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Anoka County City of LinoLakes <br />shall consider the sale price of the unplatted land or comparable sales of unplatted land of <br />similar <br />use and similar availability of public utilities. <br />(b) The market value determined in paragraph (a) shall be increased as follows for each of <br />the seven assessment years immediately following the final approval of the plat: one - seventh <br />of <br />the difference between the property's unplatted market value as determined under paragraph <br />(a) <br />and the market value based upon the highest and best use of the land as platted property <br />shall be <br />added in each of the seven subsequent assessment years. <br />(c) Any increase in market value after the first assessment year following the plat's <br />final approval shall be added to the property's market value in the next assessment year. <br />Notwithstanding paragraph (b), if construction begins before the expiration of the seven years <br />in <br />paragraph (b), that lot shall be eligible for revaluation in the next assessment year. The <br />market <br />value of a platted lot determined under this subdivision shall not exceed the value of that lot <br />based <br />upon the highest and best use of the property as platted land. <br />Subd. 15. Vacant hospitals. In valuing a hospital, as defined in section 144.50, <br />subdivision <br />2 , that is located outside of a metropolitan county, as defined in section 473.121, subdivision <br />4, <br />and that on the date of sale is vacant and not used for hospital purposes or for any other <br />purpose, <br />the assessor's estimated market value for taxes levied in the year of the sale shall be no <br />greater <br />than the sales price of the property, including both the land and the buildings, as adjusted for <br />terms <br />of financing. If the sale is made later than December 15, the market value as determined <br />under <br />this subdivision shall be used for taxes levied in the following year. This subdivision applies <br />only <br />if the sales price of the property was determined under an arm's - length transaction. <br />Subd. 16. Valuation exclusion for certain improvements. Improvements to homestead <br />property made before January 2, 2003, shall be fully or partially excluded from the value of <br />the <br />property for assessment purposes provided that (1) the house is at least 45 years old at the <br />time of <br />the improvement and (2) the assessor's estimated market value of the house on January 2 of <br />the <br />current year is equal to or less than $400,000. <br />For purposes of determining this eligibility, "house" means land and buildings. <br />The age of a residence is the number of years since the original year of its construction. <br />In the case of a residence that is relocated, the relocation must be from a location within the <br />state and the only improvements eligible for exclusion under this subdivision are (1) those for <br />which building permits were issued to the homeowner after the residence was relocated to its <br />present site, and (2) those undertaken during or after the year the residence is initially <br />occupied <br />by the homeowner, excluding any market value increase relating to basic improvements that <br />are <br />