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<br /> sion and subdivision lb, the council shall levy each year upon all taxable property within the
<br /> metropolitan transit taxing district, defined in subdivision 2, a transit tax consisting of:
<br /> (a) an amount which shall be used for payment of the expenses of operating mansit and
<br /> paratransit servlc~ and to provide for payment of obligations issued by the council under sec-
<br /> tion 473,436, subdivision 6;
<br /> (b) an addi.tional amoun_t, if any, the ~&,i~'~ii a~t'~s i~ ~ to provide for
<br /> the full and timely payment of its certificates of indebtedness and'other obligations outstand-
<br /> ing on ~luly 1, 1985, to which property taxes under this section have been pledged; and
<br /> .'. (c) an additional arnount necessary to provide full arid timely payment of certificates of
<br /> indebtedness, bonds, including refunding bonds or other obligations issued or to be issued
<br /> under section 473.39 by the council for purposes of acquis'ition and betterment of property
<br /> and other improvements of a capital nature and t° which the council has specifically pledged
<br /> tax levies under this clause. , · "' :.:'.:. :' ' '::
<br /> : ,: ~'The property tax levied by the council for general tJhrposes under paragraph (a)' must
<br /> not exceed the following amount for the years specified: ' ' ' "'- :' - .- ·
<br /> (1) for taxes payable in 1995, the council's property tax levy limitation for gene~ tran-
<br /> sit purposes is equal to the former regional transit board's property tax levy limitation for
<br /> general transit purposes under this subdivision, for taxes payable in 1994, multiplied by an
<br /> index for markeX valuation changes equal to the total market valuation of ali taxable property
<br /> located within ~he metropolitan transit taxing district for the current taxes payable year divid-
<br /> ed by the total market valuation of all taxable property located within the metropolitan transit
<br /> taxing district for the previous taxes payable year; and .' .
<br /> (2) for taxes payable in 1996 and subsequent years, the product of (i) the council,s prop-
<br /> erty tax levy limitation for general transit purposes for the previous ye~ detern?ined under
<br /> this subdivision before reduction by the amount levied by any municipality in me previous
<br /> year under section 473,388, subdivision 7, multiplied by (ii) an index for market valuation
<br /> changes equal to the total market valuation of all taxable property located within the metro-
<br /> politan transit taxing district for the current taxes payable year divided by the total market
<br /> valuation of all taxable property located within the metropolitan transit taxing district for the
<br /> previous taxes payable year, minus the amount levied by any municipality in the current levy
<br /> year under section 473,388, subdivision 7.. ~ . ..
<br />·. · The portion of the property tax levy for transit dist0.'ct operating purposes attributable to
<br />a municipality that has exercised a local levy option unoer section 473.388, subdivision 7, is
<br />the amount as determined under subdivision 1E The portion of the property tax levy for tran-
<br />sit district operating purposes attributable to the remaining municipalities within the transit
<br />district is found by subtracting the portions attributable to the municipalities that have exer-
<br />cised a local levy option under section 473.388, subdivision 7.
<br /> .. For the iaxes payable year 1995, the index for market valuation changes shall be multi-
<br />plied by an hi'nount equal to the sum of the regional lrahsit board's property tax levy limita-
<br />tion for the taxes payable year 1994 and $160,665. The $160,665 increase shall be a perma-
<br />nent adjustment to the levy limit base used in determining the regional transit board's proper-
<br />ty tax levy limitation for general purposes for subsequent taxes payable years.
<br /> For the purpose of determining ~,e. council's property ~ levy limitation for general
<br />transit purposes under this subdivision, total market valimfion' means the total market valu-
<br />ation of all taxable property within the metropolitan transit taxing district without valuation
<br />adjustments for fiscal disparities (chapter 473F), tax. increment financing (sections 469.174
<br />to 469.179), and high voltage transmission lines (section 273.425).
<br /> The county auditor shall reduce the tax levied'Pursuant to tiffs section an~l 's<tion
<br />473.388 on all property within statutory and home rule charter cities and towns that receive
<br />full-peak service and lknited off-peak service by an amount equal to the tax levy that would
<br />be produced by applying a rate of 0.510 percent of net tax capacity on the property. The
<br />county auditor shall re. duce the tax levied pursuant to this section and section 473.388 on all
<br />property within statutory and home rule charter cities and towns that receive limited peak
<br />service by an amount equal to the tax levy that would be produced by applying a rate of 0.765
<br />percent of net tax capacity on the property. The amounts so computed by the county auditor
<br />shall be submitted to the commissioner of revenue as part of the abstracts of tax lists required
<br />
<br />L
<br />
<br />to be filed with the cot
<br />be certified in the abs
<br />determine their accun
<br />certification to thc co~
<br />and to the municipalit
<br />by the county auditor
<br />council and the muni,
<br />within the municipali
<br />treasury to the depart
<br /> For the purpose:
<br />peak period regular ~
<br />longer than 60 minut
<br />service" means peak
<br /> For the purpose:
<br />ally determine which
<br />pacity rate reduction
<br />such cities and towns
<br />annual list after Sept
<br /> Subd. la. Tax~
<br />473.449, and the me
<br />taxable property wit'
<br />taxing district, define
<br />~um of the levies pro
<br />used only for param
<br />within the transit an
<br /> The regional tr
<br /> the 0.510 or 0.765 u
<br /> before September 1
<br /> levy year.
<br /> Subd. lb. Dedt
<br /> may levy for gener
<br /> within a municipali
<br /> transit tax levied wi
<br /> 473.388, subdivisie
<br /> nus the amount to b
<br /> current levy year.
<br /> (b) For purpo.~
<br /> (I) "municipa'
<br /> sion 7, for replacer
<br />
<br /> · (2) "market v~
<br /> scribed in this sect.
<br /> (3) "tax reve~
<br /> Subd. 2. Tran
<br /> ignated as that pon
<br /> ies, towns, or unor
<br /> "' (a) Anoka cot
<br /> ley, Circle Pines, !
<br /> ... (b) Carver ce
<br /> · (c) Dakota c~
<br /> Mendota, Mendot
<br /> (d) Rarnsey c
<br /> (e) Hennepin
<br /> hassen, Crystal, [
<br /> Hopkins, Long L~
<br /> Beach, Mound, N
<br />
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