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attributable to Improvement of the parcel. <br /> <br /> Subd. la, Use of term. As used In this section 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 othem/ise. <br /> <br /> Subd. 2. Abatement resolution. (a) The governing <br /> <br />body of a political subdivision may grant an abatement only by <br />adopting an abatement resolution, specifying the terms of the <br />abatement. In the case ora town, the board of supervlsom may <br />approve the abatement resolution. The resolution must also <br />include a specific s~atement as to the nature and extent of the <br />public benefits which the governing body expects to result from <br />the agreement, The resolution may provide that the political <br />subdivision will retain or lzansfer to another political <br />subdivision the abatement to pay for all or part of the cost of <br />acquisition or improvement of public inffastructure, whether or <br />not located on or adjacent to the parcel for which the tax is <br />abated. The abatement may reduce all or pert of the property <br />tax amount for the political subdivision on the parcel. A <br />pelitical 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 preperbj taxes resulting from <br />improvement of the property; <br /> <br />(3) to the increases in property taxes resulting from <br />increases in the market value or tax capacity of the pmpe~, <br /> <br />(4) in any other man~',~r the governing body of the <br />subdivision determines is appropriate; or <br /> <br /> <br />