This bill amends the senior citizens' property tax deferral program in Minnesota by modifying the eligibility criteria and income thresholds. Specifically, it raises the maximum allowable total household income for qualifying homeowners from $96,000 to $110,000. 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 this limit.

The amendments apply to applications for tax deferral starting in 2026 and include provisions for determining the "annual maximum property tax amount" based on the homeowner's total household income. The maximum allowable deferral remains at 75 percent of the property's estimated market value, minus any outstanding debts secured by the property. Overall, these changes 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