MN HF2318

Increases the state general levy base amount for commercial-industrial property from $592,000,000 to $739,000,000 for taxes payable in 2013, and establishes a separate base amount of $40,600,000 for seasonal residential recreational property for taxes payable in 2013.

Implements a phased reduction in both commercial-industrial and seasonal residential recreational property tax levies annually from 2013 through 2025, with commercial-industrial levies declining from $739,000,000 in 2013 to $74,300,000 in 2025.

Changes the levy adjustment mechanism to use a fixed reference point (taxes payable in 2013) for calculating annual increases using the implicit price deflator, rather than adjusting from the prior year.

Modifies subdivision 4 to specify that state general taxes are levied with uniform rates applied to commercial-industrial and seasonal residential recreational tax capacity separately, rather than as separate 95/5 percentages.

Effective for taxes payable in 2013 and thereafter.