as introduced - 86th Legislature (2009 - 2010) Posted on 03/09/2010 10:30am
A bill for an act
relating to taxation; providing for continuation of Green Acres treatment after
certain transfers; amending Minnesota Statutes 2009 Supplement, section
273.111, subdivision 3a.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Minnesota Statutes 2009 Supplement, section 273.111, subdivision 3a,
is amended to read:
(a) Real estate receiving the
tax deferment under this section for assessment year 2008, but that does not qualify for
the 2009 assessment year due to changes in qualification requirements under Laws 2008,
chapter 366, shall continue to qualify until: (1) the land is sold, transferred, or subdivided,
or (2) the 2013 assessment, whichever is earlier, provided that the property continues to
meet the requirements of Minnesota Statutes 2006, section 273.111, subdivision 3.
(b) Except as provided in paragraph (c), and subdivision 9, paragraph (b), when
property assessed under this subdivision is withdrawn from the program or becomes
ineligible, the property shall be subject to additional taxes as provided in subdivision 9.
(c) If land described in paragraph (a) is new text beginnew text endsold or otherwise transferred to a son or
daughter of the ownernew text beginnew text end, it will continue to qualify for treatment under this section as long as
it continues to meet the requirements of Minnesota Statutes 2006, section 273.111,
subdivision 3, but no later than the 2013 assessment.
(d) When property assessed under this subdivision is removed from the program
and is enrolled in the rural preserve property tax law program under section 273.114,
the property is not subject to the additional taxes required under this subdivision or
new text begin new text end