Bill > SF443

This bill establishes a new senior property tax credit for homeowners aged 65 and older, designed to provide tax relief for senior citizens. To be eligible, the property must be a primary homestead classified as residential, owned and occupied by at least one spouse who is 65 years old (with the other spouse at least 62), and have been owned by the homeowners since January 2 of the year of application. Seniors must apply to their county assessor by December 15 of the year before they want to receive the credit, providing personal information and ownership details. The credit amount will be calculated by comparing the current year's property tax (after other credits) to the previous year's tax, with a maximum reduction that ensures the property tax does not fall below zero. The credit will be automatically renewed until the property is sold, all qualifying homeowners pass away, or the property no longer qualifies as a homestead. Local taxing jurisdictions, including school districts, will be reimbursed by the state for the tax credits through payments from the general fund, with the credit becoming effective for assessment year 2026 and property taxes payable in 2027. The bill also makes several technical amendments to existing statutes to incorporate the new senior credit into the state's property tax system.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF0443&ssn=0&y=2025