Minnesota expands its natural disaster debt service equalization aid program to assist school districts with a high percentage of property excluded.

The bill amends Minnesota Statutes to broaden the natural disaster debt service equalization aid program. It now assists school districts with at least 30% of their property value excluded from taxable rolls. This aid is available if the district was impacted by a natural disaster declared by the President, causing $500,000 or more in damages to school buildings, with repair costs not covered by insurance or FEMA. The aid is calculated based on the district's natural disaster enhanced debt service equalization revenue and its equalized natural disaster enhanced debt service levy.

Minnesota expands its natural disaster debt service equalization aid program to assist school districts with a high percentage of property excluded.

The bill amends Minnesota Statutes to broaden the natural disaster debt service equalization aid program. It now assists school districts with at least 30% of their property value excluded from taxable rolls. This aid is available if the district was impacted by a natural disaster declared by the President, causing $500,000 or more in damages to school buildings, with repair costs not covered by insurance or FEMA. The aid is calculated based on the district's natural disaster enhanced debt service equalization revenue and its equalized natural disaster enhanced debt service levy.