Bill > SF2504

This bill modifies Minnesota's senior citizens' property tax deferral program by increasing the household income threshold from $96,000 to $110,000, reducing the required ownership period for a homestead from five years to two years, and establishing new effective dates for these changes. The program allows qualifying senior citizens to defer property tax payments under specific conditions, such as being 65 years or older (with a spouse at least 62 years old), having no state or federal tax liens, and maintaining total liens and unpaid balances below 75% of the property's assessed market value. Participants must annually certify their household income, and if their income exceeds the new $110,000 threshold, they must notify the commissioner of revenue and may be temporarily disqualified from the program. The "annual maximum property tax amount" will continue to be calculated as three percent of the homeowner's total household income from the previous year. These modifications will take effect for property tax applications payable in 2026 and subsequent years, providing more seniors with the opportunity to defer property tax payments and potentially ease their financial burden.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF2504&ssn=0&y=2025