What is Minnesota property tax classification?

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In Minnesota, property is classified according to its use on the assessment date – January 2. If the property is not currently being used, it is classified according to its most probable, highest and best use. Highest and best use is the use that is financially feasible, physically possible, legally permissible, and maximally productive. There are five basic classes of property in Minnesota. These are provided in Minnesota Statutes section 273.13.