Bill Text: MN HF2155 | 2011-2012 | 87th Legislature | Introduced
Bill Title: Central corridor light rail line property valuation increases limited.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2012-02-08 - Introduction and first reading, referred to Transportation Policy and Finance [HF2155 Detail]
Download: Minnesota-2011-HF2155-Introduced.html
1.2relating to taxation; property; limiting valuation increases for certain properties
1.3along the central corridor light rail line;amending Minnesota Statutes 2010,
1.4section 273.11, subdivision 1a.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2010, section 273.11, subdivision 1a, is amended to read:
1.7 Subd. 1a. Limited market value. Inthe case determining the taxable market value
1.8before application of any valuation reduction under section 273.13, subdivision 35, of all
1.9propertyclassified as agricultural homestead or nonhomestead, residential homestead or
1.10nonhomestead, timber, or noncommercial seasonal residential recreational located within
1.11one-half mile of the central corridor light rail line within an area bounded by Snelling
1.12Avenue on the west and Rice Street on the east, the assessor shall compare the value with
1.13the taxable portion of the value before application of any valuation reduction under section
1.14273.13, subdivision 35, determined in the preceding assessment.
1.15For assessment years2004, 2005, and 2006 2012 through 2016, the amount of the
1.16increase shall not exceed the greater of (1)15 ten percent of the value in the preceding
1.17assessment, or (2)25 20 percent of the difference between the current assessment and
1.18the preceding assessment.
1.19For assessment year2007 2017, the amount of the increase shall not exceed the
1.20greater of (1) 15 percent of the value in the preceding assessment, or (2) 33 percent of the
1.21difference between the current assessment and the preceding assessment.
1.22For assessment year2008 2018, the amount of the increase shall not exceed the
1.23greater of (1) 15 percent of the value in the preceding assessment, or (2) 50 percent of the
1.24difference between the current assessment and the preceding assessment.
2.1This limitation shall not apply to increases in value due to improvements. For
2.2purposes of this subdivision, the term "assessment" means the value prior to any exclusion
2.3under subdivision 16.
2.4The provisions of this subdivision shall be in effect through assessment year2008
2.52018 as provided in this subdivision.
2.6For purposes of the assessment/sales ratio study conducted under section
127A.48,
2.7and the computation of state aids paid under chapters 122A, 123A, 123B, 124D, 125A,
2.8126C, 127A, and 477A, market values and net tax capacities determined under this
2.9subdivision and subdivision 16, shall be used.
2.10The provisions of this subdivision shall not apply to any property undergoing a
2.11change in ownership after March 1, 2012.
2.12The provisions of this subdivision shall not apply to any property described in
2.13section 273.13, subdivision 24, paragraph (a), clauses (2) and (3).
2.14EFFECTIVE DATE.This section is effective for assessment year 2012 and
2.15thereafter.
1.3along the central corridor light rail line;amending Minnesota Statutes 2010,
1.4section 273.11, subdivision 1a.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2010, section 273.11, subdivision 1a, is amended to read:
1.7 Subd. 1a. Limited market value. In
1.8before application of any valuation reduction under section 273.13, subdivision 35, of all
1.9property
1.10
1.11one-half mile of the central corridor light rail line within an area bounded by Snelling
1.12Avenue on the west and Rice Street on the east, the assessor shall compare the value with
1.13the taxable portion of the value before application of any valuation reduction under section
1.14273.13, subdivision 35, determined in the preceding assessment.
1.15For assessment years
1.16increase shall not exceed the greater of (1)
1.17assessment, or (2)
1.18the preceding assessment.
1.19For assessment year
1.20greater of (1) 15 percent of the value in the preceding assessment, or (2) 33 percent of the
1.21difference between the current assessment and the preceding assessment.
1.22For assessment year
1.23greater of (1) 15 percent of the value in the preceding assessment, or (2) 50 percent of the
1.24difference between the current assessment and the preceding assessment.
2.1This limitation shall not apply to increases in value due to improvements. For
2.2purposes of this subdivision, the term "assessment" means the value prior to any exclusion
2.3under subdivision 16.
2.4The provisions of this subdivision shall be in effect through assessment year
2.52018 as provided in this subdivision.
2.6
2.7
2.8
2.9
2.10The provisions of this subdivision shall not apply to any property undergoing a
2.11change in ownership after March 1, 2012.
2.12The provisions of this subdivision shall not apply to any property described in
2.13section 273.13, subdivision 24, paragraph (a), clauses (2) and (3).
2.14EFFECTIVE DATE.This section is effective for assessment year 2012 and
2.15thereafter.
