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Senate Counsel, Research and Fiscal Analysis
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Minnesota Senate Bldg.
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95 University Avenue W. Suite 3300
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St. Paul, MN 55155
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(651) 296-4791
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Alexis C. Stangl
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Director
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Senate
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State of Minnesota
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S.F. No. 1520 - Limiting Taxable Valuation for Class 4d Property
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Author:
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Senator Ann H. Rest
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Prepared By:
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Eric S. Silvia, Senate Counsel (651/296-1771)
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Date:
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April 8, 2013
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S.F. 1520 limits the taxable value of property classified as 4d (low-income multi family housing). For assessment year 2013 (taxes payable 2014) the value may not exceed $100,000 times the number of dwelling units. For subsequent years, the value limit is adjusted by the average statewide change in estimated market value property classified as 4a (apartments with 4 or more units) and 4d, for the previous assessment year, excluding valuation changes due to new construction, rounded to the nearest $1,000. Beginning with assessment year 2014, the commissioner of revenue must certify the limit for each assessment year by November 1 of the previous year.
Effective beginning with assessment year 2013.
ESS/tg
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Last review or update: 04/08/2013
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