290C.07 Calculation of incentive payment.
An approved claimant under the sustainable forest incentive program is eligible to receive an annual payment. The payment shall equal the greater of:
(1) the difference between the property tax that would be paid on the property using the previous year's statewide average total township tax rate and the class rate for class 2b timberland under section 273.13, subdivision 23, paragraph (b), if the property were valued at (i) the average statewide timberland market value per acre calculated under section 290C.06, and (ii) the average statewide timberland current use value per acre calculated under section 290C.02, subdivision 5;
(2) two-thirds of the property tax amount determined by using the previous year's statewide average total township tax rate, the estimated market value per acre as calculated in section 290C.06, and the class rate for 2b timberland under section 273.13, subdivision 23, paragraph (b); or
(3) $1.50 per acre for each acre enrolled in the sustainable forest incentive program.
HIST: 1Sp2001 c 5 art 8 s 11
* NOTE: This section, as added by Laws 2001, First Special *Session chapter 5, article 8, section 11, is effective for taxes *levied in 2002, payable in 2003, and thereafter. Laws 2001, *First Special Session chapter 5, article 8, section 11, the *effective date.
Official Publication of the State of Minnesota
Revisor of Statutes