2006 Minnesota Statutes

273.12 ASSESSMENT OF REAL PROPERTY.
It shall be the duty of every assessor and board, in estimating and determining the value of
lands for the purpose of taxation, to consider and give due weight to every element and factor
affecting the market value thereof, including its location with reference to roads and streets
and the location of roads and streets thereon or over the same, and to take into consideration a
reduction in the acreage of each tract or lot sufficient to cover the amount of land actually used for
any improved public highway and the reduction in area of land caused thereby. It shall be the duty
of every assessor and board, in estimating and determining the value of lands for the purpose of
taxation, to consider and give due weight to lands which are comparable in character, quality, and
location, to the end that all lands similarly located and improved will be assessed upon a uniform
basis and without discrimination and, for agricultural lands, to consider and give recognition to
its earning potential as measured by its free market rental rate.
When mineral, clay, or gravel deposits exist on a property, and their extent, quality, and costs
of extraction are sufficiently well known so as to influence market value, such deposits shall be
recognized in valuing the property; except for mineral and energy-resource deposits which are
subject to taxation under section 298.015, and except for taconite and iron-sulphide deposits
which are exempt from the general property tax under section 298.25.
History: (1992-1) 1927 c 123; 1931 c 224 s 1; 1935 c 237 s 1; 1969 c 574 s 2; 1971 c 427 s
2; 1971 c 489 s 2; Ex1971 c 31 art 23 s 1; 1987 c 268 art 9 s 7; 1988 c 719 art 5 s 84; 1989 c 329
art 13 s 20; 1991 c 291 art 1 s 14; 1994 c 510 art 1 s 6; 1997 c 231 art 8 s 3