MN SF3340

Allows an owner of property previously classified as class 1c (homestead resort) to cease using it as a homestead while retaining ownership and operation as a resort, and then occupy a new homestead resort property within five miles and in the same county, with both properties assessed as a single class 1c property.

Designates the portion of the new property used as a homestead as class 1a property, with the remainder divided into three tiers: tier I ($600,000) at 0.50 percent rate, tier II ($1,700,000) at 1.0 percent rate, and tier III (remaining value) at 1.25 percent rate.

Class 1c property must continue to meet existing requirements: abutting public water, devoted to temporary and seasonal residential occupancy for recreational purposes no more than 250 days annually, containing three or more rental units, and providing specified recreational activities or services.

Effective for taxes levied in 2010, payable in 2011, and thereafter.