MN HF3171

Replaces fixed dollar amounts ($567,000 and $290,000) with indexed percentages (125 percent and 50 percent) of the statewide referendum market value equalizing factor for first and second tier referendum equalization levies.

Changes the first tier referendum equalization levy calculation to use 125 percent of the statewide referendum market value equalizing factor instead of the fixed $567,000 threshold.

Changes the second tier referendum equalization levy calculation to use 50 percent of the statewide referendum market value equalizing factor instead of the fixed $290,000 threshold.

Makes the statewide referendum market value equalizing factor dynamic by calculating it as total referendum market value of all school districts divided by resident pupil units for the current fiscal year.

Effective for fiscal year 2022 and later.