MN SF420

County assessors would be prohibited from increasing the market value of residential property by more than 3% annually over the prior year's assessment value

The 3% cap would not apply in the assessment year following a property sale, allowing reassessment to current fair market value upon transfer of ownership

Purchasers or their agents may request a property tax estimate from the county auditor based on the current year's fair market value during a sale

When a sold property's market value increases above a specified threshold (percentage left blank in bill), the county auditor must spread that increase across all residential properties' net tax capacity over two subsequent tax years

Effective for assessment year 2026 and thereafter