MN HF3518

Reduces the percent of income claimants must pay toward property taxes before receiving homestead credit refunds across all household income brackets, with reductions ranging from 0.1 to 1.0 percentage points.

Increases maximum state refund amounts from $2,770 to $3,360 for most household income brackets, with smaller maximum refunds for the highest income levels.

Raises the household income threshold for eligibility from $113,150 to $125,080, allowing more higher-income homeowners to qualify for refunds.

Establishes 2022 as the statutory year for annual inflation adjustments to income thresholds and maximum refunds under section 270C.22.

Amendments are effective for claims based on property taxes payable in 2023 and following years, with inflation adjustment provisions effective in 2024 and following years.