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STATE OF MINNESOTA <br /> <br />I DEPARTMENT OF REVENUE <br /> CENTENNIAL O~FICE BUILDING <br /> SAINT PAUL, MINNESOTA 55145 <br /> PHONE: (612) 296-513] <br /> <br />June 25, 1982 <br /> <br />Mr. Lloyd Schnelle <br />Administrator, City of Ramsey <br />Ramsey City Hall <br />Ramsey, Minnesota 55303 <br /> <br />Dear Mr. Schnelle: <br /> <br />In a recent telephone conversation you inquired how the use of rental <br />information would be used to determine the taxable value of farms that <br />qualify for the Green Acres classification. <br /> <br />Minnesota Statute 273.11, Subdivision 7, was amended in 1982 as follows: <br /> <br /> (Agricultural Land.) Tillable agricultural land shall <br />be valued at the lesser of its market value or the value which <br />could be derived from capitalizing its free market gross <br />rental rate as determined for that grade of land at a fate <br />of 5.6 percent. Each county assessor s~.ll survey the farm <br />rental values of each grade of farmland in each township in <br />the county and shall determine a farm rental value to be used <br />for the assessment of'each grade. The values so determined <br />shall be presented to township boards of review at their <br />annual meetings held pursuant to section 274.01 in. the year <br />prior to that in which those values might be used in'deter- <br />mining tillable agricultural land values. The boards of <br />review and any property owners may present their comments <br />on the values, including any evidence indicating that the <br />values are inaccurate, by December I of the year when the <br />values were presented to the board. The county assessor <br />shall make his final determination of assessed valuations <br />for January 2 of the subsequent year based on his determina- <br />tions of the farm rental values as modified by any comments <br />of board members or other property owners that he finds <br />persuasive. Nontillable agricultural land and buildings on <br />agricultural land shall be valued in the usual manner. <br /> <br /> Effective the day following final enactment for valuations <br />for taxes levied in 1983, payable in 1984 and thereafter. <br /> <br />AN EQUAL OPPORTUNITY EMPLOYER <br /> <br /> <br />