Minnesota HF3277 modifies property tax assessments for certain railroad improvements and adjusts the yield capitalization rate for railroad property.

Minnesota HF3277 amends property tax laws to provide market value exclusions for specific railroad property improvements. These improvements must be made to accommodate public transit, light rail, commuter rail, or intercity passenger rail, and include subgrade work, grading, and rail switches. To qualify, the improvements must be implemented after January 1, 2016. The commissioner of revenue must estimate the market value of the railroad property in the assessment year following notification of the improvement.

Minnesota HF3277 modifies property tax assessments for certain railroad improvements and adjusts the yield capitalization rate for railroad property.

Minnesota HF3277 amends property tax laws to provide market value exclusions for specific railroad property improvements. These improvements must be made to accommodate public transit, light rail, commuter rail, or intercity passenger rail, and include subgrade work, grading, and rail switches. To qualify, the improvements must be implemented after January 1, 2016. The commissioner of revenue must estimate the market value of the railroad property in the assessment year following notification of the improvement.