Bill > HF410

This bill introduces a new mechanism for providing financial relief to homeowners in Minnesota by creating a surplus refund program tied to the state's November budget forecast. The bill amends existing statutes to allow for a potential refund to homestead property owners when there is a significant budget surplus. Specifically, if the November forecast reveals an excess of funds after addressing priority budget allocations like the cash flow and budget reserve accounts, and after meeting certain school aid and property tax reduction requirements, any remaining money can be used to provide a direct payment to homestead owners. To qualify, homestead properties must be owner-occupied (excluding properties occupied by relatives of the owners), and the refund amount will be calculated by dividing the surplus funds by the total number of qualifying homesteads. However, if the available surplus is less than $170 million, no refund will be issued. County assessors must certify a list of qualifying homesteads by January 30 each year, and if a refund is triggered, the Minnesota Commissioner of Revenue will make payments to eligible homeowners by June 30, with a maximum of one payment per homestead. The program is set to take effect on January 1, 2026, providing a potential new form of property tax relief for Minnesota homeowners.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF0410&ssn=0&y=2025