This bill amends Minnesota Statutes 2024, section 273.13, subdivision 22, to modify the tier limits for homestead resort properties. Specifically, it increases the market value thresholds for class 1c properties, which are defined as commercial use real and personal properties that are used for temporary and seasonal residential occupancy for recreational purposes. The first tier limit is raised from $600,000 to $1,500,000, and the second tier limit is increased from $1,700,000 to $3,000,000. The classification rates for class 1c properties remain at 0.50 percent for tier I, 1.0 percent for tier II, and 1.25 percent for tier III.

Additionally, the bill introduces a new effective date for these changes, stating that they will take effect beginning with the assessment year 2026. This adjustment aims to provide more favorable tax classifications for homestead resort properties, potentially benefiting property owners in the state.

Statutes affected:
Introduction: 273.13