MN HF3632

Amend Minnesota Statutes 2008, section 273.1384, subdivision 1 to modify the residential homestead market value credit calculation for county auditors.

Change homestead credit from 0.4 percent to 0.35 percent of the first $76,000 to $80,000 of market value, and from 0.9 percent to 0.1 percent on market value exceeding $76,000 to $80,000.

Apply homestead credit only to the house, garage, and immediately surrounding one acre for agricultural or resort homesteads.

For properties classified as both homestead and nonhomestead, calculate credit based on homestead portion, prorated to owner-occupant's percentage of ownership.

Provision effective for taxes payable in 2011 and thereafter.