This bill introduces a new senior citizen credit in Minnesota designed to provide financial relief 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, and applications must be submitted to the county assessor by March 1 of the year prior to the taxes payable year. The bill also includes provisions for reimbursing local taxing jurisdictions for the tax reductions granted under this credit, with payments made in two installments by the commissioner of revenue.

Moreover, the bill amends existing statutes to incorporate the new senior citizen credit into the calculation of net property taxes and payment processes for school districts. It outlines requirements for property tax statements, ensuring that various tax amounts are clearly itemized, including separate listings for county, state tax, voter-approved school tax, and other local taxes. The bill mandates that property tax statements for manufactured homes and sectional structures contain the same information as those for real property. Additionally, it allows taxing districts to include notices about budget deliberations with property tax statements, contingent on county agreement. The effective date for the implementation of these provisions is set for property taxes payable in 2027.

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