Minnesota SF419 limits annual valuation increases on residential properties and adjusts property tax rates.

Minnesota SF419 introduces a cap on annual valuation increases for residential properties, limiting them to two percent of the preceding assessment value. This cap does not apply to increases due to improvements. Additionally, the bill modifies property tax rates, ensuring that residential property taxes do not exceed one percent of the current year's assessment value. These changes take effect for assessment year 2025 and property taxes payable in 2026.

Minnesota SF419 limits annual valuation increases on residential properties and adjusts property tax rates.

Minnesota SF419 introduces a cap on annual valuation increases for residential properties, limiting them to two percent of the preceding assessment value. This cap does not apply to increases due to improvements. Additionally, the bill modifies property tax rates, ensuring that residential property taxes do not exceed one percent of the current year's assessment value. These changes take effect for assessment year 2025 and property taxes payable in 2026.