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, and applications must be submitted 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 credit frameworks. It assigns the county auditor the responsibility of determining tax reductions and reimbursing local taxing jurisdictions, excluding school districts, for the credits granted. Provisions for the reimbursement of school districts are included, and the effective date for implementing the credit is set for property taxes payable in 2027. Furthermore, the bill mandates specific requirements for property tax statements, ensuring clear itemization of various tax amounts and including detailed information about real and personal property tax statements.

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