SF 2962

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; temporarily 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.] (a) For 
  1.10  taxes payable in 2003 through 2005 only, if the assessor has 
  1.11  classified a property as both homestead and nonhomestead, the 
  1.12  greater of: 
  1.13     (1) the value attributable to the portion of the property 
  1.14  classified as class 1 or class 2a; or 
  1.15     (2) the homestead amount determined under paragraph (b), is 
  1.16  entitled to assessment as a homestead under section 273.13, 
  1.17  subdivision 22 or 23.  The limitation in this subdivision does 
  1.18  not apply to buildings containing fewer than four residential 
  1.19  units or to a single rented or leased dwelling unit located 
  1.20  within or attached to a private garage or similar structure 
  1.21  owned by the owner of a homestead and located on the premises of 
  1.22  that homestead. 
  1.23     (b) For taxes payable in 2003 only, the homestead amount is 
  1.24  $76,000.  For taxes payable in 2004 only, the homestead amount 
  1.25  is $60,000.  For taxes payable in 2005 only, the homestead 
  2.1   amount is $45,000. 
  2.2      (c) If the assessor has classified a property as both 
  2.3   homestead and nonhomestead, the reductions in tax provided under 
  2.4   sections 273.135 and 273.1391 apply to the value of both the 
  2.5   homestead and the nonhomestead portions of the property.