HF 3044

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

  1.1                          A bill for an act 
  1.2             relating to taxation; property tax; making certain 
  1.3             resort property subject to the limited market value 
  1.4             provisions; modifying the calculations in the initial 
  1.5             year of their inclusion in limited market value; 
  1.6             amending Minnesota Statutes 2002, section 273.11, by 
  1.7             adding a subdivision; Minnesota Statutes 2003 
  1.8             Supplement, section 273.11, subdivision 1a. 
  1.9   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.10     Section 1.  Minnesota Statutes 2003 Supplement, section 
  1.11  273.11, subdivision 1a, is amended to read: 
  1.12     Subd. 1a.  [LIMITED MARKET VALUE.] In the case of all 
  1.13  property classified as agricultural homestead or nonhomestead, 
  1.14  residential homestead or nonhomestead, timber, or noncommercial 
  1.15  seasonal residential recreational, or class 1c resort property, 
  1.16  the assessor shall compare the value with the taxable portion of 
  1.17  the value determined in the preceding assessment, except that 
  1.18  for class 1c resort property for assessment year 2004, the 
  1.19  assessor shall determine the limited market value as provided in 
  1.20  subdivision 1b.  
  1.21     For assessment year 2002, the amount of the increase shall 
  1.22  not exceed the greater of (1) ten percent of the value in the 
  1.23  preceding assessment, or (2) 15 percent of the difference 
  1.24  between the current assessment and the preceding assessment. 
  1.25     For assessment year 2003, the amount of the increase shall 
  1.26  not exceed the greater of (1) 12 percent of the value in the 
  1.27  preceding assessment, or (2) 20 percent of the difference 
  2.1   between the current assessment and the preceding assessment. 
  2.2      For assessment year 2004, the amount of the increase shall 
  2.3   not exceed the greater of (1) 15 percent of the value in the 
  2.4   preceding assessment, or (2) 25 percent of the difference 
  2.5   between the current assessment and the preceding assessment. 
  2.6      For assessment year 2005, the amount of the increase shall 
  2.7   not exceed the greater of (1) 15 percent of the value in the 
  2.8   preceding assessment, or (2) 33 percent of the difference 
  2.9   between the current assessment and the preceding assessment.  
  2.10     For assessment year 2006, the amount of the increase shall 
  2.11  not exceed the greater of (1) 15 percent of the value in the 
  2.12  preceding assessment, or (2) 50 percent of the difference 
  2.13  between the current assessment and the preceding assessment. 
  2.14     This limitation shall not apply to increases in value due 
  2.15  to improvements.  For purposes of this subdivision, the term 
  2.16  "assessment" means the value prior to any exclusion under 
  2.17  subdivision 16. 
  2.18     The provisions of this subdivision shall be in effect 
  2.19  through assessment year 2006 as provided in this subdivision. 
  2.20     For purposes of this subdivision and subdivision 1b, "class 
  2.21  1c resort property" includes the portion of the property 
  2.22  classified class 1a or 1b homestead, the portion of the property 
  2.23  classified 1c, plus any remaining portion of the resort that is 
  2.24  classified 4c under section 273.13, subdivision 25, paragraph 
  2.25  (d), clause (1). 
  2.26     For purposes of the assessment/sales ratio study conducted 
  2.27  under section 127A.48, and the computation of state aids paid 
  2.28  under chapters 122A, 123A, 123B, 124D, 125A, 126C, 127A, and 
  2.29  477A, market values and net tax capacities determined under this 
  2.30  subdivision and subdivision 16, shall be used. 
  2.31     [EFFECTIVE DATE.] This section is effective for assessment 
  2.32  year 2004 through 2006, for taxes payable in 2005 through 2007. 
  2.33     Sec. 2.  Minnesota Statutes 2002, section 273.11, is 
  2.34  amended by adding a subdivision to read: 
  2.35     Subd. 1b.  [CLASS 1C RESORTS; 2004 ASSESSMENT ONLY.] For 
  2.36  assessment year 2004, the valuation increase on class 1c resort 
  3.1   property shall not exceed the greater of (1) 15 percent of the 
  3.2   value of its 2002 assessment, or (2) 25 percent of the 
  3.3   difference in value between its 2004 assessment and its 2002 
  3.4   assessment.  The valuation increase on class 1c resort property 
  3.5   for the 2005 and 2006 assessment years shall be determined based 
  3.6   upon the schedule contained in subdivision 1a.  
  3.7      [EFFECTIVE DATE.] This section is effective the day 
  3.8   following final enactment.