1.1 	A bill for an act
1.2 	relating to taxation; property; extending limited market value;amending 
1.3 	Minnesota Statutes 2010, section 273.11, subdivision 1a.
1.4 	BE 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. In the case of all property classified as 
1.7 	agricultural homestead or nonhomestead, residential homestead or nonhomestead, timber, 
1.8 	or noncommercial seasonal residential recreational, the assessor shall compare the value 
1.9 	with the taxable portion of the value determined in the preceding assessment.
1.10 	For assessment years 2004, 2005, and 2006 2011 through 2013, the amount of 
1.11 	the increase shall not exceed the greater of (1) 15 percent of the value in the preceding 
1.12 	assessment, or (2) 25 percent of the difference between the current assessment and the 
1.13 	preceding assessment.
1.14 	For assessment year 2007 2014, the amount of the increase shall not exceed the 
1.15 	greater of (1) 15 percent of the value in the preceding assessment, or (2) 33 percent of the 
1.16 	difference between the current assessment and the preceding assessment.
1.17 	For assessment year 2008 2015, the amount of the increase shall not exceed the 
1.18 	greater of (1) 15 percent of the value in the preceding assessment, or (2) 50 percent of the 
1.19 	difference 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 	2015 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 for assessment year 2011 and 
2.6 	thereafter, for taxes payable in 2012 and thereafter.