MN HF4186

Amends Minnesota Statutes section 273.11, subdivision 12, to modify property tax classification rates for community land trust properties.

Owner-occupied units in community land trusts receive homestead classification (class 1a) but shall be taxed at the same rate as the first tier of class 4d property.

Rented units in community land trusts shall be class 4a or 4b property but shall receive the same classification rate as the first tier of class 4d property.

Land under community land trust buildings is assessed at the same classification rate as the units within the building, with proportional allocation if the building contains both owner-occupied and rented units.

All occupants must have family income less than 80 percent of the greater of state median income or area/county median income, with income verification required only at initial occupancy.

Effective beginning with assessment year 2019.