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S.F. No. 670 - Equalized Referendum Levies
 
Author: Senator Roger C. Chamberlain
 
Prepared By: Ann Marie Butler, Senate Counsel (651/296-5301)
 
Date: March 1, 2019



 

Section 1.  Referendum equalization levy. (b) Modifies the calculation of a school district’s first tier referendum equalization levy for fiscal year 2021 and later. The first tier levy must not exceed the amount raised by a tax rate of 0.03 percent times the referendum market value of the district times the ratio of the district’s first tier referendum equalization allowance to $300.

(c) Modifies the calculation of a school district’s second tier referendum equalization levy for fiscal year 2021 and later. The second tier levy must not exceed the amount raised by a tax rate of 0.08 percent times the referendum market value of the district times the ratio of the district’s second tier referendum equalization allowance to $460.

(d) Modifies the calculation of a school district’s third tier referendum equalization levy for fiscal year 2021 and later. The third tier levy must not exceed the amount raised by a tax rate of 0.15 percent times the referendum market value of the district times the ratio of the district’s third tier referendum equalization allowance to an amount equal to 25 percent of the formula allowance minus $760.

Effective Date.  Makes the section effective for taxes payable in 2020 and later.

Section 2. Appropriation. Appropriates a blank amount in fiscal year 2021 for additional general education aid.

AMB/syl

 
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