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HF 3906

as introduced - 92nd Legislature (2021 - 2022) Posted on 03/14/2022 04:52pm

KEY: stricken = removed, old language.
underscored = added, new language.
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Engrossments
Introduction Posted on 03/03/2022

Current Version - as introduced

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A bill for an act
 relating to taxes; reducing school property taxes; increasing the equalizing factor
for local optional revenue; amending Minnesota Statutes 2021 Supplement, section
126C.10, subdivision 2e.

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

Section 1.

Minnesota Statutes 2021 Supplement, section 126C.10, subdivision 2e, is
amended to read:


Subd. 2e.

Local optional revenue.

(a) deleted text begin For fiscal year 2021 and later,deleted text end Local optional
revenue for a school district equals the sum of the district's first tier local optional revenue
and second tier local optional revenue. A district's first tier local optional revenue equals
$300 times the adjusted pupil units of the district for that school year. A district's second
tier local optional revenue equals $424 times the adjusted pupil units of the district for that
school year.

(b) deleted text begin For fiscal year 2021 and later,deleted text end A district's local optional levy equals the sum of the
first tier local optional levy and the second tier local optional levy.

(c) A district's first tier local optional levy equals the district's first tier local optional
revenue times the lesser of one or the ratio of the district's referendum market value per
resident pupil unit to deleted text begin $880,000deleted text end new text begin $930,000new text end .

(d) deleted text begin For fiscal year 2022, a district's second tier local optional levy equals the district's
second tier local optional revenue times the lesser of one or the ratio of the district's
referendum market value per resident pupil unit to $510,000.deleted text end For fiscal year 2023, a district's
second tier local optional levy equals the district's second tier local optional revenue times
the lesser of one or the ratio of the district's referendum market value per resident pupil unit
to $548,842. For fiscal year 2024 and later, a district's second tier local optional levy equals
the district's second tier local optional revenue times the lesser of one or the ratio of the
district's referendum market value per resident pupil unit to deleted text begin $510,000deleted text end new text begin $560,000new text end .

(e) The local optional levy must be spread on referendum market value. A district may
levy less than the permitted amount.

(f) A district's local optional aid equals its local optional revenue minus its local optional
levy. If a district's actual levy for first or second tier local optional revenue is less than its
maximum levy limit for that tier, its aid must be proportionately reduced.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for revenue for fiscal year 2024 and later.
 new text end