SF 1520

Introduction - 88th Legislature (2013 - 2014)

Posted on 04/03/2013 09:23 a.m.

A bill for an act
relating to property taxation; limiting taxable valuation for class 4d property;
amending Minnesota Statutes 2012, section 273.11, by adding a subdivision.

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

Section 1.

Minnesota Statutes 2012, section 273.11, is amended by adding a
subdivision to read:

new text begin Subd. 24. new text end

new text begin Valuation limit for class 4d property. new text end

new text begin Notwithstanding the provisions of
subdivision 1, the taxable value of any property classified as class 4d under section 273.13,
subdivision 25, is limited as provided under this section. For assessment year 2013, the
value may not exceed $100,000 times the number of dwelling units. For subsequent years,
the limit is adjusted each year by the average statewide change in estimated market value
of property classified as class 4a and 4d under section 273.13, subdivision 25, for the
previous assessment year, excluding valuation change due to new construction, rounded to
the nearest $1,000. Beginning with assessment year 2014, the commissioner of revenue
must certify the limit for each assessment year by November 1 of the previous year.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective beginning with assessment year 2013.
new text end