16A.1521 Property tax reform account.
(a) A property tax reform account is established in the general fund.
(b) Amounts in the account are available for and may only be spent to reform the property tax system by:
(1) reducing the class rates to the target rates specified in section 273.13, subdivision 32, or to further reduce the ratio of the highest class rate to lowest class rate;
(2) increasing state education aids to reduce property taxes;
(3) increasing the state share of education funding to 70 percent;
(4) increasing the education homestead credit; or
(5) increasing the property tax refund.
As provided by section 273.13, subdivision 32, the governor shall recommend to the legislature uses of money in the account to compress class rate ratios, while mitigating the shifting of relative property tax burdens from one class to another through the mechanisms listed in clauses (2) through (5).
(c) The balance in the account does not cancel and remains in the account until appropriated for property tax reform. Investment earnings on the account are credited to the account.
HIST: 1997 c 231 art 9 s 2
Official Publication of the State of Minnesota
Revisor of Statutes