MN SF2878

Reinstates the residential homestead market value credit under section 273.1384 for class 1a, 1b, and 2a homestead properties, calculated as 0.4 percent of the first $76,000 of market value minus 0.09 percent of market value above $76,000.

Repeals the homestead market value exclusion under section 273.13, subdivision 35, effective for taxes payable in 2015 and thereafter.

Modifies the definition of "referendum market value" and "market value" in sections 126C.01 and 273.032 to remove references to the repealed homestead market value exclusion.

Updates the definition of "homestead benefits" in section 273.124, subdivision 13b, to reference the residential and agricultural homestead credits instead of the exclusion.

Makes conforming changes to tax increment financing provisions under section 469.174 and section 469.177 to include homestead credits paid to the authority as part of tax increment revenues.