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SF 1973

as introduced - 93rd Legislature (2023 - 2024) Posted on 02/21/2023 08:35am

KEY: stricken = removed, old language.
underscored = added, new language.
Version List Authors and Status
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Current Version - as introduced

Line numbers 1.1 1.2 1.3 1.4 1.5
1.6 1.7 1.8 1.9 1.10 1.11 1.12 1.13 1.14 1.15 1.16 1.17
1.18 1.19
1.20 1.21 1.22 2.1 2.2 2.3 2.4
2.5 2.6

A bill for an act
 relating to taxation; property; providing for limited market value increases;
amending Minnesota Statutes 2022, section 273.11, subdivision 5, by adding a
subdivision.

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

Section 1.

Minnesota Statutes 2022, section 273.11, is amended by adding a subdivision
to read:


new text begin Subd. 1b. new text end

new text begin Limited market value. new text end

new text begin (a) In determining the market value of all property
defined in section 273.13, the county assessor shall value property as determined under
paragraph (b).
 new text end

new text begin (b) Beginning with assessment year 2024, and each assessment year thereafter, the
market value of a property defined in section 273.13 shall be the average of the market
value of the property as determined for the current assessment year, and the four preceding
assessment years.
 new text end

new text begin (c) Notwithstanding any law to the contrary, for purposes of determining the net tax
capacity of a property and for all other purposes for which a property's market value is used,
the market value as determined under this section shall be used.
 new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective beginning with assessment year 2024
and thereafter.
 new text end

Sec. 2.

Minnesota Statutes 2022, section 273.11, subdivision 5, is amended to read:


Subd. 5.

Boards of review and equalization.

Notwithstanding any other provision of
law to the contrary, the limitation contained in subdivisions 1 and deleted text begin 1adeleted text end new text begin 1bnew text end shall also apply to
the authority of the local board of review as provided in section 274.01, the county board
of equalization as provided in section 274.13, the State Board of Equalization and the
commissioner of revenue as provided in sections 270.11, subdivision 1, 270.12, 270C.92,
and 270C.94.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective beginning with assessment year 2024
and thereafter.
 new text end