The bill amends Minnesota Statutes 2022, section 273.135, subdivision 2, to increase the maximum amount of the taconite homestead credit. Specifically, the maximum reduction of the tax is raised from $315.10 to $415. This change applies to properties located within municipalities and those within school districts qualifying as tax relief areas, with specified percentages of tax reduction remaining the same.

Additionally, the bill includes a provision stating that the new maximum reduction will take effect for property taxes payable in 2025. This adjustment aims to provide greater tax relief to eligible property owners in designated areas, thereby enhancing the financial support available through the taconite homestead credit.

Statutes affected:
Introduction: 273.135