HF 1412

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to education finance; providing that
agricultural land is not subject to certain school
district debt service levies; amending Minnesota
Statutes 2004, sections 123B.53, subdivision 5;
126C.01, subdivision 2.

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

Section 1.

Minnesota Statutes 2004, section 123B.53,
subdivision 5, is amended to read:

Subd. 5.

Equalized debt service levy.

(a) The equalized
debt service levy of a district equals the sum of the first tier
equalized debt service levy and the second tier equalized debt
service levy.

(b) A district's first tier equalized debt service levy
equals the district's first tier debt service equalization
revenue times the lesser of one or the ratio of:

(1) the quotient derived by dividing the adjusted net tax
capacity of the district new text begin as defined in section 126C.01,
subdivision 2, paragraph (b), new text end for the year before the year the
levy is certified by the adjusted pupil units in the district
for the school year ending in the year prior to the year the
levy is certified; to

(2) $3,200.

(c) A district's second tier equalized debt service levy
equals the district's second tier debt service equalization
revenue times the lesser of one or the ratio of:

(1) the quotient derived by dividing the adjusted net tax
capacity of the district for the year before the year the levy
is certified by the adjusted pupil units in the district for the
school year ending in the year prior to the year the levy is
certified; to

(2) $8,000.

Sec. 2.

Minnesota Statutes 2004, section 126C.01,
subdivision 2, is amended to read:

Subd. 2.

Adjusted net tax capacity.

new text begin (a) Except as
provided in paragraph (b), new text end "adjusted net tax capacity" means the
net tax capacity of the taxable property of the district as
adjusted by the commissioner of revenue under section 127A.48.
The adjusted net tax capacity for any given calendar year must
be used to compute levy limitations for levies certified in the
succeeding calendar year and aid for the school year beginning
in the second succeeding calendar year.

new text begin (b) For purposes of the equalized debt service levy under
section 123B.53, subdivision 5, "adjusted net tax capacity" is
the value described in paragraph (a), reduced by the value of
agricultural land determined under that paragraph.
new text end

Sec. 3. new text begin EFFECTIVE DATE.
new text end

new text begin Sections 1 and 2 are effective for taxes levied in 2005,
payable in 2006, and thereafter, related to referenda conducted
after June 30, 2005.
new text end