MN SF5435

Increases maximum property tax reduction for taconite assistance areas from $315.10 to $515 for municipal properties and maintains $289.80 for non-municipal properties, effective for taxes payable in 2025.

Modifies tax notice requirements for properties subject to areawide taxes under chapter 276A to separately display individual jurisdiction taxes and a "fiscal disparities adjustment" line item beginning with 2025 tax notices.

Increases taconite mineral tax distributions to Range Association of Municipalities and Schools from $0.30 to $0.40 per taxable ton, effective with 2024 distribution.

Authorizes issuance of $49,000,000 in revenue bonds in 2024 and $30,500,000 in 2025 for specific Iron Range infrastructure, recreation, and community projects including facilities renovations, water systems, and economic development initiatives.

Modifies transfers from Douglas J. Johnson Economic Protection Trust Fund to Iron Range school consolidation account with scaled amounts ranging from $6,250,000 in 2024 declining to $3,500,000 by 2037-2041, effective with 2024 distribution.