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 examining the effectiveness of the homestead market value exclusion, comparing property tax classification rates, and analyzing trends in property tax burdens from 2015 to 2025. The task force will consist of members appointed from various legislative and local government bodies, including state representatives, state senators, and representatives from county and city associations.

The task force is required to submit a report by February 1, 2027, detailing its advisory recommendations and any necessary draft legislation. The report will also include additional relevant information as deemed necessary by the task force. The task force will expire upon submission of this report, and its meetings will be open to the public with prior notice. The bill is set to take effect the day after final enactment.