School district seasonal tax base replacement aid establishment

SF 1197 creates a new funding mechanism to help Minnesota school districts that experience reduced property tax revenue due to seasonal fluctuations in property values. It directly affects districts with significant "seasonal market value" properties (classified as class 4c(12) under state law, like vacation homes). The bill establishes a "seasonal tax base replacement aid" calculation: districts receive aid equal to (1 - seasonal adjustment factor) multiplied by their referendum levy. The adjustment factor is based on the ratio of seasonal market value to total market value, capped between 0.5 and 1.0, to reduce the district's required referendum levy without dropping below zero. This aid is funded through appropriations for fiscal years 2026 and 2027.