Subd. 1. Taxes payable in 1998.

For taxes payable in 1998, low-income housing property classified as class 4c shall have a class rate of two percent, and property classified as class 4d shall have a class rate of 1.9 percent.

Subd. 2. Application.

1. (a) The class rates under subdivisions 3 and 4 apply to the market value of properties:

   (1)(i) which were classified as class 4c or class 4d for taxes payable in 1998; or

2. (ii) which are constructed or substantially rehabilitated during calendar year 1997 and would have qualified as class 4c or class 4d for taxes payable in 1999 absent the amendments to those classes in section 8; and
3. (2) which do not qualify as class 4d property as a result of the eligibility criteria specified in section 273.126.
4. (b) To qualify for the class rates under this section, the building's owner must annually certify to the assessor in writing that the property, building, or unit continues to qualify under the laws in effect and applicable to its classification for taxes payable in 1998.

5. (c) A property no longer qualifies under this section:

   1. (1) if it is transferred or sold; or
   2. (2) if loans, that have a principal amount equal to more than 25 percent of the property's market value and that are secured by the property, are refinanced.

Subd. 3. Class 4c properties.

For the market value of properties that meet the criteria of subdivision 2, paragraph (a), and which no longer qualify as a result of the eligibility criteria specified in section 273.126, a class rate of 2.4 percent applies for taxes payable in 1999 and a class rate of 2.6 percent applies for taxes payable in 2000.

Subd. 4. Class 4d properties.

For the market value of properties that meet the criteria of subdivision 2, paragraph (a), and which no longer qualify as a result of the eligibility criteria specified in section 273.126, a class rate of 2.2 percent applies for taxes payable in 1999 and a class rate of 2.5 applies for taxes payable in 2000.