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HF 2155

as introduced - 87th Legislature (2011 - 2012) Posted on 02/08/2012 12:17pm

KEY: stricken = removed, old language.
underscored = added, new language.
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A bill for an act
 relating to taxation; property; limiting valuation increases for certain properties
along the central corridor light rail line; amending Minnesota Statutes 2010,
section 273.11, subdivision 1a.

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

Section 1.

Minnesota Statutes 2010, section 273.11, subdivision 1a, is amended to read:


Subd. 1a.

Limited market value.

In deleted text begin the casedeleted text end new text begin determining the taxable market value
before application of any valuation reduction under section 273.13, subdivision 35, new text end of all
property deleted text begin classified as agricultural homestead or nonhomestead, residential homestead or
nonhomestead, timber, or noncommercial seasonal residential recreationaldeleted text end new text begin located within
one-half mile of the central corridor light rail line within an area bounded by Snelling
Avenue on the west and Rice Street on the eastnew text end , the assessor shall compare the value with
the taxable portion of the valuenew text begin before application of any valuation reduction under section
273.13, subdivision 35,new text end determined in the preceding assessment.

For assessment years deleted text begin 2004, 2005, and 2006deleted text end new text begin 2012 through 2016new text end , the amount of the
increase shall not exceed the greater of (1) deleted text begin 15deleted text end new text begin tennew text end percent of the value in the preceding
assessment, or (2) deleted text begin 25deleted text end new text begin 20new text end percent of the difference between the current assessment and
the preceding assessment.

For assessment year deleted text begin 2007deleted text end new text begin 2017new 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 2008deleted text end new text begin 2018new 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 2008deleted text end new text begin
2018new text end as provided in this subdivision.

deleted text begin 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.
 deleted text end

new text begin The provisions of this subdivision shall not apply to any property undergoing a
change in ownership after March 1, 2012.
 new text end

new text begin The provisions of this subdivision shall not apply to any property described in
section 273.13, subdivision 24, paragraph (a), clauses (2) and (3).
 new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for assessment year 2012 and
thereafter.
 new text end