SF 1323

as introduced - 89th Legislature (2015 - 2016) Posted on 03/05/2015 08:44am

A bill for an act
relating to education finance; increasing local optional levy equalization for
certain districts with seasonal recreational property; amending Minnesota
Statutes 2014, section 126C.10, subdivision 2e.

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

Section 1.

Minnesota Statutes 2014, section 126C.10, subdivision 2e, is amended to
read:

Subd. 2e.

Local optional revenue.

(a) Local optional revenue for a school district
equals $424 times the adjusted pupil units of the district for that school year.

(b) A district's local optional levy equals its local optional revenue times the lesser
of one or the ratio of its referendum market value per resident pupil unit to deleted text begin $510,000 deleted text end new text begin
the local optional equalizing factor new text end . The local optional revenue levy must be spread on
referendum market value. A district may levy less than the permitted amount.

(c) A district's local optional aid equals its local optional revenue less its local
optional levy, times the ratio of the actual amount levied to the permitted levy.

new text begin (d) A district's local optional equalizing factor equals $510,000 times the greater of
one or the ratio of the district's seasonal recreational factor to 0.30.
new text end

new text begin (e) A district's seasonal recreational factor equals the ratio of the market value of
property in the district classified as 4(c)12 under section 273.13 to the district's total
taxable market value under section 273.13.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxes payable in 2016 and later.
new text end