MN SF351

Establishes a new school building bond agricultural credit for class 2a, 2b, and 2c agricultural property (excluding homestead acres) equal to the property's eligible net tax capacity multiplied by the school debt tax rate.

County auditors determine and certify tax reductions to the commissioner of revenue; the commissioner of education reimburses school districts according to existing payment schedules.

Appropriates an amount sufficient from the general fund to the commissioner of education annually to make required credit payments.

Modifies school district payment schedules to provide state general fund payments in six equal monthly installments beginning in July instead of twelve installments, effective fiscal year 2019.

Updates property tax notice and tax statement requirements to separately identify the school building bond credit and include it in the computation of net property taxes, effective for taxes payable in 2018.