MN SF696

Modifies property tax classification for community land trust units owned and occupied by residents, allowing them to qualify for class 1a homestead treatment or class 4d classification if requirements are met.

Requires community land trusts to verify applicant family income meets criteria under Minnesota Statutes section 462A.30, subdivision 9 at initial occupancy, with no ongoing re-verification required.

Rented units in community land trusts are classified as class 4a or 4b residential property, with remaining non-residential portions classified based on use.

For class 4d(2) community land trust property, market value must be determined using normal approach to value without regard to restrictions applicable to community land trust properties.

Establishes a 0.75 percent classification rate for class 4d(2) community land trust property and requires community land trusts to certify to assessors by December 15 each year that the trust owns the property and the unit owner is a member in good standing.

Effective beginning with assessment year 2024.