MN SF4268

Limits estimated market value increases for class 1 homesteads and portions of class 2a properties owned by seniors: 1% annually for ages 65-69 (after 10 years of occupancy), 0% for ages 70-74 (after 5 years of occupancy), and 0% for ages 75+ (current occupancy).

Limits net tax payable increases using the same age-based brackets and occupancy requirements as the valuation limitation, with tax reductions allocated proportionally among all taxing jurisdictions.

Requires applicants to submit proof of age to county assessor by July 1 of the assessment year, with both spouses required to meet age 65 minimum in married couple situations.

Extends valuation limitations to local boards of review, county boards of equalization, State Board of Equalization, and the commissioner of revenue, effective for assessment year 2020.

Requires county assessors to annually inform the public of the program availability in required assessment notices and specifies property tax statements must separately display any value reductions from this limitation, effective for assessment year 2021.