pf_03551 - Laserfiche WebLink

Home

3 4 provided under section 469.175, subdivision 3. 5 Subd. 5. [MAXIMUM EXTENSION. ] (a) The maximum extension 6 for a district under this subdivision equals the lesser of: 7 (1) four years; or 8 (2) the tax reform percentage for the district, determined 9 under paracraph (b), multiplied by the remaining duration of the lO district rounded to the nearest whole number. Fractions in 11 excess of one-third are rounded up. 12 (b) The tax reform percentage for the district, as 13 estimated by the county auditor, equals: 14 (l)(i) the total taxes paid by the original tax capacity 15 for the district for taxes payable in 2001, minus 16 (ii) the average of the total taxes paid by the original 17 tax capacity for the district for taxes payable in 2002 and in 18 2003, divided by 19 (2) the total taxes paid by the original tax capacity for 20 the district for taxes payable in 2001. 21 (c) In the resolution approving the extension, the 22 municipality mav elect to treat all preexisting oblioations as 23 qualified obliaations for purooses of this section. If the 24 municipality makes an election under this paragraph, the maximum 25 duration is reduced by one-half of the amount otherwise 26 permitted under paragraph (a). 27 (d) The remaining duration of a district is the number of 28 calendar years, beginning after December 31, 2001, in which the 29 district may collect increment under its duration limit under 30 section 469.176, subdivision Ib, lc, 1e, or 19, or a special law 31 approved before January 1, 2002, as applicable. 32 (e) For purposes of this subdivision, "taxes" exclude taxes 33 levied against market value, rather than tax capacity, and the 34 state general tax under section 275.025. 35 Subd. 6. [COMMISSIONER AOTHORITY.] (a) If the municipality 36 determines that the extension permitted under subdivision 5 will Article 10 Section 8 164