HF 1553

as introduced - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to taxation; providing that the market value 
  1.3             of certain improvements to commercial-industrial 
  1.4             property located in an enterprise zone is exempt from 
  1.5             taxation; amending Minnesota Statutes 1996, section 
  1.6             273.11, by adding a subdivision. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  Minnesota Statutes 1996, section 273.11, is 
  1.9   amended by adding a subdivision to read: 
  1.10     Subd. 19.  [IMPROVEMENTS IN ENTERPRISE ZONES.] For purposes 
  1.11  of property taxation, any increase in the market value of 
  1.12  commercial or industrial property located in an enterprise zone 
  1.13  subject to sections 469.166 to 469.173, that is attributable to 
  1.14  an improvement to the property that, in the judgment of the 
  1.15  assessor, improves the appearance of the vicinity of the 
  1.16  property, must be excluded from the market value of the 
  1.17  property.  The exclusion will remain in effect for ten levy 
  1.18  years after completion of the improvement. 
  1.19     Sec. 2.  [EFFECTIVE DATE.] 
  1.20     Section 1 is effective for taxes levied in 1997, payable in 
  1.21  1998, and thereafter, and applies to improvements that are 
  1.22  completed after January 1, 1997.