HF 466

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

A bill for an act
relating to education; providing property tax relief; increasing and indexing
equalization of the equity, transition, and referendum equalization levies;
amending Minnesota Statutes 2006, sections 126C.10, subdivisions 29, 32;
126C.17, subdivision 6, by adding a subdivision.

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

Section 1.

Minnesota Statutes 2006, section 126C.10, subdivision 29, is amended to
read:

Subd. 29.

Equity levy.

To obtain equity revenue for fiscal year deleted text begin 2005 deleted text end new text begin 2009 new text end and later,
a district may levy an amount not more than the product of its equity revenue for the
fiscal year times the lesser of one or the ratio of its referendum market value per resident
marginal cost pupil unit to deleted text begin $476,000 deleted text end new text begin the state first tier referendum equalizing factor as
defined in section 126C.17, subdivision 6a new text end .

Sec. 2.

Minnesota Statutes 2006, section 126C.10, subdivision 32, is amended to read:

Subd. 32.

Transition levy.

To obtain transition revenue for fiscal year deleted text begin 2005 deleted text end new text begin 2009
new text end and later, a district may levy an amount not more than the product of its transition revenue
for the fiscal year times the lesser of one or the ratio of its referendum market value per
resident marginal cost pupil unit to deleted text begin $476,000 deleted text end new text begin the state first tier referendum equalizing
factor as defined in section 126C.17, subdivision 6a new text end .

Sec. 3.

Minnesota Statutes 2006, section 126C.17, subdivision 6, is amended to read:

Subd. 6.

Referendum equalization levy.

(a) For fiscal year 2003 and later,
a district's referendum equalization levy equals the sum of the first tier referendum
equalization levy and the second tier referendum equalization levy.

(b) A district's first tier referendum equalization levy equals the district's first tier
referendum equalization revenue times the lesser of one or the ratio of the district's
referendum market value per resident marginal cost pupil unit to deleted text begin $476,000 deleted text end new text begin the state first
tier referendum equalizing factor new text end .

(c) A district's second tier referendum equalization levy equals the district's second
tier referendum equalization revenue times the lesser of one or the ratio of the district's
referendum market value per resident marginal cost pupil unit to deleted text begin $270,000 deleted text end new text begin the state second
tier referendum equalizing factor new text end .

Sec. 4.

Minnesota Statutes 2006, section 126C.17, is amended by adding a subdivision
to read:

new text begin Subd. 6a. new text end

new text begin State first and second tier referendum equalizing factors. new text end

new text begin (a) The
state first tier referendum equalizing factor equals 125 percent of the quotient derived
by dividing the total referendum market value of all school districts in the state for the
year before the levy is certified by the total number of resident marginal cost pupil units
in all school districts in the state for the school year ending in the year prior to the year
the levy is certified.
new text end

new text begin (b) The state second tier referendum equalizing factor equals 75 percent of the
quotient derived by dividing the total referendum market value of all school districts in the
state for the year before the levy is certified by the total number of resident marginal cost
pupil units in all school districts in the state for the school year ending in the year prior
to the year the levy is certified.
new text end

Sec. 5. new text begin EFFECTIVE DATE.
new text end

new text begin Sections 1 to 4 are effective for taxes payable in 2008 and thereafter.
new text end