Bill > HF403

This bill establishes a new senior property tax credit program for homeowners aged 65 and older, designed to help reduce property tax burdens for seniors. To qualify, a property must be a primary homestead classified as residential, owned and occupied by a person 65 or older (with some flexibility for married couples where one spouse is 62-64), and continuously owned and occupied as a homestead since the previous January. Seniors can apply for the credit with 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 to the previous year's tax, with the credit being the difference between these amounts (multiplied by 1.08), but ensuring the total property tax never drops below zero. Local taxing jurisdictions will be reimbursed for these credits by the state, with payments made in two installments in October and December. The credit will first be available for property taxes payable in 2027, and the bill also makes consequential amendments to several existing statutes to incorporate this new credit into Minnesota's property tax system. The goal is to provide financial relief to senior homeowners and help them remain in their homes by making property taxes more affordable.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF0403&ssn=0&y=2025