MN SF3608

Reduces first tier debt service equalization levy from 15.74 percent to 12.5 percent of adjusted net tax capacity for school districts.

Reduces second tier debt service equalization levy from 26.24 percent to 19 percent of adjusted net tax capacity for school districts.

Increases second tier referendum equalization levy threshold from $510,000 to $640,000 per resident pupil unit market value.

Increases third tier referendum equalization levy threshold from $290,000 to $350,000 per resident pupil unit market value.

Adjusts equalizing factor calculations to use 70 percent of the initial equalizing factor for first tier debt service and 100 percent for second tier debt service in fiscal year 2020 and later.