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Minnesota Enacts Three Property Tax Legislative Changes for 2024

Nouvelles fiscales févr. 16, 2024

Minnesota Enacts Three Property Tax Legislative Changes for 2024

In Minnesota, properties are assessed and classified based on their use as of January 2 of the assessment year. Assessors in the Twin Cities and throughout Minnesota reassess multifamily, industrial, and commercial properties annually, with notices of valuation and classification usually sent to property owners in the spring.

As values change year over year, the Minnesota Legislature also enacts yearly changes that impact how property taxes are administered. Property owners should be aware of the following three legislative changes effective in assessment year 2024:

  • Low-Income Classification 4d(1): The yearly application process now requires owners to certify that tax savings are utilized for property maintenance, security, improvements, and rent stabilization and to increase the property’s reserve fund. The former tiered classification rate of .75% for the first $100,000 of market value and .25% for any remaining value is being replaced by a set rate of .25% for all class 4d(1) property.
  • Delinquent Taxes: The 10% minimum interest rate is removed, while the maximum remains 14%. The Minnesota Department of Revenue will determine the interest rate.
  • Service of Property Tax Petitions: Property tax petitions are now only required to be served to the county auditor, who will then notify the county treasurer, county attorney, and county assessor.

The 2024 property tax appeal deadline is quickly approaching for commercial property owners. The deadline to file an appeal is April 30, 2024.

The local Ryan experts have extensive experience in navigating Minnesota’s property tax system. We can provide valuable insights into exemptions, property valuation challenges, and various strategies to reduce your tax obligations. Reach out to our local experts today.



Alan Heichman

Lane Thor

The material presented in this communication is intended to provide general information only and should solely be seen as broad guidance and not directed to the particular facts or circumstances of any individual who may read this publication. No liability is accepted for acts or omissions taken in reliance upon the content of this piece. Before taking (or not taking) any action, readers should seek professional advice specific to their situation from Ryan, LLC or other tax professionals. For additional information about this topic, please contact us at