SF 472

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 02:13am

A bill for an act
relating to taxation; agricultural property; modifying the Minnesota agricultural
property tax law; 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 new text begin that new text end no longer deleted text begin eligible for deferment deleted text end new text begin qualifies as agricultural
under 2008 law changes new text end .

deleted text begin (a) deleted text end Real estate receiving the tax deferment under this section
for assessment year 2008, but that deleted text begin does not qualify for the 2009 assessment year due to
changes in qualification requirements under Laws 2008, chapter 366, deleted text end new text begin is not classified as
class 2a in a subsequent assessment year, new text end shall continue to qualify deleted text begin until any part of the
land is sold, transferred, or subdivided deleted text end , provided that the property continues to meet the
requirements of Minnesota Statutes 2006, section 273.111, subdivision 3.

deleted text begin (b) When property assessed under this subdivision is withdrawn from the program or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273.13, subdivision 23, or any property withdrawn before January 2, 2009, or (2) seven, in
the case of property withdrawn after January 2, 2009, that is not class 2a property. 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.
deleted text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxes payable in 2010 and
thereafter.
new text end