This bill amends the senior citizens' property tax deferral program in Minnesota by modifying the eligibility requirements and income thresholds for participants. Specifically, it raises the maximum allowable total household income from $96,000 to $110,000 for homeowners applying for the program. Additionally, it reduces the required duration of property ownership and occupancy as a homestead from five years to two years. The bill also stipulates that homeowners must notify the commissioner of revenue if their income exceeds the new threshold and outlines the process for resuming eligibility if their income falls back below that level.

The bill includes effective dates for these changes, stating that they will apply to applications for tax deferral payable in 2026 and thereafter. Other provisions remain unchanged, such as the requirement that there are no state or federal tax liens on the property and that the total unpaid balances of debts secured by mortgages and other liens do not exceed 75 percent of the property's estimated market value. Overall, the amendments aim to make the property tax deferral program more accessible to senior citizens by adjusting income limits and ownership requirements.

Statutes affected:
Introduction: 290B.03, 290B.04, 290B.05