Bill Text: MN SF246 | 2011-2012 | 87th Legislature | Introduced
Bill Title: Limited market value growth limits for property taxation
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2011-02-07 - Referred to Taxes [SF246 Detail]
Download: Minnesota-2011-SF246-Introduced.html
1.2relating to taxation; property; limiting growth in market value;amending
1.3Minnesota Statutes 2010, section 273.11, subdivision 1a.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. Minnesota Statutes 2010, section 273.11, subdivision 1a, is amended to read:
1.6 Subd. 1a. Limited market value. (a) 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, except as
1.10provided in paragraph (b).
1.11For assessment years 2004, 2005, and 2006, the amount of the increase shall not
1.12exceed the greater of (1) 15 percent of the value in the preceding assessment, or (2) 25
1.13percent of the difference between the current assessment and the preceding assessment.
1.14For assessment year 2007, the amount of the increase shall not exceed the greater of
1.15(1) 15 percent of the value in the preceding assessment, or (2) 33 percent of the difference
1.16between the current assessment and the preceding assessment.
1.17For assessment year 2008, the amount of the increase shall not exceed the greater of
1.18(1) 15 percent of the value in the preceding assessment, or (2) 50 percent of the difference
1.19between the current assessment and the preceding assessment.
1.20(b) For assessment year 2011, the amount of the increase shall not exceed the
1.21greater of:
1.22(1) 20 percent of the value of the 2009 assessment; or
1.23(2) 33 percent of the difference between the 2011 assessment and the 2009
1.24assessment.
2.1(c) For assessment years 2012 and thereafter, the amount of the increase shall not
2.2exceed the greater of:
2.3(1) 15 percent of the value of the preceding assessment; or
2.4(2) 25 percent of the difference between the current assessment and the preceding
2.5assessment.
2.6This limitation The limitations in this subdivision shall not apply to increases in
2.7value due to improvements. For purposes of this subdivision, the term "assessment"
2.8means the value prior to any exclusion under subdivision 16.
2.9The provisions of this subdivision shall be in effect through assessment year 2008
2.10as provided in this subdivision.
2.11For purposes of the assessment/sales ratio study conducted under section127A.48 ,
2.12and the computation of state aids paid under chapters 122A, 123A, 123B, 124D, 125A,
2.13126C, 127A, and 477A, market values and net tax capacities determined under this
2.14subdivision and subdivision 16, shall be used.
2.15EFFECTIVE DATE.This section is effective for taxes payable in 2012 and
2.16thereafter.
1.3Minnesota Statutes 2010, section 273.11, subdivision 1a.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. Minnesota Statutes 2010, section 273.11, subdivision 1a, is amended to read:
1.6 Subd. 1a. Limited market value. (a) 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, except as
1.10provided in paragraph (b).
1.11
1.12
1.13
1.14
1.15
1.16
1.17
1.18
1.19
1.20(b) For assessment year 2011, the amount of the increase shall not exceed the
1.21greater of:
1.22(1) 20 percent of the value of the 2009 assessment; or
1.23(2) 33 percent of the difference between the 2011 assessment and the 2009
1.24assessment.
2.1(c) For assessment years 2012 and thereafter, the amount of the increase shall not
2.2exceed the greater of:
2.3(1) 15 percent of the value of the preceding assessment; or
2.4(2) 25 percent of the difference between the current assessment and the preceding
2.5assessment.
2.6
2.7value due to improvements. For purposes of this subdivision, the term "assessment"
2.8means the value prior to any exclusion under subdivision 16.
2.9
2.10
2.11For purposes of the assessment/sales ratio study conducted under section
2.12and the computation of state aids paid under chapters 122A, 123A, 123B, 124D, 125A,
2.13126C, 127A, and 477A, market values and net tax capacities determined under this
2.14subdivision and subdivision 16, shall be used.
2.15EFFECTIVE DATE.This section is effective for taxes payable in 2012 and
2.16thereafter.
