MN HF3086

Increases the agricultural homestead market value credit from 0.3 percent of the first $115,000 of agricultural credit market value (minus 0.05 percent above $115,000) to 0.3 percent of the first $115,000 plus 0.1 percent above $115,000.

Raises the maximum agricultural homestead credit from $115 to $500, effective for taxes payable in 2014 and beyond.

Requires county auditors to notify eligible property owners by September 15, 2014 of supplemental credit amounts owed due to the increased credit calculation for 2014 taxes.

Directs the commissioner of revenue to pay supplemental credits to qualifying taxpayers by October 15, 2014, provided there are no unpaid taxes on the property.

Appropriates $40,000 in fiscal year 2015 from the general fund to compensate counties for administrative costs related to implementing supplemental credit payments.