MN SF4541

Limits annual assessed value increases on agricultural homestead, agricultural nonhomestead, residential homestead, and residential nonhomestead properties to 2 percent for assessment year 2022 and thereafter, compared to the preceding year's taxable value.

Excludes value increases from property improvements from the 2 percent limitation cap.

Allows county assessors to reassess residential property at current fair market value when the property is sold.

Caps property tax for affected parcels at 1 percent of current year assessment value, effective for property taxes payable in 2023 and thereafter.

Requires county auditors to adjust net tax capacity and local tax rates accordingly before spreading taxes.