1.1 .................... moves to amend H.F. No. 101 as follows:
1.2Page 5, after line 13 insert:
1.3 "Sec. 5. Minnesota Statutes 2006, section 275.08, subdivision 1b, is amended to read:
1.4 Subd. 1b.
Computation of tax rates. (a) The amounts certified to be levied against
1.5net tax capacity under section
275.07 by an individual local government unit shall be
1.6divided by the total net tax capacity of all taxable properties within the local government
1.7unit's taxing jurisdiction. The resulting ratio, the local government's local tax rate,
1.8multiplied by each property's net tax capacity shall be each property's net tax capacity tax
1.9for that local government unit before reduction by any credits.
1.10 (b) Any amount certified to the county auditor to be levied against school capital
1.11net tax capacity shall be divided by the total school capital net tax capacity of all taxable
1.12properties within the school district. The resulting ratio, the school district's school
1.13capital tax rate, multiplied by each property's school capital net tax capacity shall be
1.14each property's school capital tax before reduction by any credits. For the purposes of
1.15this subdivision, "school capital net tax capacity" means the value as defined in section
1.16126C.01, subdivision 2a.
1.17 (c) Any amount certified to the county auditor to be levied against market value shall
1.18be divided by the total referendum market value of all taxable properties within the taxing
1.19district. The resulting ratio, the taxing district's new referendum tax rate, multiplied by
1.20each property's referendum market value shall be each property's new referendum tax
1.21before reduction by any credits. For the purposes of this subdivision, "referendum market
1.22value" means the market value as defined in section
126C.01, subdivision 3.
1.23EFFECTIVE DATE.This section is effective for taxes payable in 2008 and
1.24thereafter."