(a) Unless otherwise provided, for the purpose of determining any property tax levy limitation based on market value or any limit on net debt, the issuance of bonds, certificates of indebtedness, or capital notes based on market value, any qualification to receive state aid based on market value, or any state aid amount based on market value, the terms "market value," "estimated market value," and "market valuation," whether equalized or unequalized, mean the estimated market value of taxable property within the local unit of government before any of the following or similar adjustments for:
(1) the market value exclusions under:
(i) section
273.11, subdivisions 14a and 14c (vacant platted land);
(ii) section
273.11, subdivision 16 (certain improvements to homestead property);
(iii) section
273.11, subdivisions 19 and 20 (certain improvements to business properties);
(iv) section
273.11, subdivision 21 (homestead property damaged by mold);
(v) section
273.13, subdivision 34 (homestead of a veteran with a disability or family caregiver); or
(vi) section
273.13, subdivision 35 (homestead market value exclusion); or
(2) the deferment of value under:
(i) the Minnesota Agricultural Property Tax Law, section
273.111;
(ii) the Aggregate Resource Preservation Law, section
273.1115;
(iii) the Minnesota Open Space Property Tax Law, section
273.112;
(iv) the rural preserves property tax program, section
273.114; or
(v) the Metropolitan Agricultural Preserves Act, section
473H.10; or
(3) the adjustments to tax capacity for:
(i) tax increment financing under sections
469.174 to
469.1794;
(ii) fiscal disparities under chapter 276A or 473F; or
(iii) powerline credit under section
273.425.
(b) Estimated market value under paragraph (a) also includes the market value of tax-exempt property if the applicable law specifically provides that the limitation, qualification, or aid calculation includes tax-exempt property.
(c) Unless otherwise provided, "market value," "estimated market value," and "market valuation" for purposes of property tax levy limitations and calculation of state aid, refer to the estimated market value for the previous assessment year and for purposes of limits on net debt, the issuance of bonds, certificates of indebtedness, or capital notes refer to the estimated market value as last finally equalized.
(d) For purposes of a provision of a home rule charter or of any special law that is not codified in the statutes and that imposes a levy limitation based on market value or any limit on debt, the issuance of bonds, certificates of indebtedness, or capital notes based on market value, the terms "market value," "taxable market value," and "market valuation," whether equalized or unequalized, mean "estimated market value" as defined in paragraph (a).
Minn. Stat. § 273.032
1994 c 416 art 1 s 12; 1997 c 31 art 3 s 3; 2006 c 259 art 9 s 5; 2007 c 13 art 1 s 12; 2013 c 143 art 14 s 25; 2016 c 158 art 1 s 157
Amended by 2019 Minn. Laws, ch. 6,s 24-3, eff. 5/31/2019.
Amended by 2016 Minn. Laws, ch. 158,s 1-157, eff. 8/1/2016.
Amended by 2013 Minn. Laws, ch. 143,s 14-25, eff. 8/1/2013.