MN SF2524

Allows homestead resort property to qualify for Class 1c tax classification if it abuts a state trail administered by the Department of Natural Resources, in addition to the existing requirement that it abut public water.

Class 1c property must be devoted to temporary and seasonal residential occupancy for recreational purposes, not exceed 250 days of commercial use per year, contain three or more rental units, and include a portion used as a homestead by the owner.

The homestead portion of Class 1c property is classified as Class 1a, while the remainder is taxed at tiered rates: tier I (first $600,000) at 0.50 percent, tier II (next $1,700,000) at 1.0 percent, and tier III (remaining value) at 1.25 percent.

Effective for taxes payable in 2013 and thereafter.