Bill > HF2086

This bill modifies the senior citizens' property tax deferral program by increasing the household income threshold from $96,000 to $110,000 and reducing the required ownership period for a homestead from five years to two years. The program allows qualifying senior citizens to defer property taxes under certain conditions. To be eligible, at least one spouse must be 65 years old (with the other spouse at least 62), and the property must meet specific criteria, including having no state or federal tax liens, no mortgages securing future advances that exceed 75% of the property's assessed value, and being the homeowner's primary residence. The bill also updates provisions related to income reporting, requiring homeowners to notify the commissioner of revenue if their household income exceeds the new $110,000 threshold and establishing a process for resuming program participation if income subsequently falls below that level. These changes will apply to property tax deferrals payable in 2026 and subsequent years, providing more seniors with an opportunity to defer property taxes and potentially ease their financial burden.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF2086&ssn=0&y=2025