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MN SF4979

Bill

Official Source

Status

Introduced

3/14/2024

Primary Sponsor

Grant Hauschild

Click for details

Origin

Senate

93rd Legislature 2023-2024

AI Summary

  • Increases tier I valuation limit for Class 1c homestead resort properties from $600,000 to $1,100,000 of market value
  • Increases tier II valuation limit for Class 1c homestead resort properties from $1,700,000 to $2,600,000 of market value
  • Maintains existing classification rates for Class 1c tiers: tier I at 0.50 percent, tier II at 1.0 percent, and tier III at 1.25 percent
  • Applies to commercial use properties abutting public water or state trails, devoted to temporary and seasonal residential occupancy for recreation purposes
  • Takes effect beginning with assessment year 2025

Legislative Description

Homestead resort properties tier limits modification

Last Action

Referred to Taxes

3/14/2024

Committee Referrals

Taxes3/14/2024

Full Bill Text

No bill text available