Bill > HF2475

This bill modifies the homestead credit refund program in Minnesota, which helps homeowners by providing property tax refunds based on their household income. The bill updates the income thresholds and refund percentages for property tax relief, expanding the income ranges and adjusting the percentages that homeowners must pay and that the state will refund. Specifically, the changes increase the starting income threshold from $0-$2,079 to $0-$2,199 and raise the maximum household income eligible for a refund from $135,410 to $143,140. The bill also changes the refund percentages across different income levels, generally reducing the percentage homeowners must pay and increasing the state's refund percentage. For example, in lower income brackets, the homeowner's contribution percentage decreases from 12% to 7%, and the state refund percentage increases accordingly. The bill sets the effective date for these changes, with the first adjustments applying to property taxes payable after December 31, 2025, and subsequent inflation adjustments effective for property taxes payable after December 31, 2026. This modification aims to provide more substantial property tax relief for homeowners across various income levels.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF2475&ssn=0&y=2025