MN HF3160

Amends Minnesota Statutes 2009 Supplement, section 273.111, subdivision 4, to establish a uniform method for valuing agricultural property for tax deferment purposes.

Requires the commissioner of revenue, in consultation with the Department of Applied Economics at the University of Minnesota, to develop fair and uniform agricultural value determinations based on average county agricultural production values.

Directs use of the most recent available county data on agricultural production, prices, production expenses, rent, and investment return to calculate countywide average values annually.

Requires county assessors to use soil type and soil classification data from detailed and general soil surveys when comparing individual assessment districts to county averages.

Prohibits assessors from considering commercial, industrial, residential, or seasonal recreational land use influences in determining ad valorem tax values, with a cap at the class 2a tillable property value set by the commissioner.

Takes effect for taxes payable in 2011 and thereafter.