This bill establishes a new property tax credit for seniors, known as the "senior credit," aimed at providing financial relief to homeowners aged 65 and older. To qualify, the property must be classified under specific categories and owned and occupied as a homestead by eligible individuals. Homeowners must submit their applications to the county assessor by December 15 of the year prior to the taxes payable year. The credit amount is determined by the difference between the current year's tax due and a specified percentage of the previous year's tax, ensuring that the credit does not reduce the overall tax liability below zero. The bill also amends several sections of the Minnesota Statutes to incorporate the senior credit into existing property tax frameworks and outlines the reimbursement process for local taxing jurisdictions.

Additionally, the bill mandates that county levies, particularly those for lake improvement districts and public library services in Ramsey County, must clearly separate these amounts from the overall county levy. It requires property tax statements for manufactured homes and sectional structures to include the same information as real property tax statements, ensuring transparency in reporting. The bill also allows taxing districts to include notices in property tax statement envelopes about upcoming budget deliberations, contingent on county agreement. These changes are set to take effect for property taxes payable in 2027, with provisions for the senior credit effective for assessment year 2026 and fiscal year 2028.

Statutes affected:
Introduction: 273.1392, 273.1393, 275.065, 276.04