1.1 	A bill for an act
1.2 	relating to taxation; modifying a definition used in
1.3 	levy and debt limitations; amending Minnesota Statutes
1.4 	2004, section 273.032.
1.5 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.6 	Section 1. Minnesota Statutes 2004, section 273.032, is
1.7 	amended to read:
1.8 	273.032 MARKET VALUE DEFINITION.
1.9 	For the purpose of determining any property tax levy
1.10 	limitation based on market value, any net debt limit based on
1.11 	market value, any limit on the issuance of bonds, certificates
1.12 	of indebtedness, or capital notes based on market value, any
1.13 	qualification to receive state aid based on market value, or any
1.14 	state aid amount based on market value, the terms "market
1.15 	value," "taxable market value," and "market valuation," whether
1.16 	equalized or unequalized, mean the total taxable market value of
1.17 	property within the local unit of government before any
1.18 	adjustments for tax increment, fiscal disparity, powerline
1.19 	credit, or wind energy values, but after the limited market
1.20 	adjustments under section 273.11, subdivision 1a, and after the
1.21 	market value exclusions of certain improvements to homestead
1.22 	property under section 273.11, subdivision 16.  Unless otherwise
1.23 	provided, "market value," "taxable market value," and "market
1.24 	valuation" refer to the taxable market value for the previous 
1.25 	current assessment year.

2.1 	EFFECTIVE DATE. This section is effective for taxes
2.2 	levied in 2005, payable in 2006, and thereafter.