SF 57

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to property taxation; making permanent the
limited market value law; amending Minnesota Statutes
2004, section 273.11, subdivision 1a.

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

Section 1.

Minnesota Statutes 2004, section 273.11,
subdivision 1a, is amended to read:

Subd. 1a.

Limited market value.

In the case of all
property classified as agricultural homestead or nonhomestead,
residential homestead or nonhomestead, timber, or noncommercial
seasonal residential recreational, the assessor shall compare
the value with the taxable portion of the value determined in
the preceding assessment.

For assessment year deleted text begin 2002 deleted text end new text begin 2005 and thereafter new text end , the amount of
the increase shall not exceed the greater of (1) ten percent of
the value in the preceding assessment, or (2) 15 percent of the
difference between the current assessment and the preceding
assessment.

deleted text begin For assessment year 2003, the amount of the increase shall
not exceed the greater of (1) 12 percent of the value in the
preceding assessment, or (2) 20 percent of the difference
between the current assessment and the preceding assessment.
deleted text end

deleted text begin For assessment year 2004, the amount of the increase shall
not exceed the greater of (1) 15 percent of the value in the
preceding assessment, or (2) 25 percent of the difference
between the current assessment and the preceding assessment.
deleted text end

deleted text begin For assessment year 2005, the amount of the increase shall
not exceed the greater of (1) 15 percent of the value in the
preceding assessment, or (2) 33 percent of the difference
between the current assessment and the preceding assessment.
deleted text end

deleted text begin For assessment year 2006, the amount of the increase shall
not exceed the greater of (1) 15 percent of the value in the
preceding assessment, or (2) 50 percent of the difference
between the current assessment and the preceding assessment.
deleted text end

This limitation shall not apply to increases in value due
to improvements. For purposes of this subdivision, the term
"assessment" means the value prior to any exclusion under
subdivision 16.

deleted text begin The provisions of this subdivision shall be in effect
through assessment year 2006 as provided in this subdivision.
deleted text end

For purposes of the assessment/sales ratio study conducted
under section 127A.48, and the computation of state aids paid
under chapters 122A, 123A, 123B, 124D, 125A, 126C, 127A, and
477A, market values and net tax capacities determined under this
subdivision and subdivision 16, shall be used.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day
following final enactment for assessment year 2005, and
thereafter.
new text end