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Anoka County City of Lino Lakes
<br />reasonable response action plan or asbestos abatement plan or management program for the
<br />property.(b) For purposes of this subdivision, "asbestos abatement plan," "contaminants," and
<br />"response action plan" have the meanings as used in sections 270.91 and 270.92.
<br /> Subd. 18. Disclosure of valuation exclusion. No seller of real property shall sell or offer for sale
<br />property that, for purposes of property taxation, has an exclusion from market value for home
<br />improvements under subdivision 16, without disclosing to the buyer the existence of the excluded
<br />valuation and informing the buyer that the exclusion will end upon the sale of the property and that the
<br />property's estimated market value for property tax purposes will increase accordingly.
<br /> Subd. 19. Valuation exclusion for improvements to certain business property. Property
<br />classified under Minnesota Statutes, section 273.13, subdivision 24, which is eligible for the preferred
<br />class rate on the market value up to $150,000, shall qualify for a valuation exclusion for assessment
<br />purposes, provided all of the following conditions are met: (1) the building must be at least 50 years
<br />old at the time of the improvement or damaged by the 1997 floods;(2) the building must be located in
<br />a city or town with a population of 10,000 or less that is located outside the seven-county metropolitan
<br />area, as defined in section 473.121, subdivision 2; (3) the total estimated market value of the land and
<br />buildings must be $100,000 or less prior to the improvement and prior to the damage caused by the
<br />1997 floods;(4) the current year's estimated market value of the property must be equal to or less than
<br />the property's estimated market value in each of the two previous years' assessments;(5) a building
<br />permit must have been issued prior to the commencement of the improvement, or if the building is
<br />located in a city or town which does not have a building permit process, the property owner must notify
<br />the assessor prior to the commencement of the improvement;(6) the property, including its
<br />improvements, has received no public assistance, grants or financing except, that in the case of
<br />property damaged by the 1997 floods, the property is eligible to the extent that the flood losses are not
<br />reimbursed by insurance or any public assistance, grants, or financing;(7) the property is not receiving
<br />a property tax abatement under section 469.1813; and (8) the improvements are made after the
<br />effective date of Laws 1997, chapter 231, and prior to January 1, 1999.The assessor shall estimate
<br />the market value of the building in the assessment year immediately following the year that (1) the
<br />building permit was taken out, or (2) the taxpayer notified the assessor that an improvement was to be
<br />made. If the estimated market value of the building has increased over the prior year's assessment,
<br />the assessor shall note the amount of the increase on the property's record, and that amount shall be
<br />subtracted from the value of the property in each year for five years after the improvement has been
<br />made, at which time an amount equal to 20 percent of the excluded value shall be added back in each
<br />of the five subsequent assessment years. For any property, there can be no more than two
<br />improvements qualifying for exclusion under this subdivision. The maximum amount of value that can
<br />be excluded from any property under this subdivision is $50,000.The assessor shall require an
<br />application, including documentation of the age of the building from the owner, if unknown by the
<br />assessor. Applications must be received prior to July 1 of any year in order to be effective for taxes
<br />payable in the following year. For purposes of this subdivision, "population" has the same meaning
<br />given in Minnesota Statutes, section 477A.011, subdivision 3.
<br /> Subd. 20. Valuation exclusion for improvements to certain business property. Property
<br />classified under section 273.13, subdivision 24, qualifies for a valuation exclusion for assessment
<br />purposes, provided all of the following conditions are met: (1) the building must have been damaged
<br />by the 2002 floods;(2) the building must be located in a city or town with a population of 10,000 or less
<br />that is located in a county in the area included in DR-1419;(3) the total estimated market value of the
<br />land and buildings must be $150,000 or less for assessment year 2002;(4) a building permit must
<br />have been issued prior to the commencement of the improvement, or if the building is located in a city
<br />or town which does not have a building permit process, the property owner must notify the assessor
<br />prior to the commencement of the improvement;(5) the property is not receiving a property tax
<br />abatement under section 469.1813; and (6) the improvements are made before January 1, 2004.The
<br />assessor shall estimate the market value of the building in the assessment year immediately following
<br />the year that (1) the building permit was taken out, or (2) the taxpayer notified the assessor that an
<br />improvement was to be made. If the estimated market value of the building has increased over the
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