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• <br /> Jit <br /> :rttritt,,eriyaok.itf:-4,1.0 <br /> MINNESOTA TIF/MUNICIPALITY LEGISLATION <br /> Legislation concerning the way municipalities <br /> administer projects (such as tax increment <br /> financing, abatement and business subsidies) _ <br /> can be found below. Click the bill number to getKU <br /> a summary of the bill, the bill's status and other 2":" ' � <br /> important information. <br /> Governor Signs Property Tax Reform <br /> • On Saturday,June 30th, Governor Jesse Ventura signed the Omnibus Tax Bill into law. <br /> Included into the Tax Bill was a wide sweeping property tax reform that will dramatically <br /> effect the way cities, counties and school districts assess property taxes. Among the <br /> highlights of the property tax law are: <br /> -Elimination of the state-determined general education levy; <br /> -Class rate compression within and across property classes (to view class rates, click on <br /> the link); <br /> -A statewide general property tax on commercial/industrial and seasonal recreation <br /> properties; <br /> -Elimination of HACA for all local governments except counties; <br /> -Establishment of TIF grants to offset losses to TIF districts due to class rate reductions; <br /> -Changes in the blight test for redevelopment and renewal&renovation districts; <br /> -Changes in the duration limits for redevelopment, housing and hazardous substance <br /> subdistricts as well as abatements; <br /> -Levy limit provisions for counties and cities with a population greater than 2,500 for <br /> taxes levies in 2001 and 2002, and payable in 2002 and 2003. <br /> Copyright®Ehlers&Associates,Inc.,all rights reserved <br /> • <br />