Minnesota Legislature
HF 3804
as introduced - 86th Legislature (2009 - 2010) Posted on 04/26/2010 11:25am
Current Version - as introduced
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A bill for an act
relating to taxation; property; levy limits; modifying the adjustment for inflation;
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:
(1) one plus deleted text begin the lesser of 3.9 percent ordeleted text end the percentage growth in the implicit price
deflatornew text begin , but the percentage shall not be less than zero or exceed 3.9 percentnew text end ;
(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
(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.
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective for taxes levied in 2010 and thereafter.
new text end