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S.F. No. 1520 - Limiting Taxable Valuation for Class 4d Property
 
Author: Senator Ann H. Rest
 
Prepared By: Eric S. Silvia, Senate Counsel (651/296-1771)
 
Date: April 8, 2013



 

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.

 

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