Minnesota HF1863 modifies housing and redevelopment authority levy limits.

Minnesota HF1863 amends the housing and redevelopment authority levy limits by adjusting the maximum allowable tax rate. The bill specifies that the tax, including penalties, interest, and costs, is collected by the county treasurer and kept in a separate fund known as the "housing and redevelopment project fund." The tax rate cannot exceed 0.037 percent of the estimated market value. The authority must formulate and file a budget annually, with the tax levy for the following year based on this budget.

Minnesota HF1863 modifies housing and redevelopment authority levy limits.

Minnesota HF1863 amends the housing and redevelopment authority levy limits by adjusting the maximum allowable tax rate. The bill specifies that the tax, including penalties, interest, and costs, is collected by the county treasurer and kept in a separate fund known as the "housing and redevelopment project fund." The tax rate cannot exceed 0.037 percent of the estimated market value. The authority must formulate and file a budget annually, with the tax levy for the following year based on this budget.