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S.F. No. 1106 - PILT; Modifying Reappraisal Timeline; Limiting Valuation Reduction (as proposed to be amended by A-1)
 
Author: Senator Justin D. Eichorn
 
Prepared By: Eric S. Silvia, Senate Counsel (651/296-1771)
 
Date: March 20, 2019



 

SF 1106 makes two changes to the Payment in Lieu of Taxation (PILT) program. First, it requires that the appraised value of acquired natural resources land in the county be determined by the county assessor every four years rather than every six years. Secondly, it requires that the appraised value of all acquired natural resources land in the county not be reduced below the 2010 appraised value of the land. Under current law, payment for acquired natural resource land is set at: (1) $5.133 times the total number of acquired natural resources land in the county; or (2) at the county’s option, three-fourths of one percent of the appraised value of all natural resources land in the county, whichever is greater.

The bill also provides that the appraised value of Pike Island in the city of St. Paul shall be the appraised value for the most recent appraisal without reference to the 2010 appraised value of the property. This provision is meant to correct an incorrect appraisal made in 2010.

The section limiting the valuation reduction is effective beginning with aids payable in 2020. The section changing the reappraisal schedule is effective beginning with the 2022 reappraisal.   

 
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