MN HF451

Eliminates the distinction between homestead and nonhomestead property for penalty rates on late property tax payments.

Reduces penalty rates to a uniform two percent until May 31 and four percent on June 1, removing the previous four percent/eight percent split for nonhomestead property.

Changes the November penalty from four percent to two percent for all property types, with an additional two percent penalty in December.

Applies effective date of January 1, 2016 for taxes payable in 2016 and thereafter.

Repeals Minnesota Statutes 2012, section 279.01, subdivision 4, which contained the previous penalty structure.