H.F. No. 5466 Summary

• Changes the classification rate for Class I manufactured home parks from 1.0 percent to 0.75 percent of market value.

• Modifies the classification rate structure for manufactured home parks assessed under section 273.124, subdivision 3a, maintaining rates of 0.75 percent if more than 50 percent of lots are occupied by cooperative shareholders and 1.0 percent if 50 percent or less are so occupied.

• Maintains the classification rate of 1.25 percent for manufactured home parks assessed under the general Class 4b provision.

• The changes take effect beginning with assessment year 2025.