Residential properties annual valuation increase limitation provision

This bill limits annual property tax increases for residential properties in Minnesota to 3% of the prior year's assessment value, directly affecting homeowners and county assessors. It prohibits county assessors from raising residential property values by more than 3% each year, except when a property is sold (in which case the 3% limit doesn't apply for that assessment year). If a sold property's value jumps more than 3% over its prior assessment, the county must spread the excess increase over two years for all residential properties. The changes take effect for 2026 assessments and aim to stabilize property tax bills for homeowners.