Bill > HF826

This bill establishes a new senior citizen property tax credit for homeowners aged 65 and older with household incomes up to $75,000, who have owned and occupied their property as a homestead for at least five years. To qualify, at least one spouse must be 65, and if married, the other spouse must be at least 62 years old. Homeowners must apply to their county assessor by March 1 of the year prior to receiving the credit, and once approved, will continue to receive the credit until the property is sold, transferred, or no longer qualifies as a homestead. The credit amount will be calculated by subtracting three percent of the homeowner's total household income from the property's tax liability, ensuring the credit is never less than zero. Local taxing jurisdictions will be reimbursed for the credits by the state, with payments made in two installments for non-school districts and through the Department of Education for school districts. The bill amends several existing statutes to incorporate this new credit into Minnesota's property tax system, with the credit becoming effective for the assessment year 2026 and taxes payable in 2027, providing financial relief for senior homeowners by reducing their property tax burden.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF0826&ssn=0&y=2025