MN SF3362

Amends Minnesota Statutes to allow valuation exclusions for improvements to homestead property that is at least 45 years old and valued at $400,000 or less, with qualifying improvements fully or partially excluded from assessed value for 10 years.

For homesteads, total qualifying value cannot exceed $50,000 ($25,000 if house is less than 70 years old), with improvements valued at full increase if house is 70+ years old or one-half the increase otherwise.

Extends similar valuation exclusion provisions to commercial and industrial property that is at least 45 years old and valued at $2,000,000 or less, with improvements requiring at least 12 percent increase in market value and a maximum total qualifying value of $250,000 ($125,000 if building is less than 70 years old).

Requires building permits prior to improvement commencement (where applicable) and applications filed within 3 years of permit issuance or improvement completion, with all applications due by July 1 to be effective for the following year's taxes.

Effective for improvements initially subject to assessment on January 2, 2011, and thereafter.