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HF 1900

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

KEY: stricken = removed, old language.
underscored = added, new language.
Version List Authors and Status
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Bill Text Versions

Engrossments
Introduction Posted on 03/17/2005

Current Version - as introduced

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A bill for an act
 relating to taxation; extending limited market value
for two additional years; amending Minnesota Statutes
2004, section 273.11, subdivision 1a.

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

Section 1.

Minnesota Statutes 2004, section 273.11,
subdivision 1a, is amended to read:


Subd. 1a.

Limited market value.

In the case of all
property classified as agricultural homestead or nonhomestead,
residential homestead or nonhomestead, timber, or noncommercial
seasonal residential recreational, the assessor shall compare
the value with the taxable portion of the value determined in
the preceding assessment.

deleted text begin For assessment year 2002, the amount of the increase shall
not exceed the greater of (1) ten percent of the value in the
preceding assessment, or (2) 15 percent of the difference
between the current assessment and the preceding assessment.
deleted text end

deleted text begin For assessment year 2003, the amount of the increase shall
not exceed the greater of (1) 12 percent of the value in the
preceding assessment, or (2) 20 percent of the difference
between the current assessment and the preceding assessment.
deleted text end

For assessment deleted text begin year deleted text end new text begin years new text end 2004 new text begin and 2005new text end , the amount of the
increase shall not exceed the greater of (1) 15 percent of the
value in the preceding assessment, or (2) 25 percent of the
difference between the current assessment and the preceding
assessment.

For assessment deleted text begin year 2005 deleted text end new text begin years 2006 and 2007new text end , the amount of
the increase shall not exceed the greater of (1) 15 percent of
the value in the preceding assessment, or (2) 33 percent of the
difference between the current assessment and the preceding
assessment.

For assessment year deleted text begin 2006 deleted text end new text begin 2008new text end , the amount of the increase
shall not exceed the greater of (1) 15 percent of the value in
the preceding assessment, or (2) 50 percent of the difference
between the current assessment and the preceding assessment.

This limitation shall not apply to increases in value due
to improvements. For purposes of this subdivision, the term
"assessment" means the value prior to any exclusion under
subdivision 16.

The provisions of this subdivision shall be in effect
through assessment year deleted text begin 2006 deleted text end new text begin 2008 new text end as provided in this
subdivision.

For purposes of the assessment/sales ratio study conducted
under section 127A.48, and the computation of state aids paid
under chapters 122A, 123A, 123B, 124D, 125A, 126C, 127A, and
477A, market values and net tax capacities determined under this
subdivision and subdivision 16, shall be used.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective beginning with
assessment year 2005, taxes payable in 2006.
 new text end