SF 2158

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to taxation; modifying a definition used in
levy and debt limitations; amending Minnesota Statutes
2004, section 273.032.

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

Section 1.

Minnesota Statutes 2004, section 273.032, is
amended to read:

273.032 MARKET VALUE DEFINITION.

For the purpose of determining any property tax levy
limitation based on market value, any net debt limit based on
market value, any limit on the issuance of bonds, certificates
of indebtedness, or capital notes based on market value, any
qualification to receive state aid based on market value, or any
state aid amount based on market value, the terms "market
value," "taxable market value," and "market valuation," whether
equalized or unequalized, mean the total taxable market value of
property within the local unit of government before any
adjustments for tax increment, fiscal disparity, powerline
credit, or wind energy values, but after the limited market
adjustments under section 273.11, subdivision 1a, and after the
market value exclusions of certain improvements to homestead
property under section 273.11, subdivision 16. Unless otherwise
provided, "market value," "taxable market value," and "market
valuation" refer to the taxable market value for the deleted text begin previous
deleted text end new text begin current new text end assessment year.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxes
levied in 2005, payable in 2006, and thereafter.
new text end