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Anoka County City of Lino Lakes
<br />273.11 VALUATION OF PROPERTY.
<br />Subdivision 1. Generally. Except as provided in this section or section 273.17, subdivision 1 , all
<br />property shall be valued at its market value. The market value as determined pursuant to this section
<br />shall be stated such that any amount under $100 is rounded up to $100 and any amount exceeding
<br />$100 shall be rounded to the nearest $100. In estimating and determining such value, the assessor
<br />shall not adopt a lower or different standard of value because the same is to serve as a basis of
<br />taxation, nor shall the assessor adopt as a criterion of value the price for which such property would
<br />sell at a forced sale, or in the aggregate with all the property in the town or district; but the assessor
<br />shall value each article or description of property by itself, and at such sum or price as the assessor
<br />believes the same to be fairly worth in money. The assessor shall take into account the effect on the
<br />market value of property of environmental factors in the vicinity of the property. In assessing any tract
<br />or lot of real property, the value of the land, exclusive of structures and improvements, shall be
<br />determined, and also the value of all structures and improvements thereon, and the aggregate value
<br />of the property, including all structures and improvements, excluding the value of crops growing upon
<br />cultivated land. In valuing real property upon which there is a mine or quarry, it shall be valued at such
<br />price as such property, including the mine or quarry, would sell for at a fair, voluntary sale, for cash, if
<br />the material being mined or quarried is not subject to taxation under section 298.015 and the mine or
<br />quarry is not exempt from the general property tax under section 298.25. In valuing real property
<br />which is vacant, platted property shall be assessed as provided in subdivision 14. AU property, or the
<br />use thereof, which is taxable under section 272.01, subdivision 2, or 273.19, shall be valued at the
<br />market value of such property and not at the value of a leasehold estate in such property, or at some
<br />lesser value than its market value.
<br />Subd. 1a. Limited market value. In the case of all property classified as agricultural homestead or
<br />nonhomestead, residential homestead or nonhomestead, timber, or noncommercial seasonal
<br />residential recreational, the assessor shall compare the value with the taxable portion of the value
<br />determined in the preceding assessment. For assessment years 2004, 2005, and 2006, the amount of
<br />the increase shall not exceed the greater of (1) 15 percent of the value in the preceding assessment,
<br />or (2) 25 percent of the difference between the current assessment and the preceding assessment.
<br />For assessment year 2007, the amount of the increase shall not exceed the greater of (1) 15 percent
<br />of the value in the preceding assessment, or (2) 33 percent of the difference between the current
<br />assessment and the preceding assessment. For assessment year 2008, the amount of the increase
<br />shall not exceed the greater of (1) 15 percent of the value in the preceding assessment, or (2) 50
<br />percent of the difference between the current assessment and the preceding assessment. This
<br />limitation shall not apply to increases in value due to improvements. For purposes of this subdivision,
<br />the term "assessment" means the value prior to any exclusion under subdivision 16.The provisions of
<br />this subdivision shall be in effect through assessment year 2008 as provided in this subdivision. For
<br />purposes of the assessment/sales ratio study conducted under section 127A.48, and the computation
<br />of state aids paid under chapters 122A, 123A, 123B, 124D, 125A, 126C, 127A, and 477A, market
<br />values and net tax capacities determined under this subdivision and subdivision 16, shall be used.
<br />Subd. 2.[Repealed, 1979 c 303 art 2 s 38]
<br />Subd. 3.[Repealed, 1975 c 437 art 8 s 10]
<br />Subd. 4.[Repealed, 1976 c 345 s 3]
<br />Subd. 5. Boards of review and equalization. Notwithstanding any other provision of law to the
<br />contrary, the limitation contained in subdivisions 1 and 1 a shall also apply to the authority of the local
<br />board of review as provided in section 274.01, the county board of equalization as provided in section
<br />274.13, the State Board of Equalization and the commissioner of revenue as provided in sections
<br />270.11, subdivision 1, 270.12, 270C.92, and 270C.94.
<br />Subd. 6. Solar, wind, methane gas systems. For purposes of property taxation, the market value
<br />of real and personal property installed prior to January 1, 1984, which is a solar, wind, or agriculturally
<br />derived methane gas system used as a heating, cooling, or electric power source of a building or
<br />structure shall be excluded from the market value of that building or structure if the property is not
<br />used to provide energy for sale.
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