273.1104 IRON ORE, VALUE.
Subdivision 1. Determination of value.
The term value as applied to iron ore in sections
273.165, subdivision 2
273.13, subdivision 31
, shall be deemed to be the present value
of future income or the minimum value as established by the commissioner notwithstanding
the provisions of section
. The present value of future income shall be determined by
the commissioner of revenue in accordance with professionally recognized mineral valuation
practice and procedure. Nothing contained herein shall be construed as requiring any change in
the method of determining present value of iron ore utilized by the commissioner prior to the
enactment hereof or as limiting any remedy presently available to the taxpayer in connection with
the commissioner's determination of present value, or precluding the commissioner from making
subsequent changes in the present worth formula.
Subd. 2. Notice of market value.
On or before May 1 in each year, the commissioner
shall send to each person subject to the tax on unmined iron ores and to each taxing district
affected, a notice of the market value of the unmined ores as determined by the commissioner.
Said notice shall be sent by mail directed to such person at the address given in the report filed
and the assessor of such taxing district, but the validity of the tax shall not be affected by the
failure of the commissioner of revenue to mail such notice or the failure of the person subject to
the tax to receive it.
On the first secular day following May 20, the commissioner of revenue shall hold a hearing
which may be adjourned from day to day. All relevant and material evidence having probative
value with respect to the issues shall be submitted at the hearing and such hearing shall not be
a "contested case" within the meaning of section
14.02, subdivision 3
. Every person subject to
such tax may at such hearing present evidence and argument on any matter bearing upon the
validity or correctness of the tax determined to be due, and the commissioner of revenue shall
review the determination of such tax.
History: 1971 c 427 s 27; 1973 c 582 s 3; 1977 c 203 s 3; 1982 c 424 s 130; 1984 c 522 s 1;
1Sp1985 c 14 art 4 s 36; 1986 c 444; 1987 c 268 art 6 s 10; 1988 c 719 art 5 s 84; 1989 c 27 art 1
s 1; 1Sp1989 c 1 art 9 s 21; 1992 c 511 art 4 s 3; 1Sp2001 c 5 art 7 s 18