Bill Text: MN HF69 | 2013-2014 | 88th Legislature | Introduced
Bill Title: Limited market value extended.
Sponsorship: Partisan Bill (Republican 2)
Status: (Introduced - Dead) 2013-02-13 - Referred by Chair to Property and Local Tax Division [HF69 Detail]
Download: Minnesota-2013-HF69-Introduced.html
1.2relating to taxation; property; extending limited market value;amending
1.3Minnesota Statutes 2012, section 273.11, subdivision 1a.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. Minnesota Statutes 2012, section 273.11, subdivision 1a, is amended to read:
1.6 Subd. 1a. Limited market value. In the case of all property classified as
1.7agricultural homestead or nonhomestead, residential homestead or nonhomestead, timber,
1.8or noncommercial seasonal residential recreational, the assessor shall compare the value
1.9with the taxable portion of the value determined in the preceding assessment.
1.10For assessment years 2004, 2005, and 2006, the amount of the increase shall not
1.11exceed the greater of (1) 15 percent of the value in the preceding assessment, or (2) 25
1.12percent of the difference between the current assessment and the preceding assessment.
1.13For assessment year 2007, the amount of the increase shall not exceed the greater of
1.14(1) 15 percent of the value in the preceding assessment, or (2) 33 percent of the difference
1.15between the current assessment and the preceding assessment.
1.16For assessment year 2008, the amount of the increase shall not exceed the greater of
1.17(1) 15 percent of the value in the preceding assessment, or (2) 50 percent of the difference
1.18between the current assessment and the preceding assessment.
1.19For assessment years 2013 and thereafter, the amount of the increase shall not
1.20exceed the greater of:
1.21(1) 15 percent of the value of the preceding assessment; or
1.22(2) 25 percent of the difference between the current assessment and the preceding
1.23assessment.
2.1This limitation shall not apply to increases in value due to improvements. For
2.2purposes of this subdivision, the term "assessment" means the value prior to any exclusion
2.3under subdivision 16.
2.4The provisions of this subdivision shall be in effect through assessment year 2008
2.5as provided in this subdivision.
2.6For purposes of the assessment/sales ratio study conducted under section127A.48 ,
2.7and the computation of state aids paid under chapters 122A, 123A, 123B, 124D, 125A,
2.8126C, 127A, and 477A, market values and net tax capacities determined under this
2.9subdivision and subdivision 16, shall be used.
2.10EFFECTIVE DATE.This section is effective for taxes payable in 2014 and
2.11thereafter.
1.3Minnesota Statutes 2012, section 273.11, subdivision 1a.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. Minnesota Statutes 2012, section 273.11, subdivision 1a, is amended to read:
1.6 Subd. 1a. Limited market value. In the case of all property classified as
1.7agricultural homestead or nonhomestead, residential homestead or nonhomestead, timber,
1.8or noncommercial seasonal residential recreational, the assessor shall compare the value
1.9with the taxable portion of the value determined in the preceding assessment.
1.10
1.11
1.12
1.13
1.14
1.15
1.16
1.17
1.18
1.19For assessment years 2013 and thereafter, the amount of the increase shall not
1.20exceed the greater of:
1.21(1) 15 percent of the value of the preceding assessment; or
1.22(2) 25 percent of the difference between the current assessment and the preceding
1.23assessment.
2.1This limitation shall not apply to increases in value due to improvements. For
2.2purposes of this subdivision, the term "assessment" means the value prior to any exclusion
2.3under subdivision 16.
2.4
2.5
2.6For purposes of the assessment/sales ratio study conducted under section
2.7and the computation of state aids paid under chapters 122A, 123A, 123B, 124D, 125A,
2.8126C, 127A, and 477A, market values and net tax capacities determined under this
2.9subdivision and subdivision 16, shall be used.
2.10EFFECTIVE DATE.This section is effective for taxes payable in 2014 and
2.11thereafter.
