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HF 3555

as introduced - 86th Legislature (2009 - 2010) Posted on 03/09/2010 10:30am

KEY: stricken = removed, old language.
underscored = added, new language.
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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:

Section 1.

Minnesota Statutes 2009 Supplement, section 273.111, subdivision 3a,
is amended to read:


Subd. 3a.

Property no longer eligible for deferment.

(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property assessed under this subdivision is withdrawn from the program or becomes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 begin (1) new text end sold or otherwise transferred to a son or
daughter of the ownernew text begin , or (2) transferred from a family farm limited liability company
upon its termination to a son or daughter of an individual who had an ownership interest
in the companynew 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
subdivision 9.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxes payable in 2011 and
thereafter.
 new text end