2000 Minnesota Statutes

     477A.06 Existing low-income housing aid. 

    Subdivision 1.    Eligibility.  (a) For assessment years 
 1999, 2000, 2001, and 2002, for all class 4d property on which 
 construction was begun before January 1, 1999, the assessor 
 shall determine the difference between the actual net tax 
 capacity and the net tax capacity that would be determined for 
 the property if the class rates for assessment year 1997 were in 
 effect. 

    (b) In calendar years 2000, 2001, 2002, and 2003, each city 
 shall be eligible for aid equal to (i) the amount by which the 
 sum of the differences determined in clause (a) for the 
 corresponding assessment year exceeds two percent of the city's 
 total taxable net tax capacity for taxes payable in 1998, 
 multiplied by (ii) the city government's average local tax rate 
 for taxes payable in 1998. 

    Subd. 2.    Certification.  The county assessor shall 
 notify the commissioner of revenue of the amount determined 
 under subdivision 1, paragraph (b), clause (i), for any city 
 which qualifies for aid under this section by June 30 of the 
 assessment year, in a form prescribed by the commissioner.  The 
 commissioner shall notify each city of its qualifying aid amount 
 by August 15 of the assessment year.  

    Subd. 3.    Appropriation; payment.  (a) The 
 commissioner shall pay each city its qualifying aid amount on or 
 before July 20 of each year.  An amount sufficient to pay the 
 aid authorized under this section is appropriated to the 
 commissioner of revenue from the property tax reform account in 
 fiscal year 2000, and from the general fund in fiscal years 
 2001, 2002, 2003, and 2004. 

    (b) For fiscal years 2001 through 2004, the amount of aid 
 appropriated under this section may not exceed $1,500,000 each 
 year. 

    (c) If the total amount of aid that would otherwise be 
 payable under the formula in this section exceeds the maximum 
 allowed under paragraph (b), the amount of aid for each city is 
 reduced proportionately to equal the limit. 

    HIST: 1998 c 389 art 4 s 10; 1999 c 243 art 5 s 43; 2000 c 490 
 art 6 s 8,9; 2000 c 499 s 8,9