MN HF1776

Restores the market value homestead credit for residential and agricultural properties by repealing the 2011 law that eliminated it, effective for taxes payable in 2013 and thereafter.

Modifies the homestead market value exclusion definition to remove the prior reference to subdivision 35 exclusions, aligning the credit system with the restored homestead property tax relief.

Changes property tax statement requirements to remove references to the subdivision 35 exclusion and consolidate homestead credit information, reflecting the restoration of the homestead credit system.

Clarifies that properties receiving disabled veteran homestead market value exclusions are ineligible for the restored homestead and agricultural credits under section 273.1384.

Updates tax capacity calculations for city aid distribution to remove references to subdivision 35 market value exclusions, effective for aids payable in calendar year 2013 and thereafter.