MN SF3492

Eliminates the noncommercial seasonal residential recreational property tax classification (class 4c(12)) effective for assessment year 2017 and moves such properties to class 4bb with the same tax rates as class 1a property.

Increases the state general levy base amount from $592,000,000 to $835,344,100 for taxes payable in 2018, effective for taxes payable in 2018 and thereafter.

Removes seasonal residential recreational property from the separate state general tax levy calculation; modifies the apportionment formula so that 95 percent of state general tax applies to commercial-industrial property and 5 percent applies to seasonal residential recreational tax capacity.

Repeals Minnesota Statutes 2014, section 275.025, subdivision 3, which previously defined seasonal residential recreational tax capacity for state general tax purposes.

Modifies referendum market value definition under section 126C.01 to exclude class 4c(12) property, effective for taxes payable in 2018 and thereafter.