SF419
Residential properties valuation increase limitation provision and tax rate modifications
Legislative Session 94 (2025-2026)
AI Generated Summary
The bill proposes to limit the increase in property tax valuations for residential and agricultural properties in Minnesota. Specifically, starting from the assessment year 2025, the increase in taxable property value from one year to the next cannot exceed 2% of the previous year's value, unless the property is sold or improved. If a property is sold, the county assessor can reassess it based on its current market value. Increases in value due to improvements made to the property are exempt from this 2% limitation.
Actions
| Date | Chamber | Where | Type | Name | Committee Name |
|---|---|---|---|---|---|
| January 21, 2025 | Senate | Action | Introduction and first reading | ||
| January 21, 2025 | Senate | Action | Referred to | Taxes | |
| March 27, 2025 | Senate | Action | Author stricken |
Bill information comes from public records published by the Office of the Revisor of Statutes, the Minnesota House and the Minnesota Senate. AI summaries are written by MinneSlate and are not official. MinneSlate is independent and is not affiliated with the State of Minnesota or the Minnesota Legislature.