This bill introduces a new advance homestead credit for seniors in Minnesota, allowing eligible senior claimants to receive an advance credit equivalent to 50% of the homestead credit refund they received in the previous year. The advance credit applies to homestead properties owned by seniors who meet the eligibility criteria outlined in existing law. The bill details the calculation and certification process for these credits, which must be applied to the first half of property tax payments. Additionally, it mandates that the commissioner of revenue reimburse local taxing jurisdictions for the tax reductions resulting from this new credit.

To implement this advance homestead credit, the bill amends various sections of Minnesota Statutes, including the addition of section 273.1389, which outlines the new credit and the process for eligible seniors to elect to receive advance credits. It defines "eligible senior claimant" as individuals aged 65 or older, or married couples where one spouse is at least 65 and the other is at least 62. The bill also ensures that property tax statements reflect the advance homestead credit and includes provisions for coordinating notices regarding budget deliberations from taxing districts. These changes will take effect for property taxes payable in 2027, aiming to enhance support for senior homeowners by simplifying the process for receiving property tax credits and improving communication in tax statements.

Statutes affected:
Introduction: 273.1392, 273.1393, 275.065, 276.04, 290A.03