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 bill defines "homestead property" and outlines various considerations for the task force, such as the effectiveness of the homestead market value exclusion and trends in property tax burdens from 2015 to 2025.

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 expire upon submission of this report, and its meetings will be open to the public with prior notice. The bill also specifies that Minnesota Statutes, chapter 13D, does not apply to the task force's meetings, ensuring a different procedural framework for its operations.