Bill > HF1988

This bill modifies the referendum equalization levy for school districts in Minnesota by increasing the market value thresholds used to calculate the first and second tier referendum equalization levies. Specifically, the bill raises the first tier threshold from $567,000 to $1,500,000 and the second tier threshold from $290,000 to $870,000 per resident pupil unit. These changes mean that school districts will have more flexibility in calculating their referendum levies, potentially allowing them to raise more funds through local property taxes. The referendum equalization levy is a mechanism designed to help school districts with lower property values access additional funding by providing state support. The bill includes an effective date of fiscal year 2027, giving school districts and state education officials time to prepare for the new calculation method. Additionally, the bill includes a section for appropriations to the Department of Education for general education aid, though the specific dollar amounts are not specified in the provided text. The goal appears to be providing more equitable funding support for school districts across different property value levels.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF1988&ssn=0&y=2025