273.1234 TAX RELIEF FOR DESTROYED PROPERTY; HOMESTEAD AND DISASTER
Subdivision 1. Credit provided.
The county auditor shall compute a credit for taxes payable
in the year following the year in which the damage or destruction occurred for each reassessed
homestead within the county that is located within a disaster or emergency area. The credit is
equal to the difference in the net tax on the property computed using the market value of the
property established for the January 2 assessment in the year in which the damage occurred
and as computed using the reassessed value.
Subd. 2. Credit reimbursements.
The county auditor shall certify the credits granted under
this section to the commissioner of revenue for reimbursement to each taxing jurisdiction in
which the damaged property is located. The commissioner shall make the payments to the
taxing jurisdictions containing the property, other than school districts and the state, at the time
distributions are made under section
, subdivision 3. Reimbursements to school districts
shall be made as provided in section
. No reimbursement is to be paid to the state treasury.
Subd. 3. Appropriation.
There is annually appropriated from the general fund to the
commissioner of revenue an amount necessary to make the payments required by this section.
History: 1Sp2007 c 2 art 3 s 9