Minnesota Session Laws - 1989, Regular Session

  

                         Laws of Minnesota 1989 

                        CHAPTER 275-S.F.No. 564 
           An act relating to natural resources; increasing the 
          amount of levy for the Kanaranzi-Little Rock watershed 
          district administrative fund.  
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  [ADMINISTRATIVE FUND.] 
    Notwithstanding Minnesota Statutes, section 112.61, 
subdivision 3, the administrative fund for the Kanaranzi-Little 
Rock watershed district consists of an ad valorem tax levy not 
to exceed a net tax capacity rate computed under this section or 
$125,000, whichever is less. 
     The maximum net tax capacity rate applicable under this 
section shall be determined as follows: 
    (a) determine the product of the applicable mill rate 
limitation imposed under Minnesota Statutes, section 112.61, 
subdivision 3, for taxes payable in 1988, multiplied by the 
total assessed valuation of all taxable property subject to the 
tax; and, at the election of the district, as adjusted by the 
provisions of Minnesota Statutes 1986, sections 272.64; 273.13, 
subdivision 7a; and 275.49 for that year; 
    (b) for taxes payable in 1989, determine the product of (1) 
the property tax levy limitation for the taxes payable in year 
1988 determined under clause (a) multiplied by (2) an index for 
market valuation changes equal to the assessment year 1988 total 
market valuation of all taxable property subject to the tax 
divided by the assessment year 1987 total market valuation of 
all taxable property subject to the tax; and 
    (c) for taxes payable in 1990 and subsequent years, 
determine the product of (1) the property tax levy limitation 
for the previous year determined pursuant to this subdivision 
multiplied by (2) an index for market valuation changes equal to 
the total market valuation of all taxable property subject to 
the tax for the current assessment year divided by the total 
market valuation of all taxable property subject to the tax for 
the previous assessment year. 
    For the purpose of determining the property tax levy 
limitation for the taxes payable in year 1988 and subsequent 
years under this subdivision, "total market valuation" means the 
total market valuation of all taxable property subject to the 
tax without valuation adjustments for tax increment financing 
under sections 469.174 to 469.179, and high voltage transmission 
lines under section 273.425. 
    Presented to the governor May 23, 1989 
    Signed by the governor May 26, 1989, 4:57 p.m.