1.1                          A bill for an act 
  1.2             relating to taxation; eliminating the termination date 
  1.3             in the limited market value law; amending Minnesota 
  1.4             Statutes 2000, section 273.11, subdivision 1a. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  Minnesota Statutes 2000, 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, or noncommercial seasonal 
  1.11  recreational residential, the assessor shall compare the value 
  1.12  with that determined in the preceding assessment.  The amount of 
  1.13  the increase entered in the current assessment shall not exceed 
  1.14  the greater of (1) 8.5 percent of the value in the preceding 
  1.15  assessment, or (2) 15 percent of the difference between the 
  1.16  current assessment and the preceding assessment.  This 
  1.17  limitation shall not apply to increases in value due to 
  1.18  improvements.  For purposes of this subdivision, the term 
  1.19  "assessment" means the value prior to any exclusion under 
  1.20  subdivision 16. 
  1.21     The provisions of this subdivision shall be in effect only 
  1.22  through assessment year 2001. 
  1.23     For purposes of the assessment/sales ratio study conducted 
  1.24  under section 127A.48, and the computation of state aids paid 
  1.25  under chapters 122A, 123A, 123B, 124D, 125A, 126C, 127A, and 
  2.1   477A, market values and net tax capacities determined under this 
  2.2   subdivision and subdivision 16, shall be used.