The bill amends the qualifications for the senior citizens' property tax deferral program in Minnesota, specifically updating the income threshold and the duration of property ownership required for eligibility. The total household income limit for qualifying homeowners has been increased from $60,000 to $96,000. Additionally, the requirement that the homestead must have been owned and occupied for at least 15 years has been reduced to five years.

Furthermore, the bill clarifies that these changes will take effect for applications for tax deferral starting in 2024. Other eligibility criteria, such as age requirements for homeowners and the absence of liens on the property, remain unchanged. This legislation aims to provide greater financial relief to senior citizens by expanding access to the property tax deferral program.

Statutes affected:
Introduction: 290B.03