Minnesota Legislature
HF 635
as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 01:40am
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A bill for an act
relating to taxation; property; delaying the implementation of certain 2008
changes to the green acres program by one year; amending Minnesota Statutes
2008, section 273.111, subdivision 3a.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2008, 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 any part of the land is sold, transferred,
or subdivided, provided that the property continues to meet the requirements of Minnesota
Statutes 2006, section 273.111, subdivision 3.
(b) When property assessed under this subdivision is withdrawn from the program or
becomes ineligible, the property shall be subject to additional taxes, in the amount equal
to the average difference between the taxes determined in accordance with subdivision
4, and the amount determined under subdivision 5, for the current year and the two
preceding years, multiplied by (1) three, in the case of class 2a property under section
273.13, subdivision 23, or any property withdrawn before deleted text begin January 2, 2009deleted text end new text begin May 1, 2010new text end ,
or (2) seven, in the case of property withdrawn after deleted text begin January 2, 2009deleted text end new text begin May 1, 2010new text end , that
is not class 2a property. new text begin In order to withdraw property under clause (1), a taxpayer must
submit a nonbinding notice of intent to withdraw with the assessor by December 31, 2009.
new text end The number of years used as the multiplier must not exceed the number of years during
which the property was subject to this section. The amount determined under subdivision
5 shall not be greater than it would have been had the actual bona fide sale price of the real
property at an arm's-length transaction been used in lieu of the market value determined
under subdivision 5. The additional taxes shall be extended against the property on the
tax list for the current year, provided that no interest or penalties shall be levied on the
additional taxes if timely paid.
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective the day following final enactment.
new text end