MN HF1275

County assessors, in consultation with the Department of Revenue, shall determine the relative value of agricultural land for each assessment district based on agricultural market and soil data, rather than using only statewide countywide average values.

The Commissioner of Revenue shall develop a fair and uniform method for determining average agricultural land value for each county using sales data and adjustments based on commodity prices, production expenses, rent, and investment return.

Assessors are prohibited from considering nonagricultural factors such as commercial, industrial, residential, or seasonal recreational land use influences when determining value for properties qualifying for Green Acres tax deferment.

For properties qualifying only under subdivision 3a, the assessed value cannot exceed the value prescribed by the Commissioner of Revenue for class 2a tillable property in that county.

The provisions are effective beginning for taxes payable in 2016.