HF 3317

as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to taxation; property; limiting increases in 
  1.3             market value; amending Minnesota Statutes 1999 
  1.4             Supplement, section 273.11, subdivision 1a. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  Minnesota Statutes 1999 Supplement, section 
  1.7   273.11, subdivision 1a, is amended to read: 
  1.8      Subd. 1a.  [LIMITED MARKET VALUE.] In the case of all 
  1.9   property classified as agricultural homestead or nonhomestead, 
  1.10  residential homestead or nonhomestead, or noncommercial seasonal 
  1.11  recreational residential, the assessor shall compare the value 
  1.12  with that determined in the preceding assessment.  The amount of 
  1.13  the increase entered in the current assessment shall not exceed 
  1.14  the greater of (1) 8.5 percent of the value in the preceding 
  1.15  assessment, or (2) 15 percent of the difference between the 
  1.16  current assessment and the preceding assessment.  (a) Property 
  1.17  classified under section 273.13 may not have a market value for 
  1.18  property tax purposes greater than the sum of: 
  1.19     (1) its estimated market value for the previous assessment 
  1.20  year or, if applicable, its limited market value for the 
  1.21  previous assessment year, plus 
  1.22     (2) an amount obtained by multiplying the market value in 
  1.23  clause (1) by the lesser of (i) five percent or (ii) the 
  1.24  percentage rate of increase in the Consumer Price Index for the 
  1.25  12-month period ending October of the preceding assessment 
  2.1   year.  This limitation shall does not apply to increases in 
  2.2   value due to improvements.  For purposes of this subdivision, 
  2.3   the term "assessment" "market value" means the value prior to 
  2.4   any exclusion under subdivision 16. 
  2.5      The provisions of this subdivision shall be in effect only 
  2.6   through assessment year 2001. 
  2.7      (b) For the first assessment year after the sale or 
  2.8   conveyance of property for which the assessor's estimated market 
  2.9   value is greater than the market value determined under this 
  2.10  subdivision, the value of the property for property tax purposes 
  2.11  must be increased to the assessor's estimated market value. 
  2.12     (c) For purposes of this subdivision, "Consumer Price Index"
  2.13  means the Consumer Price Index of all urban consumers as 
  2.14  determined by the United States Department of Labor, Bureau of 
  2.15  Labor Statistics. 
  2.16     (d) For purposes of the assessment/sales ratio study 
  2.17  conducted under section 127A.48, and the computation of state 
  2.18  aids paid under chapters 122A, 123A, 123B, 124D, 125A, 126C, 
  2.19  127A, and 477A, market values and net tax capacities determined 
  2.20  under this subdivision and subdivision 16, shall be used. 
  2.21     Sec. 2.  [EFFECTIVE DATE.] 
  2.22     Section 1 is effective for taxes levied in 2000, payable in 
  2.23  2001, and thereafter.