The bill amends Minnesota Statutes 2023 Supplement, section 273.13, subdivision 25, to modify the classification rates for manufactured home parks. Specifically, it establishes that manufactured home parks assessed under clause (5), item (i), will have the same classification rate as class 4b property, which is set at 1.25 percent. Additionally, the market value of manufactured home parks assessed under clause (5), item (ii), will now have a classification rate of 0.75 percent, a change from the previous rate of 1.0 percent. The bill also clarifies that the classification rates for various types of properties, including commercial-use seasonal residential recreational property and marina recreational land, will be adjusted accordingly.

Furthermore, the bill introduces an effective date for these changes, stating that they will take effect beginning with the assessment year 2025. This legislative update aims to provide clearer guidelines for the taxation of manufactured home parks and related properties, ensuring that the classification rates reflect current usage and occupancy standards.