Bill > SF2766

This bill modifies the homestead credit refund (a property tax relief program for Minnesota homeowners) by adjusting income thresholds, refund percentages, and maximum refund amounts. Specifically, the bill increases the income ranges for different refund tiers, updates the percentage of income homeowners must pay, and changes the maximum state refund amounts across various household income levels. For example, the lowest income tier is adjusted from "$0 to 2,079" to "$0 to 2,199", with corresponding changes in the percentage of income paid by the homeowner and the maximum state refund. The bill also updates the income threshold above which no refund is allowed, raising it from $135,410 to $143,140. Additionally, the bill changes the statutory year for inflation adjustments from 2023 to 2025 and sets the effective dates for these changes to property taxes payable after December 31, 2025, and December 31, 2026, respectively. The modifications aim to provide updated property tax relief that reflects current economic conditions and income levels.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF2766&ssn=0&y=2025