5.1. SR 06-24-2002 - Laserfiche WebLink

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Page 3 Subd. 2. Abatement resolution. (a) The governing body of a political subdivision may grant an abatement only by adopting an abatement resolution, specifying the terms of the abatement. In the case of a town, the board of supervisors may approve the abatement resolution. The resolution must also include a specific statement as to the nature and extent_of the. public benefits whic~-i~"V~ing bod~-~-X.-~-~-~--~--i:~ii[~'~-i:~rh-~i~--~--e~-~n~nt~,- The resolution may provide that the political subdivision will retain or transfer to another political subdivision the abatement to pay for all or part of the cost of acquisition or improvement of public infrastructure, whether or no located on or adjacent to the parcel for which the tax is abated. The abatement may reduce all or part of the property tax {mr/m3by amount for the political subdivision on the parcel. (b) The political subdivision may limit the abatement: (1) to a specific dollar amount per year or in total; (2) to the increase in property taxes resulting from improvement of the property; (3) to the increases in property taxes resulting from increases in the market value or tax capacity of the property; (4) in any other manner the governing body of the subdivision determines is appropriate; (5) to the interest and penalty that would otherwise be due on taxes that are deferred. (c) The political subdivision may not abate tax attributable to the areawide tax under chapter 276A or 473F, except as provided in this subdivision. Subd. 3. School district abatement procedure. An abatement granted under this section is not an abatement for purposes of state aid or local levy under sections 127A.40 to 127A.51. Subd. 4. Property located in tax increment financing districts. The governing body of a political subdivision maynot enter into a property tax abatement agreement under sections 469.1812 to 469.1815that provides for abatement of taxes on a parcel, if the abatement will occur while the parcel is located in a tax increment financing district. Subd. 5. Notice and public hearing. (a) The governing body of a political subdivision may approve an abatement under sections 469.1812 to 469.1815 only after holding a public hearing on the abatement. (b) Notice of the hearing must be published in a newspaper of general circulation in the political subdivision at least once more than ten days but less than 30 days before the hearing. The newspaper must be one of general interest and readership in the community, and not one of limited subject matter. The newspaper must be published at least once per week. The notice must indicate that the governing b-~7__~!l__cpnsid~r granting a property tax abatement, .identify-/h~-~p~r~y- ;~- ~;~-~ti~'~-io(~r Which an abatement is under consideration, and the total estimated amount of the abatement.