5.1. SR 10-17-2005 - Laserfiche WebLink

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Minnesota Statutes Display Document 2 of 6 Page 2 of2 available assessment is less than the minimum market value established by the massessmencll magreemencll for that or any later year and if bond counsel does not conclude that termination of the agreement is necessary to preserve the tax exempt status of outstanding bonds or refunding bonds to be issued, the modification or termination of the massessmencll magreemencll also must be approved by the governing bodies of the county and the school district. A document modifying or terminating an agreement, including records of the municipality, county, and school district approval, must be filed for record. The assessor's review and certification is not required if the document terminates an agreement. A change to an agreement not fully executed before July 1 of an assessment year is not effective for assessment purposes for that assessment year. If an massessmencll magreemencll has been modified or prematurely terminated, a person may seek a reduction in market value or tax through the exercise of any administrative or legal remedy. The remedy may not provide for reduction of the market value below the minimum provided under a modified massessmencll magreement that remains in effect. In no event may a reduction be sought for a year other than the current taxes payable year. Subd. 9. Distributions of excess taxes on ca tured net tax capacity. (a) If the amount of tax paid on aptured net tax capacity exceeds the amount of tax incre nt, the county auditor shall distribute the excess to the nicipality, county, and school district as follows: each gov nmental unit's share of the excess equals (1) the total amount of the financing district, multiplied by (2) a fraction, the numerator f which is the current local tax rate of the governmental un' less the governmental unit's local tax rate for the year th original local tax rate for the district was certified (in n case may this amount be less than zero) and the denominator 0 which is the sum of the numerators for the municipality, coun y, and school district. If the entire increase ' local tax rate is attributable to a taxing district, oth r than the municipality, county, or school district, the the excess must be distributed to the municipality, count , and school district in proportion to their respective local t x rates. distributed shall be deducted in computing the taxing district for the succeeding (b) The amou the levy limit taxable year. http://ww2.revisor.leg.state.mn.us: 8181/SEARCH/BASIS/mnstat/public/www/DDW?W... 10/14/2005 .. .More .