MN SF1168

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

The 3 percent limitation does not apply in the assessment year following a residential property sale, allowing full market value reassessment.

Purchasers or their agents may request the county auditor provide a property tax estimate based on current fair market value during a property sale.

If a sold residential property's estimated market value increases by more than a specified percentage over the prior year's assessment value, the county auditor shall spread the increase across net tax capacity of all residential properties for the two years following the next taxes payable year.

The provisions are effective for assessment year 2024 and thereafter.