In Minnesota, property is classified according to its use on the assessment date (January 2nd). If the property is not currently being used, it is classified according to its most probable, highest and best use. The Uniformity Clause of the MN Constitution allows for different classes of property to be taxed at different rates.
Click on the link below, to see a PDF file showing the most common classes & the class rates and if the property is eligible for homestead or agricultural credits.
Property Class Rates
The Department of Revenue has updated the class definitions as of 2012. Click on the link below to read how classification of property is determined.
Determination of Classification