HF 312

as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to taxation; providing that the Cook county 
  1.3             hospital district levy may be adjusted for inflation; 
  1.4             amending Laws 1989, chapter 211, section 8, 
  1.5             subdivision 4, as amended. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Laws 1989, chapter 211, section 8, subdivision 
  1.8   4, as amended by Laws 2002, chapter 390, section 24, is amended 
  1.9   to read: 
  1.10     Subd. 4.  [TAX LEVY.] The tax levied under Minnesota 
  1.11  Statutes, section 447.34, shall not exceed $300,000 in any year, 
  1.12  and its for taxes levied in 2002.  For taxes levied in 2003 and 
  1.13  subsequent years, the tax shall not exceed the product of (1) 
  1.14  the hospital district's property tax levy limitation for the 
  1.15  previous year determined under this subdivision, multiplied by 
  1.16  (2) the lesser of: 
  1.17     (i) an index for market valuation changes equal to the 
  1.18  total market valuation of all taxable property located within 
  1.19  the hospital district for the current taxes payable year divided 
  1.20  by the total market valuation of all taxable property located 
  1.21  within the hospital district for the previous taxes payable 
  1.22  year; 
  1.23     (ii) an index equal to the implicit price deflator for 
  1.24  government consumption expenditures and gross investment for 
  1.25  state and local governments for the most recent month for which 
  2.1   data are available divided by the same implicit price deflator 
  2.2   for the same month of the previous year; or 
  2.3      (iii) 103 percent. 
  2.4      For the purpose of determining the hospital district's 
  2.5   property tax levy limitation, "total market valuation" means the 
  2.6   total market valuation of all taxable property within the 
  2.7   hospital district without valuation adjustments for fiscal 
  2.8   disparities as provided in Minnesota Statutes, chapter 276A, tax 
  2.9   increment financing as provided in Minnesota Statutes, sections 
  2.10  469.174 to 469.179, and high voltage transmission lines as 
  2.11  provided in Minnesota Statutes, section 273.425. 
  2.12     The proceeds of the tax may be used for all purposes of the 
  2.13  hospital district. 
  2.14     [EFFECTIVE DATE.] This section is effective upon compliance 
  2.15  with Minnesota Statutes, section 645.021, subdivision 3, by the 
  2.16  governing body of the Cook county hospital district.