as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am
A bill for an act
relating to taxation; providing a reduction in the assessed market value of energy
efficient new commercial property; amending Minnesota Statutes 2006, section
273.11, by adding a subdivision.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Minnesota Statutes 2006, section 273.11, is amended by adding a
subdivision to read:
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(a) The market
value of certain energy efficient property classified under section new text begin 273.13, subdivision 24new text end ,
that is used for commercial purposes, is reduced as provided in this subdivision.
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(b) To be eligible for a valuation reduction under this subdivision, property must be
certified by a qualified inspector as having been constructed in a manner that will achieve
a level of energy consumption that is at least 20 percent lower than the standard set in
the state energy code rules. The percentage reduction in the market value of a qualifying
property is determined as follows:
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percentage of energy consumption below energy code requirement new text end |
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market value reduction new text end |
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20-30 new text end |
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5 new text end |
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31-50 new text end |
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10 new text end |
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over 50 new text end |
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15 new text end |
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The reductions remain in effect for the first ten assessment years after the property has
been certified as qualifying under this subdivision.
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(c) The Department of Commerce must establish a process for determining eligibility
for the valuation reduction under this subdivision, including certification of persons who
are qualified to perform this function.
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(d) To claim a valuation reduction under this subdivision, the owner of the
commercial property must obtain a certification of the level of qualification determined
under paragraph (b), which must be prepared by a person certified as provided in
paragraph (c). The property owner must furnish this certification to the assessor by May 1
of the assessment year in order to qualify for the valuation reduction for taxes payable in
the following year.
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This section is effective for assessments in 2007, taxes
payable in 2008, and thereafter.
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