MN HF4423

Creates a statutory definition of "highest and best use" as the reasonably probable use of property that results in the highest value, where reasonably probable use means a use that is physically possible, legally permissible, and financially feasible.

Amends property valuation law to require all property be valued at market value based upon its highest and best use, effective for property assessed on or after January 2, 2021.

Establishes four specific considerations for valuing class 3a property: assessors must not reduce value due to use restrictions; comparable properties must have the same highest and best use as the subject property; assessors must determine if continuation of current use is the highest and best use; and vacant properties cannot be comparables unless the subject property is also vacant.

Applies all provisions effective for property assessed or assessed on or after January 2, 2021.