Senate Counsel, Research
and Fiscal Analysis
Minnesota Senate Bldg.
95 University Avenue W. Suite 3300
St. Paul, MN 55155
(651) 296-4791
Alexis C. Stangl
Director
   Senate   
State of Minnesota
 
 
 
 
 
S.F. No. 1596 - Reducing State General Levy, Increasing Property Tax Refund
 
Author: Senator Julianne E. Ortman
 
Prepared By: Eric S. Silvia, Senate Counsel (651/296-1771)
 
Date: February 20, 2012



 

 

Section 1 permanently sets the state general levy for seasonal residential recreational property for taxes payable in 2013 and thereafter.  For commercial-industrial property, the state general levy is reduced by 5 percent of the previous year’s amount until the levy is permanently removed in 2033.  The inflation index is also removed.  This section is effective for taxes payable in 2013 and thereafter.

Section 2 excludes the first $100,000 of commercial and industrial market value from the state general levy.  This section is effective for taxes payable in 2013 and thereafter.

Section 3 removes the current apportionment of the state general levy effective for taxes payable in 2013 and thereafter.

Section 4 increases the homeowner maximum property tax refund for homeowners with household incomes greater than $37,280.  This section is effective for refunds based on taxes payable in 2012 and thereafter.

Section 5 modifies the formula for the targeting property tax refund for taxes payable in 2012. Currently, the refund formula amount is 60 percent of the increase over the greater of:  (1) 12 percent of the previous year’s tax; or (2) $100.  This section increases the 60 percent factor to 90 percent and is effective for refunds based on taxes payable in 2012 only.

 ESS:dv

 

 
Check on the status of this bill
 
Back to Senate Counsel and Research Bill Summaries page
 

 
This page is maintained by the Office of Senate Counsel, Research, and Fiscal Analysis for the Minnesota Senate.
 
Last review or update: 02/20/2012
 
If you see any errors on this page, please e-mail us at webmaster@senate.mn