as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am
1.1 A bill for an act 1.2 relating to property taxation; making permanent the 1.3 limited market value law; amending Minnesota Statutes 1.4 2002, section 273.11, subdivision 1a. 1.5 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 1.6 Section 1. Minnesota Statutes 2002, section 273.11, 1.7 subdivision 1a, is amended to read: 1.8 Subd. 1a. [LIMITED MARKET VALUE.] In the case of all 1.9 property classified as agricultural homestead or nonhomestead, 1.10 residential homestead or nonhomestead, timber, or noncommercial 1.11 seasonal recreational residential, the assessor shall compare 1.12 the value with the taxable portion of the value determined in 1.13 the preceding assessment. 1.14 For assessment year 2002 and thereafter, the amount of the 1.15 increase shall not exceed the greater of (1) ten percent of the 1.16 value in the preceding assessment, or (2) 15 percent of the 1.17 difference between the current assessment and the preceding 1.18 assessment. 1.19For assessment year 2003, the amount of the increase shall1.20not exceed the greater of (1) 12 percent of the value in the1.21preceding assessment, or (2) 20 percent of the difference1.22between the current assessment and the preceding assessment.1.23For assessment year 2004, the amount of the increase shall1.24not exceed the greater of (1) 15 percent of the value in the1.25preceding assessment, or (2) 25 percent of the difference2.1between the current assessment and the preceding assessment.2.2For assessment year 2005, the amount of the increase shall2.3not exceed the greater of (1) 15 percent of the value in the2.4preceding assessment, or (2) 33 percent of the difference2.5between the current assessment and the preceding assessment.2.6For assessment year 2006, the amount of the increase shall2.7not exceed the greater of (1) 15 percent of the value in the2.8preceding assessment, or (2) 50 percent of the difference2.9between the current assessment and the preceding assessment.2.10 This limitation shall not apply to increases in value due 2.11 to improvements. For purposes of this subdivision, the term 2.12 "assessment" means the value prior to any exclusion under 2.13 subdivision 16. 2.14The provisions of this subdivision shall be in effect2.15through assessment year 2006 as provided in this subdivision.2.16 For purposes of the assessment/sales ratio study conducted 2.17 under section 127A.48, and the computation of state aids paid 2.18 under chapters 122A, 123A, 123B, 124D, 125A, 126C, 127A, and 2.19 477A, market values and net tax capacities determined under this 2.20 subdivision and subdivision 16, shall be used. 2.21 [EFFECTIVE DATE.] This section is effective the day 2.22 following final enactment for assessment year 2003, and 2.23 thereafter.