1.1    .................... moves to amend H. F. No. 3, the delete everything amendment
1.2(H0003DE1), as follows:
1.3Page 34, after line 25, insert:

1.4    "Sec. 7. Minnesota Statutes 2006, section 273.11, subdivision 1a, is amended to read:
1.5    Subd. 1a. Limited market value. In the case of all property classified as
1.6agricultural homestead or nonhomestead, residential homestead or nonhomestead, timber,
1.7or noncommercial seasonal residential recreational, the assessor shall compare the value
1.8with the taxable portion of the value determined in the preceding assessment.
1.9    For assessment years 2004, 2005, and 2006 through 2008, the amount of the increase
1.10shall not exceed the greater of (1) 15 percent of the value in the preceding assessment,
1.11or (2) 25 percent of the difference between the current assessment and the preceding
1.12assessment.
1.13    For assessment year 2007 2009, the amount of the increase shall not exceed the
1.14greater of (1) 15 percent of the value in the preceding assessment, or (2) 33 percent of the
1.15difference between the current assessment and the preceding assessment.
1.16    For assessment year 2008 2010, the amount of the increase shall not exceed the
1.17greater of (1) 15 percent of the value in the preceding assessment, or (2) 50 percent of the
1.18difference between the current assessment and the preceding assessment.
1.19    This limitation shall not apply to increases in value due to improvements. For
1.20purposes of this subdivision, the term "assessment" means the value prior to any exclusion
1.21under subdivision 16.
1.22    The provisions of this subdivision shall be in effect through assessment year 2008
1.23as provided in this subdivision.
1.24    For purposes of the assessment/sales ratio study conducted under section 127A.48,
1.25and the computation of state aids paid under chapters 122A, 123A, 123B, 124D, 125A,
1.26126C, 127A, and 477A, market values and net tax capacities determined under this
1.27subdivision and subdivision 16, shall be used.
2.1EFFECTIVE DATE.This section is effective for assessment year 2007 and
2.2thereafter, for taxes payable in 2008 and thereafter."
2.3Renumber the sections in sequence and correct the internal references
2.4Amend the title accordingly