MN SF3308

Creates a school building bond credit for class 2a, 2b, 2c, and 4c(12) agricultural and noncommercial seasonal recreational properties, excluding the house, garage, and one acre of an agricultural homestead.

Credit amount equals 50 percent of the property's eligible net tax capacity multiplied by the school debt tax rate, effective for taxes payable in 2017 and beyond.

County auditors must certify tax reductions to the Commissioner of Revenue, who reimburses school districts through the Department of Education from an annually appropriated general fund amount.

Adds the school building bond credit to the computation order of net property taxes and requires it to be listed separately on property tax statements and notices of proposed property taxes.

Authorizes school districts to identify the portion of levies designated for debt service at the time of certification.