Minnesota Statutes Property Taxes (Ch. 272-289) § 276A.08. Reassessments and omitted property

Subdivision 1. Reassessment orders. If the commissioner of revenue orders a reassessment of all or any portion of the property in a municipality other than in the form of a mathematically prescribed adjustment of valuation, or if omitted property is placed upon the tax rolls, and the reassessment has not been completed or the property placed upon the rolls by November 15, the net tax capacity of the affected property must, for purposes ofsections 276A.02to276A.06, be determined from the abstracts filed by the county auditor with the commissioner of revenue.

Subd. 2. Adjustment of value. If the reassessment, when completed and incorporated in the commissioner's certification of the net tax capacity of the municipality, or the listing of omitted property, when placed on the rolls, results in an increase in the net tax capacity of commercial-industrial property in the municipality which differs from that used, pursuant to subdivision 1, for purposes ofsections 276A.02to276A.06, the increase in the net tax capacity of commercial-industrial property in that municipality in the succeeding year, as otherwise computed undersection 276A.04, must be adjusted in a like amount, by an increase if the reassessment or listing discloses a larger increase than was used for purposes ofsections 276A.02to276A.06, or by a decrease if the reassessment or listing discloses a smaller increase than was used for those purposes, provided that no adjustment shall reduce the amount determined undersection 276A.04to an amount less than zero.

Subd. 3. Exceptions. Subdivisions 1 and 2 do not apply to the determination of the tax rate undersection 276A.06, subdivision 4, or to the determination of the net tax capacity of commercial-industrial property and each item thereof for purposes ofsection 276A.06, subdivision 7.