3. HRSR 10-17-2008 - Laserfiche WebLink

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Minnesota Statutes Display Document 2 of 6 Page 1 of 2 ,; Minnesota Statutes 2004 Display Document 2 of 6 N _r 1 .~ S ^~. YJ LJ ~r~ 2__ ~, ~~ ~ ~~ G~1 ~~~~~^~ SEarch Terms 5unnar~ EH nd Load Pnor To H Gr,wn ~lottom Next Hel Section: 469.177 continued... The county auditor shall increase the original net tax capacity of the district by the net tax capacity of each improvement for which a building permit was issued. Subd. 5. Tax increment account. The tax increment received with respect to any district shall be segregated by the authority in a special account or accounts on its official books and records or as otherwise established by resolution of the authority to be held by a trustee or trustees for the benefit of holders of the bonds. Subd. 6. Request for certification of new tax increment financing district. A request for certification of a new tax increment financing district pursuant to subdivision 1 or of a modification to an existing tax increment financing district pursuant to section 469.175, subdivision 4, received by the county auditor on or before June 30 of the calendar year shall be recognized by the county auditor in determining local tax rates for the current and subsequent levy years. Requests received by the county auditor after June 30 of the calendar year shall not be recognized by the county auditor in determining local tax rates for the current levy year but shall be recognized by the county auditor in determining local tax rates for subsequent levy years. Subd. 7. Property classification changes. When any law governing the classification of real property and determining the percentage of market value to be assessed for ad valorem taxation purposes is amended, the increase or decrease in net tax capacity resulting therefrom shall be applied proportionately to original net tax capacity and captured net tax capacity of any tax increment financing district in each year thereafter. This subdivision applies to tax increment districts created pursuant to sections 469.174 to 469.178 or any prior increment law. Subd. 8. A sessment~ magreementsm. An authority may enter in o a written massessment~ magreementm with any person establishing a minimum market value of land, existing improvements, or improvements to be constructed in a district, if. the property is owned or will be owned by the person. The minimum market value established by an massessmentm magreementm may be fixed, or increase or decrease in later years from the initial minimum market value. If an agreement is fully executed before July 1 of an assessment year, the market value as http://ww2.revisor.leg.state.mn.us:8181 /SEARCH/BASIS/mnstat/public/www/DDW?W... 10/14/2005