.10  residential homestead or nonhomestead, or noncommercial seasonal 
  1.11  recreational residential, the assessor shall compare the value 
  1.12  with that determined in the preceding assessment.  The amount of 
  1.13  the increase entered in the current assessment shall not exceed 
  1.14  the greater of (1) 8.5 percent of the value in the preceding 
  1.15  assessment, or (2) 15 percent of the difference between the 
  1.16  current assessment and the preceding assessment.  the lesser of 
  1.17  (1) five percent, or (2) the percentage rate of increase, if 
  1.18  any, in the Consumer Price Index for the 12-month period ending 
  1.19  October 31 of the preceding assessment year.  This limitation 
  1.20  shall not apply to increases in value due to improvements.  For 
  1.21  purposes of this subdivision, the term "assessment" means the 
  1.22  value prior to any exclusion under subdivision 16. 
  1.23     The provisions of this subdivision shall be in effect only 
  1.24  through assessment year 2001 2005. 
  1.25     (b) For purposes of this subdivision, "Consumer Price Index"
  2.1   means the Consumer Price Index of all urban consumers as 
  2.2   determined by the United States Department of Labor, Bureau of 
  2.3   Labor Statistics. 
  2.4      (c) For purposes of the assessment/sales ratio study 
  2.5   conducted under section 127A.48, and the computation of state 
  2.6   aids paid under chapters 122A, 123A, 123B, 124D, 125A, 126C, 
  2.7   127A, and 477A, market values and net tax capacities determined 
  2.8   under this subdivision and subdivision 16, shall be used. 
  2.9      Sec. 2.  [EFFECTIVE DATE.] 
  2.10     Section 1 is effective for assessment years 2001 through 
  2.11  2005.