MN SF962

Modifies pollution control property tax exemption for attached machinery and personal property of electric generation facilities by implementing a three-year phase-out beginning in assessment year 2011: full exemption in year one, two-thirds exemption in year two, and one-third exemption in year three.

Phases out exemptions granted prior to the 2011 assessment year beginning in taxable year 2012 using the same three-year reduction schedule.

Changes class 3 property tax rates for personal property in electric generation, transmission, distribution systems, and pipeline systems from variable rates to a flat 3.0 percent class rate.

Separates personal property consisting of mains and pipes used in steam or hot/chilled water distribution into its own classification (clause 4) with a class rate applied to market value in excess of the first tier ($150,000).

Effective for taxes payable in 2012 and thereafter.