Property Ownership
In Minnesota, the 'power of taxation' exercised through property taxes is considered a government power that:
ARequires just compensation to the property owner
BDoes not require compensation but failure to pay creates a lien with the highest priority on the property✓ Correct
CIs only exercised by the federal government
DCan be avoided by placing property in a trust
Explanation
Property taxes are an exercise of the government's taxing power. Property owners are not compensated for the tax obligation. In Minnesota, unpaid property taxes create a lien that has super-priority over all other liens (even first mortgages). Eventually, the county can take title through tax forfeiture if taxes remain unpaid.
Related Minnesota Property Ownership Questions
- In Minnesota, a property owner who wants to sever a joint tenancy and convert it to a tenancy in common may do so by:
- A Minnesota homeowner grants their adult child a life estate in the family home while the parent retains a reversionary interest. When the child dies, the property:
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- A Minnesota property is placed in a trust as part of an estate plan. The trust is the legal owner of the property. When the property is sold, who signs the deed?
- In Minnesota, which of the following is the legal effect of recording a deed with the county?
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- A Minnesota property held as joint tenancy has the unique feature that upon one owner's death:
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