Establishes a state general levy for certain residential homestead property and modifies the city aid formula for certain cities.

This bill amends Minnesota Statutes to establish a state general levy for certain residential homestead property, specifically those with a market value exceeding $1,000,000. It also modifies the city aid formula for certain cities, ensuring that if a city's certified aid for the previous year is less than its current unmet need, the city will receive an aid distribution equal to the sum of its certified aid in the previous year and the city formula aid. The changes are effective for property taxes payable in 2027 and thereafter.

Establishes a state general levy for certain residential homestead property and modifies the city aid formula for certain cities.

This bill amends Minnesota Statutes to establish a state general levy for certain residential homestead property, specifically those with a market value exceeding $1,000,000. It also modifies the city aid formula for certain cities, ensuring that if a city's certified aid for the previous year is less than its current unmet need, the city will receive an aid distribution equal to the sum of its certified aid in the previous year and the city formula aid. The changes are effective for property taxes payable in 2027 and thereafter.