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 no property taxes may be deferred if a participant's household income exceeds the new threshold, and it establishes a process for taxpayers to resume eligibility if their income falls back below the limit.

The bill also includes effective dates for these changes, stating that they will apply to applications for tax deferral payable in 2026 and thereafter. This ensures that the updated qualifications and income thresholds will not take effect until the specified year, allowing for a transition period for current participants and potential applicants. 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