The bill establishes a Property Tax Task Force in Minnesota aimed at investigating and providing legislative options for reducing property taxes on homestead properties. The task force's goals include exploring ways to lower property taxes specifically for residential homesteads and presenting at least one option that has minimal impact on the general fund. The definition of "homestead property" is clarified to include specific classifications under Minnesota Statutes. The task force is required to consider various factors, such as the effectiveness of the homestead market value exclusion and trends in property tax burdens over the years.

The task force will consist of appointed members from the state legislature, the commissioner of revenue, and representatives from various local government associations. It is tasked with making advisory recommendations to the legislature and must submit a report by February 1, 2027, detailing its findings and recommendations. The task force will operate without compensation for its members and will be supported administratively by the commissioner of revenue. The task force will expire upon the submission of its report.