Transcription of Classification of Property
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Classification of Property
Classification of Property In Minnesota, Property is classified according to its use on the assessment date January 2. If the Property is not currently being used, it is classified according to its most probable, highest and best use. Highest and best use is the use that is financially feasible, physically possible, legally permissible, and maximally productive. There are five basic classes of Property in Minnesota (Minnesota Statutes ). The 2008 legislative session resulted in significant changes to some of the classes of Property in Minnesota. Please be aware that the classes and class rates prior to 2008 may be rather different than what is now law. This may cause additional confusion for taxpayers. The information presented here will try to address them all.
Classification of Property. In Minnesota, property is classified according to its use on the assessment date – January 2. If the property is not currently
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