Agenda - Council - 07/27/1982 - Laserfiche WebLink

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STATE OF MINNESOTA DEPARTMENT OF REVENUE CENTENNIAL O~FICE BUILDING SAINT PAUL, MINNESOTA 55,45 p. ONF, (612) 296-5131 I I I June 25,'1982 Mr. Lloyd Schnelle Administrator, City of Ramsey Ramsey City Hall Ramsey, Minnesota 55303 I I I I I I I I I Dear Mr. Schnelle: In a recent telephone conversation you inquired how the use of rental information would be used to determine the taxable value of f~rms that qualify for the Green Acres classification. Minnesota Statute 273.11, Subdivision 7, was amended in 1982 as follows: (Agricultural Land.) Tillable agricultural land shall be valued at the lesser of its market value or the value which could be derived from capitalizing its free market gross rental rate as determined for that grade of land at a rate = of 5.6 percent. Each county assessor s~all survey the farm rental values of each grade of farmland in each township in the county and shall determine a farm rental 'value to be used for the assessment of'each grade. The values s~ determined shall be presented to township boards of review at their annual meetings held pursuant to section 274.01 in the year prior to that in which those values might be used in deter- mining tillable agricultural land values. The boards of review and any property owners may present their comments on the values, including any evidence indicating that the values are inaccurate, by December 1 of the year when the values were presented to the board. The county assessor shall make his final determination of assessed valuations for January 2 of the subsequent year based'on his determina- tions of the farm rental values as modified by any comments of board members or other property owners that he finds persuasive. Nontillable agricultural land and buildings on agricultural land shall be valued in the usual manner. Effective the day following final enactment for valuations for taxes levied in 1983, payable in 1984 and thereafter. I AN EQUAL OPPORTUNITY EIvlPLOYER