SF 3213

as introduced - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to taxation; property; limiting increases in 
  1.3             market value; amending Minnesota Statutes 1997 
  1.4             Supplement, section 273.11, subdivision 1a. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  Minnesota Statutes 1997 Supplement, section 
  1.7   273.11, subdivision 1a, is amended to read: 
  1.8      Subd. 1a.  [LIMITED MARKET VALUE.] (a) For taxes payable in 
  1.9   1999, a property classified under section 273.13 may not have a 
  1.10  market value for property tax purposes greater than the sum of 
  1.11  (1) its taxable market value or, if applicable, its limited 
  1.12  market value, used in determining property taxes payable in 
  1.13  1996, plus (2) an amount obtained by multiplying the market 
  1.14  value in clause (1) by the percentage rate of increase in the 
  1.15  Consumer Price Index for the 12-month period ending October 31, 
  1.16  1996, plus (3) the amount obtained by adding the amounts in 
  1.17  clauses (1) and (2) and multiplying that sum by the percentage 
  1.18  rate of increase in the Consumer Price Index for the 12-month 
  1.19  period ending October 31, 1997. 
  1.20     (b) For taxes payable in 2000 and thereafter, in the case 
  1.21  of all property classified as agricultural homestead or 
  1.22  nonhomestead, residential homestead or nonhomestead, or 
  1.23  noncommercial seasonal recreational residential under section 
  1.24  273.13, the assessor shall compare the value with that 
  1.25  determined in the preceding assessment.  The amount of the 
  2.1   increase entered in the current assessment shall not exceed the 
  2.2   greater of (1) ten percent of the value in the preceding 
  2.3   assessment, or (2) one-fourth of the difference between the 
  2.4   current assessment and the preceding assessment the lesser of (1)
  2.5   five percent of the market value determined under this 
  2.6   subdivision for the preceding assessment year, or (2) an amount 
  2.7   equal to the market value determined under this subdivision for 
  2.8   the preceding assessment year multiplied by the percentage rate 
  2.9   of increase, if any, in the Consumer Price Index for the 
  2.10  12-month period ending October 31 of the preceding assessment 
  2.11  year.  This limitation shall not apply to increases in value due 
  2.12  to improvements.  For purposes of this subdivision, the term 
  2.13  "assessment" means the value prior to any exclusion under 
  2.14  subdivision 16. 
  2.15     The provisions of this subdivision shall be in effect only 
  2.16  for assessment years 1993 through 2001. 
  2.17     (c) For the first assessment year after the sale or 
  2.18  conveyance of property for which the assessor's estimated market 
  2.19  value is greater than the market value determined under this 
  2.20  subdivision, the value of the property for property tax purposes 
  2.21  shall be increased to the assessor's estimated market value. 
  2.22     (d) For purposes of this subdivision, "Consumer Price Index"
  2.23  means the Consumer Price Index of all urban consumers as 
  2.24  determined by the United States Department of Labor, Bureau of 
  2.25  Labor Statistics. 
  2.26     (e) For purposes of the assessment/sales ratio study 
  2.27  conducted under section 124.2131, and the computation of state 
  2.28  aids paid under chapters 124, 124A, and 477A, market values and 
  2.29  net tax capacities determined under this subdivision and 
  2.30  subdivision 16, shall be used. 
  2.31     Sec. 2.  [EFFECTIVE DATE.] 
  2.32     Section 1 is effective for taxes levied in 1998 and 
  2.33  thereafter, for taxes payable in 1999 and thereafter.