Laserfiche WebLink
attributable to improvement of the parcel. <br /> <br /> Subd. la. Useofterm. As used ln this sectJon and <br />sections 469.1814 and 469.1815., "abatement~ includes a deferral <br />of taxes with abatement of interest and penalties unless the <br />context indicates otherwise. <br /> <br /> Subd. 2. Abatement resolution. (a) The governing <br /> <br />body of a political subdiyision may grant an abatement only by <br />adopting an abatement resolution, specFojing the terms of the <br />abatement. In the case of a town, the board of supervisors may <br />approve the abatement resolution, The resolution must also <br />include a specific statement as to the nature and extent of the <br />public bener~s which the governing body expects to result from <br />the agreement. The resolution may provide that the poli~cal <br />subdivision will retain or transfer to another political <br />subdivision the abatement to pay for all or part of the cost of <br />acquisition or improvement of public ;,3f['astructure, whether or <br />not located on or adjacent to the pamel for which the tax is <br />abated. The abatement may reduce all or part of the property <br />tax amount for the pol~cal subdivision on the parcel A <br />palltical subdivision's maximum annual amount for a parcel <br />equals its total local tax' rate multiplied by the total net tax <br />capacity of the parcel. <br /> <br />(b) The political subdivision may limit the abatement: <br /> <br />(1) to a specific dollar amount per year or in total; <br /> <br />(2) to the increase in property taxes resulting from <br />improvement of the prepertT;,, <br /> <br />(3) to the Increases in property taxes resulting from <br />increases in the market value or tax capacity of the property;, <br /> <br />(4) in any other manner the governing body of the <br />subdivision determines is apprepdate; or <br /> <br />-339- <br /> <br /> <br />