SF 649

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 02:14am

A bill for an act
relating to taxation; property; modifying adjusted levy limit base; amending
Minnesota Statutes 2008, section 275.71, subdivision 4.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2008, section 275.71, subdivision 4, is amended to read:

Subd. 4.

Adjusted levy limit base.

For taxes levied in 2008 through 2010, the
adjusted levy limit base is equal to the levy limit base computed under subdivision 2
or section 275.72, multiplied by deleted text begin :
deleted text end

deleted text begin (1) one plus the lesser of 3.9 percent or the percentage growth in the implicit price
deflator;
deleted text end

deleted text begin (2) one plus a percentage equal to 50 percent of the percentage increase in the number
of households, if any, for the most recent 12-month period for which data is available; and
deleted text end

deleted text begin (3) one plus a percentage equal to 50 percent of the percentage increase in the taxable
market value of the jurisdiction due to new construction of class 3 property, as defined in
section 273.13, subdivision 4, except for state-assessed utility and railroad property, for
the most recent year for which data is available. deleted text end new text begin the ratio of the total tax capacity of the
current taxing year divided by the total taxing capacity of the previous year, plus:
new text end

new text begin (1) 100 percent of the difference between the local government aid certified in
2009 and the actual aid paid; and
new text end

new text begin (2) 100 percent of the difference between the market value homestead credits
certified in 2009 and the actual amount of the market value homestead credits paid.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin The section is effective for levies certified in 2009 and
thereafter, for taxes payable in 2010 and thereafter.
new text end