This bill amends the senior citizens' property tax deferral program in Minnesota by modifying the eligibility requirements 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 household 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 the changes, stating that the new provisions will apply to applications for tax deferral payable in 2026 and thereafter. Other amendments clarify the determination of the "annual maximum property tax amount" and the conditions under which property taxes may be deferred, ensuring that no tax deferral is granted if the homeowner's income exceeds the updated limit. Overall, these changes aim to make the property tax deferral program more accessible to senior citizens in Minnesota.

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