MN HF3374

Amends Minnesota Statutes section 273.11, subdivision 1a to limit the annual growth in assessed market value for agricultural properties under section 273.13, subdivisions 23(a), (b), or (c).

For assessment years 2010-2014, caps the increase in assessed value at the greater of either a percentage of the prior assessment (15-20% depending on year) or a percentage of the difference between current and prior assessments (33-50% depending on year).

Provisions effective through assessment year 2014, with limitations not applying to increases in value due to improvements.

Establishes a one-time supplemental agricultural credit for taxes payable in 2011 for properties enrolled under section 273.111 for 2009-2011 where 2010 taxes exceed 2009 taxes by at least 25 percent.

Credit amount equals the excess of net 2010 taxes over net 2009 taxes by more than 25 percent, but cannot exceed net tax liability for 2011; counties may levy an additional amount equal to credit obligations for taxes payable in 2011.