MN SF2007

Limits annual property valuation increases for properties within one-half mile of the central corridor light rail line (between Snelling Avenue and Rice Street) for assessment years 2012 through 2018.

For assessment years 2012-2016, increases are capped at the greater of 10 percent of prior year value or 20 percent of the difference between current and prior assessment.

For assessment year 2017, increases are capped at the greater of 15 percent of prior year value or 33 percent of the difference between current and prior assessment.

For assessment year 2018, increases are capped at the greater of 15 percent of prior year value or 50 percent of the difference between current and prior assessment.

Valuation increase limitations do not apply to increases from property improvements, properties with ownership changes after March 1, 2012, or properties described in section 273.13, subdivision 24, paragraph (a), clauses (2) and (3).