HF 2255

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

A bill for an act
relating to taxation; property; freezing the value for two years on
seasonal-recreational property; amending Minnesota Statutes 2006, section
273.11, subdivision 1a, by adding a subdivision.

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

Section 1.

Minnesota Statutes 2006, section 273.11, subdivision 1a, is amended to read:

Subd. 1a.

Limited market value.

In the case of all property classified as
agricultural homestead or nonhomestead, residential homestead or nonhomestead, new text begin or
new text end timber, deleted text begin or noncommercial seasonal residential recreational, deleted text end the assessor shall compare the
value with the taxable portion of the value determined in the preceding assessment.

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

For assessment year 2007, 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 2008, 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 2008
as provided in this subdivision.

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.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end

Sec. 2.

Minnesota Statutes 2006, section 273.11, is amended by adding a subdivision to
read:

new text begin Subd. 1b. new text end

new text begin Limited market value; noncommercial seasonal residential
recreational property. new text end

new text begin (a) In the case of all property classified as noncommercial
seasonal residential recreational, for assessment years 2007 and 2008 only, the taxable
market value of the property shall be the same as the taxable market value determined
under this section for the 2006 assessment.
new text end

new text begin (b) The assessor shall compare the value with the taxable portion of the value
determined in the preceding assessment.
new text end

new text begin For assessment year 2009, 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.
new text end

new text begin For assessment year 2010, 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.
new text end

new text begin 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.
new text end

new text begin The provisions of this subdivision shall be in effect through assessment year 2010
as provided in this subdivision.
new text end

new text begin For purposes of the assessment/sales ratio study conducted under section ,
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.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end