1.1 	A bill for an act
1.2 	relating to taxation; property; freezing the value for two years on 
1.3 	seasonal-recreational property;amending Minnesota Statutes 2006, section 
1.4 	273.11, subdivision 1a, by adding a subdivision.
1.5 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.6 	Section 1. Minnesota Statutes 2006, section 273.11, subdivision 1a, is amended to read:
1.7 		Subd. 1a.Limited market value. In the case of all property classified as 
1.8 	agricultural homestead or nonhomestead, residential homestead or nonhomestead, or 
1.9 	timber, ~~or noncommercial seasonal residential recreational,~~ the assessor shall compare the 
1.10 	value with the taxable portion of the value determined in the preceding assessment.
1.11 	For assessment ~~years 2004, 2005, and~~year 2006, the amount of the increase shall 
1.12 	not exceed the greater of (1) 15 percent of the value in the preceding assessment, or (2) 25 
1.13 	percent of the difference between the current assessment and the preceding assessment.
1.14 	For 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 
1.16 	between the current assessment and the preceding assessment.
1.17 	For 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 
1.19 	between the current assessment and the preceding assessment.
1.20 	This limitation shall not apply to increases in value due to improvements. For 
1.21 	purposes of this subdivision, the term "assessment" means the value prior to any exclusion 
1.22 	under subdivision 16.
1.23 	The provisions of this subdivision shall be in effect through assessment year 2008 
1.24 	as provided in this subdivision.
2.1 	For purposes of the assessment/sales ratio study conducted under section 127A.48, 
2.2 	and the computation of state aids paid under chapters 122A, 123A, 123B, 124D, 125A, 
2.3 	126C, 127A, and 477A, market values and net tax capacities determined under this 
2.4 	subdivision and subdivision 16, shall be used.

2.5 	EFFECTIVE DATE. This section is effective the day following final enactment.

2.6 	Sec. 2. Minnesota Statutes 2006, section 273.11, is amended by adding a subdivision to 
2.7 	read:
2.8 		Subd. 1b.Limited market value; noncommercial seasonal residential 
2.9 	recreational property. (a) In the case of all property classified as noncommercial 
2.10 	seasonal residential recreational, for assessment years 2007 and 2008 only, the taxable 
2.11 	market value of the property shall be the same as the taxable market value determined 
2.12 	under this section for the 2006 assessment.
2.13 	(b) The assessor shall compare the value with the taxable portion of the value 
2.14 	determined in the preceding assessment.
2.15 	For assessment year 2009, the amount of the increase shall not exceed the greater of 
2.16 	(1) 15 percent of the value in the preceding assessment, or (2) 33 percent of the difference 
2.17 	between the current assessment and the preceding assessment.
2.18 	For assessment year 2010, the amount of the increase shall not exceed the greater of 
2.19 	(1) 15 percent of the value in the preceding assessment, or (2) 50 percent of the difference 
2.20 	between the current assessment and the preceding assessment.
2.21 	This limitation shall not apply to increases in value due to improvements. For 
2.22 	purposes of this subdivision, the term "assessment" means the value prior to any exclusion 
2.23 	under subdivision 16.
2.24 	The provisions of this subdivision shall be in effect through assessment year 2010 
2.25 	as provided in this subdivision.
2.26 	For purposes of the assessment/sales ratio study conducted under section 127A.48, 
2.27 	and the computation of state aids paid under chapters 122A, 123A, 123B, 124D, 125A, 
2.28 	126C, 127A, and 477A, market values and net tax capacities determined under this 
2.29 	subdivision and subdivision 16, shall be used.

2.30 	EFFECTIVE DATE. This section is effective the day following final enactment.