Limited Market Value Report: 1999 Assessment Year
Limited Market Value Report 1999 Assessment Year Taxes Payable 2000 Minnesota Department of Revenue Tax Research Division February 1, 2000 Mandate Information This report on limited market value is mandated by Laws of Minnesota for 1993, Chapter 375, Article 5, Section 42. In response to Minnesota Statutes, Section 3.197, the total cost of this report is $2,500. Executive Summary This report presents information on the limited market value of farm, residential and seasonal recreational residential property for assessment year 1999, taxes payable 2000, as mandated by Laws of Minnesota for 1993, Chapter 375, Article 5, Section 42. · The total market value limitation for taxes payable 2000 is $5,621,821,611. This compares to $3,389,506,961 in taxes payable 1999, $2,529,034,086 in taxes payable 1998, $2,045,660,418 in taxes payable 1997, $1,615,639,650 in taxes payable 1996, and $1,047,762,545 in payable 1995. Note that much of the increase from 1999 is due to changes in the program enacted by the 1999 legislature. · The payable 2000 limitation is 2.3 percent of total statewide market value. Introduction In 1993, the legislature established a limitation on annual increases in the market values of farm, residential and seasonal recreational residential property, effective for taxes payable 1994. The 1993 legislation authorized the limitation to the 1998 assessment year, but in 1994 the legislature set the 1997 assessment year (taxes payable 1998) as the final year. The 1997 legislature extended the limitation to assessment year 2001. The 1997 legislature also changed the one-third factor to one- fourth in the alternative method of calculating the limitation.
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