HF2072 Summary

• Clarifies and standardizes the definition of "estimated market value" for property tax levy limitations, spending limits, state aid calculations, and debt issuance by local government units across Minnesota statutes.

• Replaces references to "taxable market value" with "estimated market value" in over 100 statutes governing taxation, bonding authority, and fiscal limitations for cities, counties, towns, school districts, and special taxing districts.

• Defines "estimated market value" as the assessor's determination of market value for a parcel, including effects of court orders, and specifies exclusions and adjustments that apply before calculating tax capacity (such as tax increment financing, fiscal disparities, and homestead market value exclusions).

• Establishes that "taxable market value" means estimated market value reduced by market value exclusions, deferments, or other adjustments required by law before applying class rates.

• Repeals obsolete provisions related to limited market value adjustments, wind energy values, and previous definitions while creating a new consolidated definition section (273.1325) for adjusted net tax capacity calculations.