MN HF2268

Modifies property tax classification for community land trust properties by amending Minnesota Statutes 2020, section 273.11, subdivision 12.

Owner-occupied units in community land trusts qualify for homestead treatment as class 1a but receive the same classification rate as the first tier of class 4d property.

Rented units in community land trusts classified as class 4a or 4b property receive the same classification rate as the first tier of class 4d property.

All occupants must have family income less than 80 percent of the greater of state median income or area/county median income, verified at initial occupancy only.

Effective beginning with assessment year 2022.