SF 3374

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; property; providing for the 
  1.3             valuation of certain rental housing; amending 
  1.4             Minnesota Statutes 2000, section 273.11, by adding a 
  1.5             subdivision; Laws 2001, First Special Session chapter 
  1.6             5, article 3, section 96. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  Minnesota Statutes 2000, section 273.11, is 
  1.9   amended by adding a subdivision to read: 
  1.10     Subd. 20.  [VALUATION OF CLASS 4D CERTIFIED PROPERTY.] In 
  1.11  determining the market value of class 4d rental property 
  1.12  certified under section 462A.071, the assessor shall reduce the 
  1.13  value of the property by its restricted use value.  "Restricted 
  1.14  use value" is the amount of market value reduction that results 
  1.15  from the restrictions on uses that qualify the property for 
  1.16  certification as class 4d under section 273.13, subdivision 25, 
  1.17  paragraph (e).  The assessor shall determine the restricted use 
  1.18  value of the property using guidelines set by the commissioner 
  1.19  of revenue. 
  1.20     [EFFECTIVE DATE.] This section is effective for taxes 
  1.21  levied in 2003, payable in 2004, and thereafter. 
  1.22     Sec. 2.  Laws 2001, First Special Session chapter 5, 
  1.23  article 3, section 96, is amended to read: 
  1.24     Sec. 96.  [REPEALER.] 
  1.25     (a) Minnesota Statutes 2000, sections 273.13, subdivision 
  1.26  24a; 273.1382; 273.1399; 275.078; 275.08, subdivision 1e; 
  2.1   473.446, subdivisions 1a and 1b; and 473.3915, are repealed 
  2.2   effective for taxes levied in 2001, payable in 2002, and 
  2.3   thereafter and aids or credits payable in 2002 and thereafter. 
  2.4      (b) Laws 1988, chapter 426, section 1; Laws 1988, chapter 
  2.5   702, section 16; Laws 1992, chapter 511, article 2, section 52, 
  2.6   as amended by Laws 1997, chapter 231, article 2, section 50, and 
  2.7   Laws 1998, chapter 389, article 3, section 32; Laws 1996, 
  2.8   chapter 471, article 8, section 45; Laws 1999, chapter 243, 
  2.9   article 6, section 14; Laws 1999, chapter 243, article 6, 
  2.10  section 15; and Laws 2000, chapter 490, article 6, section 17, 
  2.11  are repealed effective for taxes levied in 2001, payable in 2002 
  2.12  and thereafter. 
  2.13     (c) Minnesota Statutes 2000, sections 126C.30; 126C.31; 
  2.14  126C.32; 126C.33; 126C.34; 126C.35; and 126C.36, are repealed 
  2.15  effective July 1, 2001. 
  2.16     (d) Minnesota Statutes 2000, section 273.126 and 462A.071, 
  2.17  are repealed effective for property taxes payable in 2004, and 
  2.18  any agreement entered into pursuant to the provisions of those 
  2.19  sections expires, effective January 1, 2004, regardless of the 
  2.20  term of the agreement. 
  2.21     Sec. 3.  [PROPERTY TAX ASSESSMENT OF LOW-INCOME HOUSING, 
  2.22  RULES.] 
  2.23     The commissioner of revenue shall develop guidelines for 
  2.24  use by assessors in calculating the restricted use value of 
  2.25  class 4d property under Minnesota Statutes, section 273.11, 
  2.26  subdivision 20. 
  2.27     [EFFECTIVE DATE.] This section is effective the day 
  2.28  following final enactment.