MN HF3046

Establishes a mandate relief credit for class 1a, 1b, and 2a homestead properties equal to 0.4 percent of the first $75,000 of market value minus 0.15 percent of market value exceeding $75,000, effective for taxes payable in 2014.

Repeals the homestead market value exclusion under section 273.13, subdivision 35, and removes references to this exclusion from relevant statutes effective for taxes payable in 2014.

Creates a new chapter 471B establishing procedures for local governments to adopt resolutions opting out of state mandates after public notice and hearing, with thresholds for legislative notification ranging from 2 counties to 75 towns depending on local government type.

Amends the computation of net property taxes to include the mandate relief credit in the order of tax credit reductions and requires county auditors to certify credit amounts to the commissioner of revenue for reimbursement to local taxing jurisdictions.

Requires property tax statements to separately identify the mandate relief credit received and removes the homestead market value exclusion line item.