SF 2604

as introduced - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to taxation; property; providing for a study 
  1.3             of property assessment, equalization, and payment 
  1.4             procedures. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [DEPARTMENT OF REVENUE; STUDY.] 
  1.7      The commissioner of revenue, in consultation with local 
  1.8   governments and appropriate professional organizations, shall 
  1.9   study the state's property tax assessment, payment, sales ratio, 
  1.10  and equalization systems and procedures.  The commissioner shall 
  1.11  develop recommendations or alternatives to: 
  1.12     (1) change the system of property tax assessments and 
  1.13  property tax payments to reduce the period of time between a 
  1.14  change in the assessor's estimated market value and the 
  1.15  corresponding change in the property tax amount; 
  1.16     (2) improve property assessments and sales ratio systems 
  1.17  and procedures to increase equity in assessments of similar 
  1.18  properties and reduce annual variations in sales tax ratios and 
  1.19  property tax equalization; and 
  1.20     (3) improve taxpayer understanding of property taxes. 
  1.21     On or before January 8, 1997, the commissioner of revenue 
  1.22  shall report the findings and recommendations of the study to 
  1.23  the legislature and to the chairs of the house of 
  1.24  representatives committee on taxes and the senate committee on 
  1.25  taxes and tax laws. 
  2.1      Sec. 2.  [EFFECTIVE DATE.] 
  2.2      Section 1 is effective the day following final enactment.