HF 2886

as introduced - 86th Legislature (2009 - 2010) Posted on 02/10/2010 03:47pm

A bill for an act
relating to taxation; property; extending the limited market value for agricultural
property; amending Minnesota Statutes 2008, section 273.11, subdivision 1a.

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

Section 1.

Minnesota Statutes 2008, section 273.11, subdivision 1a, is amended to read:

Subd. 1a.

Limited market value.

new text begin (a) new text end In the case of all property classified as
agricultural deleted text begin homestead or nonhomestead deleted text end new text begin under section 273.13, subdivision 23, paragraph
(a), (b), or (c) new text end , deleted text begin residential homestead or nonhomestead, timber, 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.

deleted text begin For assessment years 2004, 2005, and 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.
deleted text end

deleted text begin 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.
deleted text end

deleted text begin 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. deleted text end new text begin (b) For assessment year
2010, the amount of increase shall not exceed the greater of (1) 20 percent of the value
of the 2008 assessment, or (2) 33 percent of the difference between the 2010 assessment
and the 2008 assessment.
new text end

new text begin (c) For assessment years 2011, 2012, and 2013, the amount of the increase shall not
exceed (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 (d) For assessment year 2014, the amount of the increase shall not exceed (1) 15
percent of the value of the preceding year, or (2) 50 percent of the difference between the
current assessment and the preceding assessment.
new text end

deleted text begin This limitation deleted text end new text begin (e) The limitations set forth in this subdivision new text end 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 2008 deleted text end
new text begin 2014 new text end 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 deleted text begin , deleted text end shall be used.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective beginning with the 2010 assessment.
new text end