SF 3260

as introduced - 90th Legislature (2017 - 2018) Posted on 03/13/2018 10:03am

A bill for an act
relating to education finance; linking operating referendum equalization factors
to statewide growth in property tax base; amending Minnesota Statutes 2016,
sections 126C.01, by adding a subdivision; 126C.17, subdivision 6.

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

Section 1.

Minnesota Statutes 2016, section 126C.01, is amended by adding a subdivision
to read:

new text begin Subd. 3a. new text end

new text begin Statewide average referendum market value per resident pupil unit. new text end

new text begin The
statewide average referendum market value per resident pupil unit equals the statewide
referendum market value calculated under subdivision 3 for the year preceding the year the
levy is certified divided by the statewide total resident pupil units for the current school
year.
new text end

Sec. 2.

Minnesota Statutes 2016, section 126C.17, subdivision 6, is amended to read:

Subd. 6.

Referendum equalization levy.

(a) A district's referendum equalization levy
equals the sum of the first tier referendum equalization levy, the second tier referendum
equalization levy, and the third tier referendum equalization levy.

(b) A district's first tier referendum equalization levy equals the district's first tier
referendum equalization revenue times the lesser of one or the ratio of the district's
referendum market value per resident pupil unit to new text begin the greater of new text end $880,000 new text begin or 165 percent
of the statewide average referendum market value per resident pupil unit new text end .

(c) A district's second tier referendum equalization levy equals the district's second tier
referendum equalization revenue times the lesser of one or the ratio of the district's
referendum market value per resident pupil unit to new text begin the greater of new text end $510,000 new text begin or 100 percent
of the statewide average referendum market value per resident pupil unit new text end .

(d) A district's third tier referendum equalization levy equals the district's third tier
referendum equalization revenue times the lesser of one or the ratio of the district's
referendum market value per resident pupil unit to deleted text begin $290,000 deleted text end new text begin 60 percent of the statewide
average referendum market value per resident pupil unit new text end .

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for revenue for fiscal year 2020 and later.
new text end