273.1386 2002 FLOOD LOSS; CITY REPLACEMENT AID.
Subdivision 1. Flood net tax capacity loss.
The county assessor of each qualified county
shall compute a hypothetical city taxable net tax capacity for each city in the county based upon
market values for assessment year 2003 and the class rates that were in effect for assessment year
2002. The amount, if any, by which the assessment year 2002 total taxable net tax capacity of the
city exceeds the hypothetical taxable net tax capacity of the city is the city's "flood net tax capacity
loss." A county assessor of a qualified county that contains a city that has a flood net tax capacity
loss that exceeds five percent of its assessment year 2002 total taxable net tax capacity shall
certify the city's flood net tax capacity loss to the commissioner of revenue by August 1, 2003.
As used in this section, a "qualified county" is a county located within the area included in
Subd. 2. Flood loss aid.
In 2004, each city with a flood net tax capacity loss equal to or
greater than five percent of its assessment year 2002 total taxable net tax capacity shall be entitled
to flood loss aid equal to the flood net tax capacity loss times the city's average local tax rate
for taxes payable in 2003.
Subd. 3. Duties of commissioner.
The commissioner of revenue shall determine each city's
aid amount under this section. The commissioner shall notify each eligible city of its flood loss
aid amount by August 15, 2003. The commissioner shall make payments to each city after July 1,
and before July 20, 2004.
Subd. 4. Optional city expenditure.
A city that receives aid under this section may choose
to expend a portion of the aid received for repair of county roads located within the city.
Subd. 5. Appropriation.
The amount necessary to pay the aid amounts under this section in
fiscal year 2005, for calendar year 2004, is appropriated to the commissioner of revenue from
the general fund.
Subd. 6. Local government aid appropriation reduction.
The appropriation under section
477A.03, subdivision 2
, paragraph (d), for fiscal year 2005 is reduced by the amount appropriated
under subdivision 5. The appropriation under section
477A.03, subdivision 3
, paragraph (d), for
fiscal year 2006 must be based on the appropriation under that paragraph in the previous year
before the reduction under this subdivision.
History: 1Sp2002 c 1 s 15