H.F. 162 Summary

• Creates new law in Minnesota Statutes chapter 15 requiring public agencies to not pay more than the county-assessed value when purchasing real property or interests in real property with public money.

• Applies to all public agencies as defined in section 15.71, subdivision 3, that are authorized to acquire real property with public funds.

• Repeals Minnesota Statutes 2018, section 16B.297, which previously required appraisals and allowed agencies to pay up to 10 percent above appraised value (or up to seller's appraised value for properties appraised under $100,000).