This bill amends the senior citizens' property tax deferral program in Minnesota by modifying the eligibility requirements for participants. Key changes include raising the maximum allowable total household income from $96,000 to $110,000 for qualifying homeowners, and reducing the required duration of property ownership and occupancy from five years to two years. Additionally, the bill stipulates that homeowners must notify the commissioner of revenue if their household income exceeds the new threshold, and they may resume participation in the program if their income falls back below this limit in subsequent years.

The bill also clarifies the determination of the "annual maximum property tax amount," which is set at three percent of the homeowner's total household income from the previous year. It specifies that no tax deferral can be granted if the homeowner's income exceeds the new limit of $110,000. The effective date for these changes is set for applications for tax deferral payable in 2026 and thereafter.

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