MN HF4497

Commissioner of Revenue must produce a report on class 4d properties by January 15, 2021, in consultation with the Minnesota Housing Finance Agency, and provide it to legislative committees with jurisdiction over property taxation.

Report must include for 4d qualifying properties: number of 4d and non-4d units in each property, 2020 property taxes paid, property tax reductions from 4d classification, and total 4d units over the last ten years, with separate amounts for each qualification clause.

Report must analyze impact of reducing the first-tier 4d class rate from 0.75% to 0.25%, including effects on net tax capacity, single-family homeowners at 30-120% area median income, and property tax refunds for renters and homeowners.

Report must include number of 4d properties in tax increment financing districts and their impact on increment generation, plus total units qualifying for the second tier rate since 2018.

Report must provide a profile of income limits and area median incomes used by the U.S. Department of Housing and Urban Development for determining eligibility for assisted housing programs in Minnesota.