SF 246

as introduced - 87th Legislature (2011 - 2012) Posted on 02/23/2012 08:34am

A bill for an act
relating to taxation; property; limiting growth in market value; amending
Minnesota Statutes 2010, section 273.11, subdivision 1a.

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

Section 1.

Minnesota Statutes 2010, section 273.11, subdivision 1a, is amended to read:

Subd. 1a.

Limited market value.

new text begin (a) new text end 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 new text begin , except as
provided in paragraph (b) new text end .

deleted text begin For assessment years 2004, 2005, and 2006, 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 2007, 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 2008, 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

new text begin (b) For assessment year 2011, the amount of the increase shall not exceed the
greater of:
new text end

new text begin (1) 20 percent of the value of the 2009 assessment; or
new text end

new text begin (2) 33 percent of the difference between the 2011 assessment and the 2009
assessment.
new text end

new text begin (c) For assessment years 2012 and thereafter, the amount of the increase shall not
exceed the greater of:
new text end

new text begin (1) 15 percent of the value of the preceding assessment; or
new text end

new text begin (2) 25 percent of the difference between the current assessment and the preceding
assessment.
new text end

deleted text begin This limitation deleted text end new text begin The limitations in this subdivision new text end 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 2008
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 for taxes payable in 2012 and
thereafter.
new text end