MN HF101

Prohibits estimated market value increases for business property (classified as 3a) damaged or destroyed during unrest in Minneapolis and St. Paul between May 25, 2020, and June 10, 2020.

Caps estimated market value at the property's reassessment value performed to determine eligibility for abatements or credits under sections 273.1231 to 273.1235 until assessment year 2025.

Requires property owners to apply to county or local assessors by September 1, 2020, and must retain same ownership as before the damage and undergo repair or reconstruction to remain eligible.

Applies valuation limitations to local boards of review, county boards of equalization, State Board of Equalization, and the commissioner of revenue.

Requires assessors to notify property owners of any value reductions resulting from this limitation on assessment notices and property tax statements, effective for assessment year 2020 (taxes payable in 2021).