1999 Minnesota Statutes

     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