Minnesota Legislature
HF 738
as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am
Bill Text Versions
| Engrossments | ||
|---|---|---|
| Introduction | Posted on 02/03/2005 |
Current Version - as introduced
1.8 1.9 1.10 1.11 1.12 1.13 1.14 1.15 1.16 1.17 1.18 1.19 1.20 1.21 1.22 1.23 1.24 1.25 1.26 2.1 2.2
A bill for an act
relating to taxation; property; providing for
classification of parcels as both homestead and
nonhomestead for purposes of class rates and the
homestead market value credit; amending Minnesota
Statutes 2004, section 273.124, subdivision 11.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2004, section 273.124,
subdivision 11, is amended to read:
Subd. 11.
Limitation on homestead treatment.
(a) deleted text begin For
taxes payable in 2003 through 2005 only,deleted text end If the assessor has
classified a property as both homestead and nonhomestead, the
greater of:
(1) the value attributable to the portion of the property
used as a homestead; or
(2) the homestead value amount deleted text begin determined under paragraph
(b) deleted text end new text begin of $76,000new text end ,
is entitled to assessment as a homestead under section 273.13,
subdivision 22 or 23.
(b) deleted text begin For taxes payable in 2003 only, the homestead value
amount is $60,000. For taxes payable in 2004 only, the
homestead value amount is $45,000. For taxes payable in 2005
only, the homestead value amount is $30,000.deleted text end The homestead
value amount must not exceed the property's taxable market value.
(c) If the assessor has classified a property as both
homestead and nonhomestead, the reductions in tax provided under
sections 273.135 and 273.1391 apply to the value of both the
homestead and the nonhomestead portions of the property.