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ASSESSMENT
<br />of this subdivi-
<br />ter 308A, which
<br />to its members
<br />i members: (1) a
<br />� percent of area
<br />comes at or less
<br />,f members must
<br />purposes of this
<br />; at the time the
<br />-an the St. Paul -
<br />ad States Depart
<br />hg requirements:
<br />itling cooperative
<br />s provided in the
<br />occupant of the
<br />of any improve'
<br />member with the
<br />greater of a ten
<br />ie membership or
<br />been paid on that
<br />ge increase in the
<br />uleapo�t Paul
<br />provided that the
<br />h year or fraction
<br />orporation to have
<br />membership, or of
<br />member involved.
<br />It the use of which
<br />ors to the corpora*
<br />and the amount
<br />e financing of real
<br />l by the corporation
<br />limit the purchase
<br />resident sharehold-
<br />ihershio or stock as
<br />out of capital to a
<br />the corporation any
<br />to members will be
<br />(3) of the Internal
<br />or a public agency.
<br />l by a limited equity
<br />ship interest, in a
<br />right to OCCUPY a
<br />b a limited equity
<br />I y capitalizing the
<br />TAXES; LISTING, ASSESSMENT § 273.1104
<br />net operating income of a comparable apartment operated on a rental basis at the
<br />capitalization rate used in valuing comparable buildings that are not limited equity
<br />cooperatives. If a cooperative fails to operate in accordance with the provisions of
<br />clauses (a) to (d), the property shall be subject to additional property taxes in the amount
<br />of the.difference between the taxes determined in accordance with this subdivision for the
<br />last ten years that the property had been assessed pursuant to this subdivision and the
<br />amount that would have been paid if the provisions of this subdivision had not applied to
<br />it. The additional taxes, plus interest at the rate specified in section 549.09, shall be
<br />extended against the property on the tax list for the current year.
<br />[See main volume for text of subds. 9 and 10]
<br />Amended by Laws 1989, c. 329, art. 13, § 20, eff. June 2, 1989; Laws 1989, c. 356, § 13.
<br />126 U.S.C.A. § 501(cX3).
<br />Historical Note lions of Minnesota Statutes amended by Laws
<br />1989 Legislation 1989, e. 329.
<br />Laws 1989, c. 329, art. 13, § 20, amended Laws 1989, c. 356, § 13 in the introductory
<br />Laws 1988, c. 719, art. 5, § 84, a revisor's tn- paragraph of aubd. 8 substituted "chapter 308A"
<br />struction, by excluding from its scope those sec- for "chapter 308".
<br />273.1102. Rate of tax, terminology of laws or charters
<br />[See main volume for text of subdivision 1]
<br />[See main volume for repeal of subd. 2]
<br />Subd. 3. 1988 adjustment. School district levy limitations or authorities express4d in
<br />terms of mills and adjusted assessed value in any special law that is not codified in
<br />Minnesota Statutes shall be converted by the department of education to equalized gross
<br />tax capacity rates for tastes payable in 1989 and 1990 and to equalized net tax capacity
<br />rates for taxes payable in 1991 and thereafter„ For purposes of this calculation, the 1987
<br />adjusted assessed values of the district shall be rsnverted to "adjusted gross trot
<br />capacities" by multiplying the equalized market vciues by class of property by the gross
<br />tax capacity razes provided in section 273.13. Each county assessor and the city
<br />assessors of Minneapolis, Duluth, and St. Cloud shall furnish the commissioner of revenue
<br />the 1987 market value for taxes payable in 1988 for any new classes of property
<br />established in Laws 1988, chapter 719, article 5. The commissioner shall use those values,
<br />and estimate values where needed, in developing the 1987 tax capacity for arch school
<br />district under this section. The requirements of section 124.2131, subdivisions 1, para.
<br />graph (c), and 2 and 3, shall remva n in effect
<br />Amended by Laws 1989. c. 277, art A. b 1Q; Laws 1989. c. 329. art. 13. ; 7. off. June 2. 1989.
<br />Historical dots
<br />1989 lArislation
<br />La%o s 1989, c. 277, Art 4. 1 20, and Lama 1989.
<br />e. 329, art. 13, § 7. rewrote subd. 3 in the same
<br />manner. For former text, sae main volume.
<br />273.E 104. Iron ore, value
<br />[See maim volume for leXt of uubAdivision 11
<br />Subd. 2. On or before September lb in each year, the commissioner shall send to each
<br />person subject to the tax on unmined iron ores and to each taxing district affected, a
<br />notice of the market value of the unmined ores as determined by the commissioner prior
<br />to adjustment under subdivision 1. Said notice shall be sent by mail directed to such
<br />person at the address given in the report filed and tho assessor of such timing district, but
<br />the validity of the tax shall -tot be affected by the failure of the commissioner of revenue
<br />to mail such notice or Vie tnilure of the person subject to the tax to receive it.
<br />On the first secular day W*,owing the first day of October, the commissioner of revenue
<br />shall hold a hearing which may be adjourned from day to day. All relevant and material
<br />47
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