Minnesota Legislature
HF 4098
as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am
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| Introduction | Posted on 03/18/2008 |
Current Version - as introduced
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A bill for an act
relating to property taxation; removing agricultural land from the tax base for
school bonded debt levies; amending Minnesota Statutes 2006, sections 123B.53,
subdivision 5; 126C.01, by adding subdivisions; 275.08, subdivision 1b.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2006, 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 new text begin debt service new text end 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) $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 new text begin debt service new text end 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.
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective for fiscal year 2010 and thereafter.
new text end
Sec. 2.
Minnesota Statutes 2006, section 126C.01, is amended by adding a subdivision
to read:
new text begin Subd. 2a. new text end
new text begin Debt service net tax capacity. new text end
new text begin
A school district's "debt service net tax
capacity" means the net tax capacity of all taxable properties in the district as determined
under section 273.13, except that for property classified as class 2 agricultural land and
buildings or timberland (1) the house, garage, and surrounding one acre of land of an
agricultural homestead has a tax capacity as determined under section 273.13 but (2) all
other agricultural land and buildings or timberland has a tax capacity equal to one-half of
the tax capacity determined under section 273.13, subdivision 23.
new text end
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective for taxes payable in 2009 and
thereafter.
new text end
Sec. 3.
Minnesota Statutes 2006, section 126C.01, is amended by adding a subdivision
to read:
new text begin Subd. 2b. new text end
new text begin Adjusted debt service net tax capacity. new text end
new text begin
A school district's "adjusted
debt service net tax capacity" means the debt service net tax capacity defined under
subdivision 2a as adjusted by the commissioner of revenue under section 127A.48.
new text end
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective for fiscal year 2010 and thereafter.
new text end
Sec. 4.
Minnesota Statutes 2006, section 275.08, subdivision 1b, is amended to read:
Subd. 1b.
Computation of tax rates.
new text begin (a) new text end The amounts certified to be levied against
net tax capacity under section 275.07 by an individual local government unit shall be
divided by the total net tax capacity of all taxable properties within the local government
unit's taxing jurisdiction. The resulting ratio, the local government's local tax rate,
multiplied by each property's net tax capacity shall be each property's net tax capacity tax
for that local government unit before reduction by any credits.
new text begin
(b) Any amount certified to the county auditor to be levied against debt service net tax
capacity shall be divided by the total debt service net tax capacity of all taxable properties
within the school district. The resulting ratio, the school district's debt service tax rate,
multiplied by each property's debt service net tax capacity shall be each property's school
debt service tax before reduction by any credits. For the purposes of this subdivision,
"debt service net tax capacity" has the meaning given in section 126C.01, subdivision 2a.
new text end
new text begin (c) new text end Any amount certified to the county auditor to be levied against market value shall
be divided by the total referendum market value of all taxable properties within the taxing
district. The resulting ratio, the taxing district's new referendum tax rate, multiplied by
each property's referendum market value shall be each property's new referendum tax
before reduction by any credits. For the purposes of this subdivision, "referendum market
value" means the market value as defined in section 126C.01, subdivision 3.
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective for taxes payable in 2009 and
thereafter.
new text end