HF 2591

as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to property taxation; providing a valuation 
  1.3             exclusion for lead hazard reduction; amending 
  1.4             Minnesota Statutes 2002, section 273.11, by adding a 
  1.5             subdivision. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 2002, section 273.11, is 
  1.8   amended by adding a subdivision to read: 
  1.9      Subd. 21.  [VALUATION EXCLUSION FOR LEAD HAZARD REDUCTION.] 
  1.10  Owners of property classified as class 1a, 1b, 1c, 2a, 4b, or 
  1.11  4bb under section 273.13 may apply for a valuation exclusion for 
  1.12  lead hazard reduction, provided that the property is located in 
  1.13  a city which has authorized valuation exclusions under this 
  1.14  subdivision.  A city which authorizes valuation exclusions under 
  1.15  this subdivision must establish guidelines for qualifying lead 
  1.16  hazard reduction projects and must designate an agency within 
  1.17  the city to issue certificates of completion of qualifying 
  1.18  projects.  For purposes of this subdivision, "lead hazard 
  1.19  reduction" has the same meaning as in section 144.9501, 
  1.20  subdivision 17. 
  1.21     The property owner must obtain a certificate from the city 
  1.22  stating that the project has been completed and stating the cost 
  1.23  incurred by the owner in completing the project.  Only projects 
  1.24  originating after April 1, 2004, may qualify for exclusion under 
  1.25  this subdivision.  The property owner shall apply for a 
  2.1   valuation exclusion to the assessor on a form prescribed by the 
  2.2   assessor. 
  2.3      A qualifying property is eligible for a valuation exclusion 
  2.4   equal to 50 percent of the actual costs incurred, to a maximum 
  2.5   exclusion of $15,000, for a period of five years.  The valuation 
  2.6   exclusion shall terminate upon the sale of the property.  If a 
  2.7   property owner applies for exclusion under this subdivision 
  2.8   between January 1 and June 30 of any year, the exclusion shall 
  2.9   first apply for taxes payable in the following year.  If a 
  2.10  property owner applies for exclusion under this subdivision 
  2.11  between July 1 and December 31 of any year, the exclusion shall 
  2.12  first apply for taxes payable in the second following year. 
  2.13     [EFFECTIVE DATE.] This section is effective for taxes 
  2.14  payable in 2005 and subsequent years.