Limited Market Value

In 1993, the legislature established a limitation on annual increases in the market values of farm, residential, and seasonal recreational property.

From 1993 until 2002 the limited market value was limited to the greater of: (1) Ten percent of the value of the preceding assessment; or (2) One-third of the difference between the current assessment and the preceding assessment. Limited market value limitations do not apply to increases in value due to improvements.

LMV will sunset in 2009

2008 was scheduled to be the final year of the Limited Market Value, and the valuation was set not to exceed the greater of 1) 15% of the value in the preceding assessment, or 2) 50% of the difference between the current assessment and the preceding assessment.

In 2006 MSRPO worked to extend the law to 2009. When LMV expires in just two short years your tax bill could skyrocket and you could be forced to sell your property to pay it!

Please join MSRPO today and help us work to ensure that this does not happen.