SF 2047

as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to taxation; imposing a temporary limitation 
  1.3             on increases in the valuation of agricultural 
  1.4             property; amending Minnesota Statutes 1998, section 
  1.5             273.11, by adding a subdivision. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 1998, section 273.11, is 
  1.8   amended by adding a subdivision to read: 
  1.9      Subd. 20.  [LIMITATION ON INCREASES IN AGRICULTURAL LAND 
  1.10  VALUATION.] (a) For taxes levied in 1999, payable in 2000 only, 
  1.11  the market value of agricultural property classified under 
  1.12  section 273.13, subdivision 23, paragraphs (a), (b), clause (3), 
  1.13  or (d), excluding the value of any house, garage, and 
  1.14  surrounding one acre on the property, must not be increased 
  1.15  above the value assessed for that property for taxes levied in 
  1.16  1998, payable in 1999. 
  1.17     (b) For taxes levied in 2000 and 2001, payable in 2001 and 
  1.18  2002 only, the market value of property described in paragraph 
  1.19  (a) must not be increased by more than three percent above the 
  1.20  market value of the property as assessed for the prior 
  1.21  assessment year.