MN HF3706

Allows homestead property owners to pay property taxes in eight equal monthly installments starting May 15, with additional one-eighth installments due on the 15th of each month through December.

Imposes a 2 percent penalty on the day following any missed installment payment, with an additional 2 percent penalty on the first day of the following month and 1 percent on the first day of each succeeding month until paid.

Requires that no property tax payments are due prior to 21 days following the postmarked date of the property tax statement.

Maintains existing payment rules for nonhomestead property and allows counties to provide similar installment options by resolution for property owners with multiple parcels exceeding $100 in aggregate taxes.

Takes effect beginning with taxes payable in 2017.