S.F. No. 600 Summary

• Amends Minnesota Statutes sections 275.065 and 276.04 to modify property tax statements for properties subject to the Iron Range fiscal disparities areawide tax under section 276A.06, subdivision 7.

• Requires net tax capacity portions of taxes shown for each taxing jurisdiction to be based on the property's total net tax capacity multiplied by the jurisdiction's actual or proposed net tax capacity tax rate.

• Mandates property tax statements include a line showing the "fiscal disparities adjustment" equal to total gross tax payable minus the sum of tax amounts for individual taxing jurisdictions, which may be a negative number.

• Prohibits displaying percentage change when the fiscal disparities adjustment for current year taxes or proposed tax amounts is a negative number.

• Effective beginning with proposed notices for taxes payable in 2024.