The proposed 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 citizen, 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 application process must be completed by March 1 of the year prior to the taxes payable year, with the credit amount capped at $500.

The bill also amends existing Minnesota statutes to integrate the new senior citizen credit into the property tax system, requiring county auditors to determine tax reductions and certify amounts to the commissioner of revenue for reimbursement to local taxing jurisdictions. It mandates clear delineation of various tax amounts on property tax statements, including specific listings for regional rail authorities and other local taxes. The bill ensures that tax statements for homesteads in the senior citizens' property tax deferral program reflect total property tax before deferrals and includes provisions for rounding dollar amounts. These changes will take effect for property taxes payable in 2027.

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