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MN HF1574
Bill
Status
Introduced
2/25/2021
Primary Sponsor
Paul H. Anderson
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AI Summary
- Increases the first tier valuation limit for agricultural homestead property from $1,140,000 to $2,000,000 for assessment year 2022
- Beginning with assessment year 2023, the limit adjusts annually based on the ratio of statewide average taxable market value of agricultural property per acre for the preceding year compared to the second preceding year
- Annual adjustments are rounded to the nearest $10,000
- Applies only to class 2a agricultural property, excluding the house, garage, and immediately surrounding one acre of an agricultural homestead
- Commissioner of Revenue must certify the limit by January 2 of each assessment year, effective beginning with assessment year 2022
Legislative Description
Agricultural homestead property first tier valuation limit modified.
Last Action
Referred by Chair to Property Tax Division
3/1/2021
Committee Referrals
Property Tax3/1/2021
Taxes2/25/2021
Full Bill Text
No bill text available