MN SF419

Caps annual property valuation increases at 2% for agricultural homestead/nonhomestead and residential homestead/nonhomestead properties, effective for assessment year 2025 and thereafter

Allows county assessors to reassess property at current fair market value when the property is sold, resetting the valuation cap

Excludes improvements from the 2% valuation increase cap, allowing full value increases for property upgrades

Limits property taxes to 1% of the current year's assessed value for agricultural and residential properties (both homestead and nonhomestead), effective for taxes payable in 2026

Amends Minnesota Statutes sections 273.11 and 275.08 by adding new subdivisions for limited residential market value and residential property tax adjustment