MN HF3372

Limits growth in assessed market value for agricultural properties to specified percentages annually: 20 percent for 2010, 15 percent for 2011-2013, and 15 percent for 2014, with the increase not to exceed 33 percent of the difference between current and preceding assessment.

Removes previous assessment year limitations that applied to 2004-2008 and simplifies the calculation methodology for agricultural property valuation increases.

Establishes that these limitations do not apply to increases in value due to improvements made to the property.

Creates an additional property tax refund for homeowners if gross property taxes increase more than 20 percent over the prior year by at least $100, with refunds equal to 60 percent of the increase and a maximum refund of $1,000.

Requires county officials to provide names and addresses of eligible homeowners upon request and allows the reasonable cost of data preparation to be charged to the requestor; effective for property taxes payable in 2011 and thereafter.