H.F. No. 2300 Summary

• Modifies property tax classification for community land trust properties, allowing owner-occupied units to qualify for homestead treatment as class 1a or class 4d instead of requiring class 4a/4b classification.

• Establishes income eligibility requirement that occupants must have family income less than 80 percent of the greater of state median income or area/county median income, with verification required only at initial occupancy.

• Creates new class 4d(2) property classification for community land trust owner-occupied homestead units, with a 0.75 percent market value classification rate.

• Requires community land trusts to certify annually by December 15 that they own the property and the unit owner is a member in good standing.

• Effective for property taxes payable in 2022, applying to both Section 1 (273.11, subdivision 12) and Section 2 (273.13, subdivision 25) amendments.