HF 1836

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

A bill for an act
relating to property taxation; providing a valuation
exclusion for lead hazard reduction; amending
Minnesota Statutes 2004, section 273.11, by adding a
subdivision.

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

Section 1.

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

new text begin Subd. 21. new text end

new text begin Valuation exclusion for lead hazard reduction.
new text end

new text begin Owners of property classified as class 1a, 1b, 1c, 2a, 4b, or
4bb under section 273.13 may apply for a valuation exclusion for
lead hazard reduction, provided that the property is located in
a city which has authorized valuation exclusions under this
subdivision. A city which authorizes valuation exclusions under
this subdivision must establish guidelines for qualifying lead
hazard reduction projects and must designate an agency within
the city to issue certificates of completion of qualifying
projects. For purposes of this subdivision, "lead hazard
reduction" has the same meaning as in section 144.9501,
subdivision 17.
new text end

new text begin The property owner must obtain a certificate from the city
stating that the project has been completed and stating the cost
incurred by the owner in completing the project. Only projects
originating after April 1, 2004, may qualify for exclusion under
this subdivision. The property owner shall apply for a
valuation exclusion to the assessor on a form prescribed by the
assessor.
new text end

new text begin A qualifying property is eligible for a valuation exclusion
equal to 50 percent of the actual costs incurred, to a maximum
exclusion of $15,000, for a period of five years. The valuation
exclusion shall terminate upon the sale of the property. If a
property owner applies for exclusion under this subdivision
between January 1 and June 30 of any year, the exclusion shall
first apply for taxes payable in the following year. If a
property owner applies for exclusion under this subdivision
between July 1 and December 31 of any year, the exclusion shall
first apply for taxes payable in the second following year.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxes
payable in 2006 and subsequent years.
new text end