MN HF4810

County assessors shall not increase market value of residential property by more than 3 percent of the prior year's assessment value

When residential property is sold, the 3 percent limitation does not apply for the following assessment year, and purchasers may request a property tax estimate based on current fair market value

If a sold residential property's estimated market value increases beyond a specified percentage (amount not filled in) over prior year's assessment value, the county auditor shall spread the increase across net tax capacity of all residential properties

The spread of excess valuation increases applies for taxes payable in the two years following the next taxes payable year

Provision is effective for assessment year 2023 and thereafter