HF 4201

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

A bill for an act
relating to taxation; property; changing the number of years for vacant platted
land to be valued at market value in the metropolitan counties; modifying the
phase-in for certain vacant platted land in the metropolitan counties; amending
Minnesota Statutes 2006, section 273.11, by adding subdivisions; repealing
Minnesota Statutes 2006, section 273.11, subdivision 14a.

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

Section 1.

Minnesota Statutes 2006, section 273.11, is amended by adding a
subdivision to read:

new text begin Subd. 14c. new text end

new text begin Vacant land platted on or after August 1, 2001, and prior to August
1, 2008; located in metropolitan county; phase-in readjusted. new text end

new text begin (a) All land platted on or
after August 1, 2001, and prior to August 1, 2008, located in a metropolitan county and not
improved with a structure shall be eligible for the phase-in assessment schedule under this
section. Based upon the assessor's records, the assessor shall obtain the estimated market
value of each individual lot based upon the highest and best use of the property as unplatted
land for the assessment year that the property was platted. In establishing the market value
of the property, the assessor shall have considered the sale price of the unplatted land or
comparable sales of unplatted land of similar use and similar availability of public utilities.
new text end

new text begin (b) The market value determined in paragraph (a) plus one-seventh of the difference
between the property's unplatted market value as determined under paragraph (a) and the
market value based upon the highest and best use of the land as platted property in the
current year, multiplied by the number of assessment years since the property was platted,
shall be added in each of the subsequent assessment years.
new text end

new text begin (c) Notwithstanding paragraph (b), if construction begins before the expiration of the
phase-in in paragraph (b), that lot shall be eligible for revaluation in the next assessment
year. The market value of a platted lot determined under this subdivision shall not exceed
the value of that lot based upon the highest and best use of the property as platted land.
new text end

new text begin (d) For purposes of this section, "metropolitan county" means the counties of Anoka,
Carver, Dakota, Hennepin, Ramsey, Scott, and Washington.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxes payable in 2009 and
thereafter.
new text end

Sec. 2.

Minnesota Statutes 2006, section 273.11, is amended by adding a subdivision to
read:

new text begin Subd. 14d. new text end

new text begin Vacant land platted on or after August 1, 2008; located in
metropolitan county. new text end

new text begin (a) All land platted on or after August 1, 2008, located in a
metropolitan county, and not improved with a structure, shall be assessed as provided in
this subdivision. The assessor shall determine the market value of each individual lot based
upon the highest and best use of the property as unplatted land. In establishing the market
value of the property, the assessor shall consider the sale price of the unplatted land or
comparable sales of unplatted land of similar use and similar availability of public utilities.
new text end

new text begin (b) The market value determined in paragraph (a) shall be increased as follows for
each of the seven assessment years immediately following the final approval of the plat:
one-seventh of the difference between the property's unplatted market value as determined
under paragraph (a) and the market value based upon the highest and best use of the land
as platted property shall be added in each of the seven subsequent assessment years.
new text end

new text begin (c) Any increase in market value after the first assessment year following the plat's
final approval shall be added to the property's market value in the next assessment year.
Notwithstanding paragraph (b), if construction begins before the expiration of the seven
years in paragraph (b), that lot shall be eligible for revaluation in the next assessment year.
The market value of a platted lot determined under this subdivision shall not exceed the
value of that lot based upon the highest and best use of the property as platted land.
new text end

new text begin (d) For purposes of this section, "metropolitan county" means the counties of Anoka,
Carver, Dakota, Hennepin, Ramsey, Scott, and Washington.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxes payable in 2009 and
thereafter.
new text end

Sec. 3. new text begin REPEALER.
new text end

new text begin Minnesota Statutes 2006, section 273.11, subdivision 14a, new text end new text begin is repealed.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxes payable in 2009 and
thereafter.
new text end