MN HF1298

Commissioner of Revenue must produce a report on class 4d property and local 4d affordable housing programs by January 15, 2022, in consultation with the Minnesota Housing Finance Agency.

Report must include data on 4d properties including number of units classified as 4d, units not classified as 4d, property taxes paid in 2021, tax reductions from 4d classification, and historical unit counts for the previous ten years.

Report must analyze impact of reducing the 4d class rate from 0.75 percent to 0.25 percent on political subdivisions' net tax capacity, single-family homeowner tax burdens, and property tax refunds for renters and homeowners.

Report must document the number of 4d properties in tax increment financing districts and their impact on increment generation, as well as second-tier 4d units' values since 2019.

Commissioner must provide report to legislative committees with jurisdiction over property taxation and include a profile of income limits and area median incomes used by the Department of Housing and Urban Development for assisted housing program eligibility.