2005 Minnesota Statutes - 515A.1-105 — Property taxation.

     515A.1-105 Property taxation. 


    Subdivision 1.    Homestead.  (a) Each unit together 
 with its common element interest constitutes for all purposes a 
 separate parcel of real estate. 


    (b) If a declaration is recorded prior to 30 days before 
 any installment of real estate taxes becomes payable, the local 
 taxing authority shall split the taxes so payable on the 
 condominium among the units.  Interest and penalties which would 
 otherwise accrue shall not begin to accrue until at least 30 
 days after the split is accomplished.  


    (c) A unit used for residential purposes together with not 
 more than two units used for vehicular parking and their common 
 element interests shall be treated the same as any other real 
 estate in determining whether homestead exemptions or 
 classifications shall apply. 


    Subd. 2.    Market valuation.  For purposes of property 
 taxation, the residential units in a structure or building which 
 are initially constructed as condominiums or are being converted 
 into condominiums shall be valued as provided in section 273.11, 
 subdivision 9.  


    HIST: 1980 c 582 art 1 s 515.1-105; 1983 c 342 art 2 s 26; 
 1991 c 291 art 12 s 28