1.1 	A bill for an act
1.2 	relating to taxation; property; changing the number of years for vacant platted 
1.3 	land to be valued at market value in the metropolitan counties; modifying the 
1.4 	phase-in for certain vacant platted land in the metropolitan counties;amending 
1.5 	Minnesota Statutes 2006, section 273.11, by adding subdivisions; repealing 
1.6 	Minnesota Statutes 2006, section 273.11, subdivision 14a.
1.7 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.8 	Section 1. Minnesota Statutes 2006, section 273.11, is amended by adding a 
1.9 	subdivision to read:
1.10 		Subd. 14c.Vacant land platted on or after August 1, 2001, and prior to August 
1.11 	1, 2008; located in metropolitan county; phase-in readjusted. (a) All land platted on or 
1.12 	after August 1, 2001, and prior to August 1, 2008, located in a metropolitan county and not 
1.13 	improved with a structure shall be eligible for the phase-in assessment schedule under this 
1.14 	section. Based upon the assessor's records, the assessor shall obtain the estimated market 
1.15 	value of each individual lot based upon the highest and best use of the property as unplatted 
1.16 	land for the assessment year that the property was platted. In establishing the market value 
1.17 	of the property, the assessor shall have considered the sale price of the unplatted land or 
1.18 	comparable sales of unplatted land of similar use and similar availability of public utilities.
1.19 	(b) The market value determined in paragraph (a) plus one-seventh of  the difference 
1.20 	between the property's unplatted market value as determined under paragraph (a) and the 
1.21 	market value based upon the highest and best use of the land as platted property in the 
1.22 	current year, multiplied by the number of assessment years since the property was platted, 
1.23 	shall be added in each of the subsequent assessment years.
1.24 	(c) Notwithstanding paragraph (b), if construction begins before the expiration of the 
1.25 	phase-in in paragraph (b), that lot shall be eligible for revaluation in the next assessment 
2.1 	year. The market  value of a platted lot determined under this subdivision shall not exceed 
2.2 	the value of that lot based upon the highest and best use of the property as platted land.
2.3 	(d) For purposes of this section, "metropolitan county" means the counties of Anoka, 
2.4 	Carver,  Dakota, Hennepin, Ramsey, Scott, and Washington.

2.5 	EFFECTIVE DATE. This section is effective for taxes payable in 2009 and 
2.6 	thereafter.

2.7 	Sec. 2. Minnesota Statutes 2006, section 273.11, is amended by adding a subdivision to 
2.8 	read:
2.9 		Subd. 14d.Vacant land platted on or after August 1, 2008; located in 
2.10 	metropolitan county. (a) All land platted on or after August 1, 2008, located in a 
2.11 	metropolitan county, and not improved with a structure, shall be assessed as provided in 
2.12 	this subdivision. The assessor shall determine the market value of each individual lot based 
2.13 	upon the highest and best use of the property as unplatted land. In establishing the market 
2.14 	value of the property, the assessor shall consider the sale price of the unplatted land or 
2.15 	comparable sales of unplatted land of similar use and similar availability of public utilities.
2.16 	(b) The market value determined in paragraph (a) shall be increased as follows for 
2.17 	each of  the seven assessment years immediately following the final approval of the plat: 
2.18 	one-seventh of  the difference between the property's unplatted market value as determined 
2.19 	under paragraph (a) and the market value based upon the highest and best use of the land 
2.20 	as platted property shall be added in each of the seven subsequent assessment years.
2.21 	(c) Any increase in market value after the first assessment year following the plat's 
2.22 	final approval shall be added to the property's market value in the next assessment year. 
2.23 	Notwithstanding paragraph (b), if construction begins before the expiration of the seven 
2.24 	years in  paragraph (b), that lot shall be eligible for revaluation in the next assessment year. 
2.25 	The market  value of a platted lot determined under this subdivision shall not exceed the 
2.26 	value of that lot based upon the highest and best use of the property as platted land.
2.27 	(d) For purposes of this section, "metropolitan county" means the counties of Anoka, 
2.28 	Carver,  Dakota, Hennepin, Ramsey, Scott, and Washington.

2.29 	EFFECTIVE DATE. This section is effective for taxes payable in 2009 and 
2.30 	thereafter.

2.31 	Sec. 3.  REPEALER.
 2.32 	Minnesota Statutes 2006, section 273.11, subdivision 14a, is repealed.

3.1 	EFFECTIVE DATE. This section is effective for taxes payable in 2009 and 
3.2 	thereafter.