290B.05 Maximum property tax amount and deferred 
  property tax amount. 

    Subdivision 1.    Determination by commissioner.  The 
 commissioner shall annually determine the qualifying homeowner's 
 "maximum property tax amount" and "maximum allowable deferral."  
 The maximum property tax amount calculated for taxes payable in 
 the following year is equal to five percent of the homeowner's 
 total household income for the previous calendar year.  No tax 
 may be deferred for any homeowner whose total household income 
 for the previous year exceeds $30,000.  No tax shall be deferred 
 in any year in which the homeowner does not meet the program 
 qualifications in section 290B.03.  The maximum allowable total 
 deferral is equal to 75 percent of the assessor's estimated 
 market value for the year, less (1) the balance of any mortgage 
 loans and other amounts secured by liens against the property at 
 the time of application, including any unpaid special 
 assessments but not including property taxes payable during the 
 year; and (2) any outstanding deferral and interest.  

    Subd. 2.    Certification by commissioner.  On or before 
 December 1, the commissioner shall certify to the county auditor 
 of the county in which the qualifying homestead is located (1) 
 the maximum property tax amount; (2) the maximum allowable 
 deferral for the year; and (3) the cumulative deferral and 
 interest for all years preceding the next taxes payable year. 

    Subd. 3.    Calculation of deferred property tax amount. 
  When final property tax amounts for the following year have 
 been determined, the county auditor shall calculate the 
 "deferred property tax amount."  The deferred property tax 
 amount is equal to the lesser of (1) the maximum allowable 
 deferral for the year; or (2) the difference between the total 
 amount of property taxes levied upon the qualifying homestead by 
 all taxing jurisdictions and the maximum property tax amount.  
 Any special assessments levied by any local unit of government 
 must not be included in the total tax used to calculate the 
 deferred tax amount.  No deferral of the current year's property 
 taxes is allowed if there are any delinquent property taxes or 
 delinquent special assessments for any previous year.  Any tax 
 attributable to new improvements made to the property after the 
 initial application has been approved under section 290B.04, 
 subdivision 2, must be excluded when determining any subsequent 
 deferred property tax amount.  The county auditor shall 
 annually, on or before April 15, certify to the commissioner of 
 revenue the property tax deferral amounts determined under this 
 subdivision by property and by owner.  

    Subd. 4.    Limitation on total amount of deferred taxes. 
  On or before September 1 of each year, the commissioner shall 
 request, and each county or city assessor shall provide, the 
 current year's estimated market value of each property on the 
 list supplied by the commissioner that may be eligible for 
 deferral under this section for taxes payable in the following 
 year.  The total amount of deferred taxes and interest on a 
 property, when added to (1) the balance owing on any mortgages 
 on the property at the time of initial application; and (2) 
 other amounts secured by liens on the property at the time of 
 the initial application, may not exceed 75 percent of the 
 assessor's current estimated market value of the property. 

    HIST: 1997 c 231 art 14 s 8