MN HF2992

Excludes retail property from the metropolitan area fiscal disparities program's areawide pool by redefining "commercial-industrial property" to exclude property used for retail sales, effective for taxes payable in 2015 and thereafter.

Eliminates the requirement to use 1971 net tax capacity as a baseline for calculating increases in commercial-industrial property tax capacity, simplifying the calculation method for fiscal disparities contributions.

Exempts captured tax capacity of properties in tax increment financing districts from the retail property exclusion, allowing tax increment financing districts to retain retail property in the areawide pool.

Requires the Commissioner of Revenue to develop guidelines for assessors by October 1, 2012, to determine which properties qualify as retail sales properties under the new definition.