MN SF12

Modifies Minnesota's railroad property valuation and taxation statutes by renumbering sections 270.80-270.87 to 273.3712-273.3719, effective for assessment year 2021 and thereafter.

Updates valuation methodology to use cost, income, and market approaches with unit value methodology, replacing previous "Blue Chip Method" for obsolescence calculations with more flexible appraisal practices.

Establishes new allocation method for determining Minnesota's portion of railroad value using factors including track miles, ton-miles of freight, transportation revenues, and property costs, weighted equally.

Creates separate deduction process for nonoperating and exempt property from Minnesota allocated value, with railroad companies bearing burden of proof to establish exclusions.

Repeals existing subdivision 4 of section 270.81 (nontaxable property provision) and subdivision 3 of section 270.83 (failure to file report provision), plus numerous related administrative rules.