1999 Minnesota Statutes

     273.127 Transition class rates; low-income housing. 

    Subdivision 1.    Taxes payable in 1998.  For taxes 
 payable in 1998, low-income housing property classified as class 
 4c shall have a class rate of two percent, and property 
 classified as class 4d shall have a class rate of 1.9 percent. 

    Subd. 2.    Application.  (a) The class rates under 
 subdivisions 3 and 4 apply to the market value of properties: 

    (1)(i) which were classified as class 4c or class 4d for 
 taxes payable in 1998; or 

    (ii) which are constructed or substantially rehabilitated 
 during calendar year 1997 and would have qualified as class 4c 
 or class 4d for taxes payable in 1999 absent the amendments to 
 those classes in section 8; and 

    (2) which do not qualify as class 4d property as a result 
 of the eligibility criteria specified in section 273.126.  

    (b) To qualify for the class rates under this section, the 
 building's owner must annually certify to the assessor in 
 writing that the property, building, or unit continues to 
 qualify under the laws in effect and applicable to its 
 classification for taxes payable in 1998. 

    (c) A property no longer qualifies under this section: 

    (1) if it is transferred or sold; or 

    (2) if loans, that have a principal amount equal to more 
 than 25 percent of the property's market value and that are 
 secured by the property, are refinanced. 

    Subd. 3.    Class 4c properties.  For the market value 
 of properties that meet the criteria of subdivision 2, paragraph 
 (a), and which no longer qualify as a result of the eligibility 
 criteria specified in section 273.126, a class rate of 2.4 
 percent applies for taxes payable in 1999 and a class rate of 
 2.5 percent applies for taxes payable in 2000. 

    Subd. 4.    Class 4d properties.  For the market value 
 of properties that meet the criteria of subdivision 2, paragraph 
 (a), and which no longer qualify as a result of the eligibility 
 criteria specified in section 273.126, a class rate of 2.2 
 percent applies for taxes payable in 1999 and a class rate of 
 2.5 applies for taxes payable in 2000. 

    HIST: 1997 c 231 art 1 s 5; 1998 c 389 art 2 s 7 

*   NOTE:  The amendment to subdivision 3 by Laws 1998, chapter 
*389, article 2, section 7, is effective for revenue for fiscal 
*year 2000.  Laws 1998, chapter 289, article 2, section 23.