SF 3381

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; extending the time and 
  1.3             qualifications for certain apartment valuation 
  1.4             exclusion in the cities of Brooklyn Center, Richfield, 
  1.5             and St. Louis Park; amending Laws 1997, chapter 231, 
  1.6             article 2, section 63, subdivision 1. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  Laws 1997, chapter 231, article 2, section 63, 
  1.9   subdivision 1, is amended to read: 
  1.10     Subdivision 1.  [IMPROVEMENTS MADE TO CERTAIN APARTMENTS.] 
  1.11  (a) Notwithstanding any other provisions to the contrary, the 
  1.12  market value increase resulting from improvements made after the 
  1.13  effective date of this act and prior to January 1, 1999 2000, to 
  1.14  qualifying property located in the city of Brooklyn Center, 
  1.15  Richfield, or St. Louis Park shall be excluded for assessment 
  1.16  purposes under the conditions provided in this subdivision.  
  1.17     (b) "Qualifying property" means property that meets all of 
  1.18  the following criteria: 
  1.19     (1) the building is at least 30 years old at the time of 
  1.20  the improvements; 
  1.21     (2) the building is residential real estate of four or more 
  1.22  units and is classified under Minnesota Statutes, section 
  1.23  273.13, subdivision 25, as class 4a, 4c, or 4d property; and 
  1.24     (3) the total cost of the qualifying improvements exceeds 
  1.25  $5,000 $2,500 per unit. 
  1.26     (c) A building permit must have been issued prior to the 
  2.1   commencement of the improvements.  Only improvements to the 
  2.2   residential structure and garages qualify under this 
  2.3   subdivision.  The assessor shall require an application, 
  2.4   including, if unknown by the assessor, documentation of the age 
  2.5   of the building from the owner.  The application may be filed 
  2.6   subsequent to the date of the building permit provided that the 
  2.7   application is filed prior to the next assessment date. 
  2.8      (d) If the property qualifies under this subdivision, the 
  2.9   assessor shall note the qualifying value of the improvements on 
  2.10  the property's record and that amount shall be subtracted from 
  2.11  the qualifying property's market value for the five assessment 
  2.12  years immediately following the year in which the improvements 
  2.13  were completed, at which time the assessor shall determine the 
  2.14  property's estimated market value, and 20 percent of the 
  2.15  qualifying value shall be added back in each of the next five 
  2.16  subsequent assessment years.  The assessor may require from the 
  2.17  owner any documentation necessary to verify that the cost of 
  2.18  improvements exceed the $5,000 per unit minimum.  
  2.19     Sec. 2.  [EFFECTIVE DATE.] 
  2.20     This section is effective for each of the cities of 
  2.21  Brooklyn Center, Richfield, and St. Louis Park upon compliance 
  2.22  with Minnesota Statutes, section 645.021, subdivision 3, by the 
  2.23  governing body of that city.