Minnesota HF1829 modifies property tax tier limits for homestead resort properties.

Minnesota HF1829 amends the property tax classification for homestead resort properties. It modifies the tier limits for class 1c properties, which are residential properties used for recreational purposes but not for commercial purposes for more than 250 days a year. The bill adjusts the market value thresholds for different tax tiers, with the first $600,000 of market value in tier I, the next $1,700,000 in tier II, and any remaining value in tier III. The classification rates for these tiers are set at 0.50 percent, 1.0 percent, and 1.25 percent, respectively.

Minnesota HF1829 modifies property tax tier limits for homestead resort properties.

Minnesota HF1829 amends the property tax classification for homestead resort properties. It modifies the tier limits for class 1c properties, which are residential properties used for recreational purposes but not for commercial purposes for more than 250 days a year. The bill adjusts the market value thresholds for different tax tiers, with the first $600,000 of market value in tier I, the next $1,700,000 in tier II, and any remaining value in tier III. The classification rates for these tiers are set at 0.50 percent, 1.0 percent, and 1.25 percent, respectively.