If enacted, SF4701 would significantly alter state tax laws regarding property classification and assessment. By introducing a more streamlined classification system, local governments may experience changes in revenue as property taxes will be more uniformly assessed. The bill includes provisions to generate criteria for community land trusts, potentially expanding assistance to organizations that aid low-income housing, thereby influencing housing policy in Minnesota.
Summary
SF4701, officially titled 'Property Tax Classification Consolidation', seeks to reform the existing framework for property tax classifications in Minnesota. The bill aims to consolidate various property classifications, adjust rates, and redefine the 'referendum market value'. Notably, it proposes eliminating the state general levy on seasonal residential recreational properties and replacing the blind and disabled property tax classification with a refund system. The intended outcomes are to simplify the property tax structure and potentially lower property taxes for certain groups while ensuring a fair assessment across the board.
Contention
The bill has drawn both support and criticism during discussions. Proponents argue that the consolidation of property tax classifications can lead to a more equitable tax system and reduced burdens on property owners. However, opponents express concerns over the elimination of the state general levy on certain properties, fearing it could lead to funding deficits for local governments reliant on these revenues. Furthermore, the shift away from specific tax classifications for the blind and disabled could leave vulnerable populations with lesser protections, igniting debates over the effects on public assistance programs.
Similar To
Property tax classifications consolidated, classification rates modified, definition of referendum market value modified, state general levy on seasonal residential recreational property eliminated, and other property tax provisions modified.
Property tax classifications consolidated, classification rates modified, definition of referendum market value modified, state general levy on seasonal residential recreational property eliminated, and other property tax provisions modified.
Property tax provisions modified, property classifications and class rates modified, reports required, transition aid authorized, and money appropriated.
Property tax refunds modified, property tax credits established, classification rates modified, transition aid proposed, state general levy reduced, and money appropriated.
Classification rate removal and property tax exemption establishment for certain property owned and operated by congressionally chartered veterans service organizations
Classification rate removal and property that exemption establishment for certain property owned and operated by congressionally chartered veterans service organizations
Property tax classifications consolidated, classification rates modified, definition of referendum market value modified, state general levy on seasonal residential recreational property eliminated, and other property tax provisions modified.
Property tax provisions modified, first-tier valuation limit for agricultural homestead properties modified, homestead resort property tier limits modified, homestead market value exclusion modified, and state general levy reduced.
Property tax refunds modified, property tax credits established, classification rates modified, transition aid proposed, state general levy reduced, and money appropriated.
Property taxes and individual income taxes modified, first-tier valuation limit for agricultural homestead properties modified, tier limits for homestead resort properties increased, homestead market value exclusion modified, state general levy reduced, unlimited Social Security subtraction allowed, temporary refundable child credit established, and money appropriated.