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HF 4810

as introduced - 92nd Legislature (2021 - 2022) Posted on 05/11/2022 06:54pm

KEY: stricken = removed, old language.
underscored = added, new language.
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A bill for an act
relating to taxation; property; limiting annual valuation increase on residential
properties; amending Minnesota Statutes 2020, section 273.11, by adding a
subdivision.

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

Section 1.

Minnesota Statutes 2020, section 273.11, is amended by adding a subdivision
to read:


new text begin Subd. 24. new text end

new text begin Residential valuation increase limitation. new text end

new text begin (a) In determining the market
value of residential property, a county assessor shall not increase the market value of
residential property by more than three percent of the prior year's assessment value.
new text end

new text begin (b) When residential property is sold, the limitation in paragraph (a) shall not apply for
the following assessment year. During a sale of residential property, a purchaser or an agent
of a purchaser may request the county auditor provide a property tax estimate based off the
current year's fair market value of the property.
new text end

new text begin (c) If the estimated market value of a sold residential property increases more than .......
percent over the prior year's assessment value, the county auditor shall spread the percent
increase across the net tax capacity of all residential properties effective for taxes payable
in the two years following the next taxes payable year.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for assessment year 2023 and thereafter.
new text end