SF 2440

as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to taxation; extending homestead 
  1.3             classification to certain property used for 
  1.4             nonhomestead purposes; amending Minnesota Statutes 
  1.5             2001 Supplement, section 273.124, subdivision 11. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 2001 Supplement, section 
  1.8   273.124, subdivision 11, is amended to read: 
  1.9      Subd. 11.  [LIMITATION ON HOMESTEAD REDUCTIONS.] If the 
  1.10  assessor has classified a property as both homestead and 
  1.11  nonhomestead, the greater of (1) the value attributable to the 
  1.12  portion of the property classified as class 1 or class 2a; or 
  1.13  (2) $76,000, is entitled to assessment as a homestead under 
  1.14  section 273.13, subdivision 22 or 23.  The limitation in this 
  1.15  subdivision does not apply to buildings containing fewer than 
  1.16  four residential units or to a single rented or leased dwelling 
  1.17  unit located within or attached to a private garage or similar 
  1.18  structure owned by the owner of a homestead and located on the 
  1.19  premises of that homestead. 
  1.20     If the assessor has classified a property as both homestead 
  1.21  and nonhomestead, the reductions in tax provided under sections 
  1.22  273.135 and 273.1391 apply to the value of both the homestead 
  1.23  and the nonhomestead portions of the property. 
  1.24     [EFFECTIVE DATE.] This section is effective for taxes 
  1.25  levied in 2002, payable in 2003, and thereafter.