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SF 597

as introduced - 92nd Legislature (2021 - 2022) Posted on 03/26/2021 10:07am

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

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A bill for an act
relating to taxation; property; modifying the content of property tax statements for
properties subject to the Iron Range fiscal disparities tax; amending Minnesota
Statutes 2020, sections 275.065, by adding a subdivision; 276.04, by adding a
subdivision.

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

Section 1.

Minnesota Statutes 2020, section 275.065, is amended by adding a subdivision
to read:


new text begin Subd. 3b. new text end

new text begin Notice of proposed taxes; property subject to chapter 276A. new text end

new text begin In the case
of property subject to the areawide tax under section 276A.06, subdivision 7, for both the
current year taxes and the proposed tax amounts, the net tax capacity portion of the taxes
shown for each taxing jurisdiction must be based on the property's total net tax capacity
multiplied by the jurisdiction's actual or proposed net tax capacity tax rate. In addition to
the tax amounts shown for each jurisdiction, the statement must include a line showing the
"fiscal disparities adjustment" equal to the total gross tax payable minus the sum of the tax
amounts shown for the individual taxing jurisdictions. The fiscal disparities adjustment may
be a negative number. If the fiscal disparities adjustment for either the current year taxes
or the proposed tax amount is a negative number, the percentage change must not be shown.
In all other respects the statement must fulfill the requirements of subdivision 3.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective beginning with proposed notices for
taxes payable in 2022.
new text end

Sec. 2.

Minnesota Statutes 2020, section 276.04, is amended by adding a subdivision to
read:


new text begin Subd. 2a. new text end

new text begin Contents of tax statements; property subject to chapter 276A. new text end

new text begin In the case
of property subject to the areawide tax under section 276A.06, subdivision 7, for both the
current year taxes and the previous year tax amounts, the net tax capacity portion of the tax
shown for each taxing jurisdiction must be based on the property's total net tax capacity
multiplied by the jurisdiction's net tax capacity tax rate. In addition to the tax amounts shown
for each jurisdiction, the statement must include a line showing the "fiscal disparities
adjustment" equal to the total gross tax payable minus the sum of the tax amounts shown
for the individual taxing jurisdictions for each year. The fiscal disparities adjustment may
be a negative number. In all other respects the statement must fulfill the requirements of
subdivision 2.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective beginning with taxes payable in 2022.
new text end