This bill introduces a new senior citizen credit in Minnesota designed to provide financial assistance to homeowners aged 65 and older. To be eligible for this credit, the property must be classified as a homestead, owned and occupied by the senior, and have a total household income not exceeding $96,000. Additionally, the property must have been owned and occupied as a homestead for at least five years, and the owners must not be participating in the senior citizens' property tax deferral program. The credit amount is based on the net tax on the property, capped at $500, with applications due to the county assessor by March 1 of the year prior to the taxes payable year.

The bill also amends various sections of the Minnesota Statutes to integrate the new senior citizen credit into existing tax frameworks, detailing the reimbursement process for local taxing jurisdictions and school districts funded through general fund appropriations. It establishes requirements for property tax statements, ensuring clear itemization of tax amounts, including those for county, state, and local taxes, as well as specific levies in certain counties. The bill mandates that property tax statements for manufactured homes contain the same information as those for real property and specifies the information required in tax statements, such as estimated market value and net tax payable. These provisions will take effect for property taxes payable in 2027.

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