1.1                          A bill for an act 
  1.2             relating to taxes; property; including seasonal 
  1.3             recreational property in the operating excess levy 
  1.4             referenda; amending Minnesota Statutes 2002, section 
  1.5             126C.01, subdivision 3. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 2002, section 126C.01, 
  1.8   subdivision 3, is amended to read: 
  1.9      Subd. 3.  [REFERENDUM MARKET VALUE.] "Referendum market 
  1.10  value" means the market value of all taxable property, excluding 
  1.11  property classified as class 2, noncommercial 4c(1), or 4c(4) 
  1.12  under section 273.13.  The portion of class 2a property 
  1.13  consisting of the house, garage, and surrounding one acre of 
  1.14  land of an agricultural homestead is included in referendum 
  1.15  market value.  Any class of property, or any portion of a class 
  1.16  of property, that is included in the definition of referendum 
  1.17  market value and that has a class rate of less than one percent 
  1.18  under section 273.13 shall have a referendum market value equal 
  1.19  to its net tax capacity multiplied by 100. 
  1.20     <b>[EFFECTIVE DATE.]</b> This section is effective for taxes 
  1.21  levied in 2004, payable in 2005 and thereafter.