Bill > SF420

This bill proposes a new limitation on how county assessors can increase the market value of residential properties in Minnesota. Specifically, assessors would be prohibited from raising the market value of residential property by more than 3% annually. The restriction would not apply when a residential property is sold, allowing for a full market value assessment in the year of sale. If a sold property's estimated market value increases by more than a certain percentage (the exact percentage is unclear in the provided text), the county auditor would be required to distribute that increase across the net tax capacity of all residential properties over the two years following the next tax payment year. Purchasers or their agents would also have the right to request a property tax estimate based on the current year's fair market value during a property sale. The provisions would become effective for assessment years starting in 2026, potentially providing homeowners with some protection against rapid property value increases and subsequent tax hikes. This bill aims to create more predictability and stability in residential property valuations for Minnesota homeowners.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF0420&ssn=0&y=2025