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C1126 1 exclusive of structures and improvements, shall be 2 determined, and also the value of all structures and 3 improvements thereon, and the aggregate value of the 4 property► including all structures and improvements► 5 excluding the value of crops growing upon cultivated land. 6 In valuing real Property upon which there is a mine or 7 quarry, it shall be valued at such price as such property, 8 including the mine or quarry, would sell for a fair. 9 voluntary sate# for cash. In valuing real property which is 10 vacant, the fact that such property is platted shall not be 11 taken into account. An individual lot of such platted 12 property Shall not be assessed in excess of the assessment 13 of the land as if it were unplatted until the lot is 14 improved with a permanent improvement all or a portion of 15 which is located upon the lot, or for a period of three 16 years after final approval of said plat whichever is 17 shorter. When a lot is sold or construction tegun# the 18 assessed value of that lot or any single contiguous lot 19 fronting on the same street shall be eligible for 20 reassessment. All property► or the use thereof, which is 21 taxable under sections 272.01► subdivision 21 or 273.19, 22 shall be valued at the market value of such property and not 23 at the value of a leasehold estate in such Property► or at 24 some lesser value than its market value, 25 Sec, 2, Minnesota Statutes 1976# Section 273.11► is 26 amended by adding a subdivision to read: 27 Subd, 6, No increase in the market value of a 28 residential structure over five years old which is 29 classified as homestead proverty pursuant to section 273,13, wrrr.�!lrlw�++�+fr•�r+w.��lrwr•�rwrrrwrws.�.s.�w...rn...r.�lw.�r.rrwrrr.�wr rwrw 30 subdivision 6 or 7, which increase is due to improvements in 31 the residential structure which do not increase its square 32 footage of living area, shall be added to the assessed 2