1.1 	A bill for an act
1.2 	relating to property taxation; providing that market
1.3 	value credit reductions be reflected in the credit
1.4 	amount shown on each property tax statement; amending
1.5 	Minnesota Statutes 2004, section 273.1384, by adding a
1.6 	subdivision.
1.7 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.8 	Section 1. Minnesota Statutes 2004, section 273.1384, is
1.9 	amended by adding a subdivision to read:
1.10 		Subd. 3a.Credit reimbursement reductions. If
1.11 	legislation has been enacted providing that credit
1.12 	reimbursements under this section shall not be paid in full for
1.13 	some taxing jurisdictions, in any year, the county auditor must
1.14 	take the reduced reimbursements into account in determining the
1.15 	credit to each taxpayer, after first performing the calculations
1.16 	provided in subdivisions 1, 2, and 3.  For each affected
1.17 	jurisdiction, the county auditor must determine the percentage
1.18 	that the credit reduction is relative to the total reimbursement
1.19 	that the jurisdiction would be entitled to under subdivisions 1,
1.20 	2, and 3.  The auditor must then reduce the credit applied to
1.21 	the relevant jurisdiction's tax by the percentage determined
1.22 	under this subdivision for each qualifying property owner in the
1.23 	jurisdiction.
1.24 	
EFFECTIVE DATE. This section is effective for taxes
1.25 	payable in 2006 and thereafter.