MN SF3260

Adds new definition for statewide average referendum market value per resident pupil unit, calculated by dividing statewide referendum market value by statewide total resident pupil units for the current school year.

Modifies first tier referendum equalization levy to use the greater of $880,000 or 165 percent of statewide average referendum market value per resident pupil unit instead of a fixed amount.

Modifies second tier referendum equalization levy to use the greater of $510,000 or 100 percent of statewide average referendum market value per resident pupil unit instead of a fixed amount.

Modifies third tier referendum equalization levy to use 60 percent of statewide average referendum market value per resident pupil unit instead of the fixed amount of $290,000.

Effective for revenue for fiscal year 2020 and later.