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4d Low Income Rental Housing First-Tier Valuation Limit

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Beginning with the 2014 assessment abstract, two valuation tiers are applied to properties classified as 4d. The first tier has a class rate of 0.75 percent (on the first $100,000 taxable market value per unit for assessment year 2014). The class rate above the first tier is reduced to 0.25 percent (on the value exceeding $100,000 taxable market value in assessment year 2014) for each unit.

The first‐tier limit will be adjusted annually by the average statewide change in estimated market value of property classified as class 4a apartments and 4d low‐income rental housing properties, excluding valuation change due to new construction. The resultant value will be rounded to the nearest $1,000, provided the first‐tier limit may never be less than $100,000. The Department of Revenue certifies the limit each November 1 for the upcoming assessment year.

The table below shows the certified 4d low income rental housing first-tier valuation limit amounts.

Assessment Year ​First-Tier Valuation Limit
2020 $162,000
​2019​ ​$150,000
​2018 ​$139,000
2017​​ ​$121,000
2016​ $115,000​
​2015 $106,000​
​2014 $100,000

 

For more information, see Minnesota Statute 273.128, subdivision 3.  

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