Bill > SF175

This bill authorizes cities in Minnesota to create land-value taxation districts. These districts can reallocate property taxes among the parcels within the district based on factors such as net tax capacity, referendum market value, or the estimated market value excluding the value of improvements. The bill outlines the process for establishing a land-value taxation district, including public hearings and notice requirements. It also specifies how the property taxes within the district will be calculated and distributed, and allows property owners to appeal the land value assessment separately from the value of improvements. The bill's provisions are effective beginning with taxes payable in 2024.