| Changes in Minnesota Property “Class Rates” | 1997 | 1998 | “Target” |
| 1a Residential Homestead | |||
| Market value < $72,000 | 1.0% | 1.0% | no target |
| $72,000 - $75,000 | 2.0% | 1.0% | no target |
| $75,000+ | 2.0% | 1.85% | no target |
| 2a Agricultural Homestead | |||
| House, garage and 1 acre | —— same as 1a —— | ||
| Remaining Land: | |||
| Market value < $115,000 | 0.5% | 0.4% | no target |
| $115,000+ (< 320 acres) | 1.0% | 0.9% | no target |
| $115,000+ (320+ acres) | 1.5% | 1.4% | no target |
| 3a Commercial, Industrial and Utility Property | |||
| Market value < $100,000 | 3.0% | 2.7% | 2.5% |
| $100,000 - $150,000 | 4.6% | 2.7% | 2.5% |
| $150,000+ | 4.6% | 4.0% | 3.5% |
| 4a Apartments (4+ units) | 3.4% | 2.9% | 2.5% |
| 4b Single Family Rental Residential | |||
| Market Value < $75,000 | na | 1.9% | 1.3% |
| $75,000 + | na | 2.1% | 1.9% |
| Class rates are multiplied by assessed market value to produce the taxable amount | |||
| by which property tax rates are multiplied to calculate property taxes due. | |||