SF 1669

as introduced - 89th Legislature (2015 - 2016) Posted on 03/13/2015 08:54am

A bill for an act
relating to taxation; property; excluding homestead resort properties from levies
based on referendum market value; amending Minnesota Statutes 2014, section
126C.01, subdivision 3.

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

Section 1.

Minnesota Statutes 2014, section 126C.01, subdivision 3, is amended to read:

Subd. 3.

Referendum market value.

"Referendum market value" means the
market value of all taxable property, excluding property classified as class new text begin 1c, new text end 2, 4c(4), or
4c(12) under section 273.13. The portion of class 2a property consisting of the house,
garage, and surrounding one acre of land of an agricultural homestead is included in
referendum market value. For the purposes of this subdivision, in the case of class 1a,
1b, or 2a property, "market value" means the value prior to the exclusion under section
273.13, subdivision 35. Any class of property, or any portion of a class of property, that is
included in the definition of referendum market value and that has a classification rate of
less than one percent under section 273.13 shall have a referendum market value equal to
its market value times its classification rate, multiplied by 100.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective beginning with taxes payable in 2016.
new text end