Bill > HF883

This bill establishes a new senior citizen property tax credit for homeowners aged 65 and older with household incomes not exceeding $75,000. To qualify, property owners must have owned and occupied their homestead for at least five years, not be participating in the existing senior citizens' property tax deferral program, and meet specific age requirements (at least one spouse 65, the other at least 62). Homeowners must apply to their county assessor by March 1 in the year before they want to receive the credit, providing personal information, property tax statements, and income documentation. The credit amount will be calculated by subtracting three percent of the homeowner's household income from the total property tax due, ensuring the credit is never less than zero. The credit will be automatically renewed each year until the property is sold, transferred, no longer qualifies as a homestead, or all qualifying homeowners pass away. Local taxing jurisdictions will be reimbursed for the credits by the state, with payments made in two installments during the taxes payable year. The bill specifies that the senior citizen credit will first be effective for assessment year 2026 and taxes payable in 2027, with modifications made to several existing statutes to accommodate this new property tax credit program.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF0883&ssn=0&y=2025