MN HF2436

Establishes a redevelopment area homestead credit equal to 70 percent of a property's net tax capacity multiplied by the city capital debt tax rate for residential properties (classes 1a and 1b) located in cities of the second class designated as redevelopment areas by the U.S. Department of Commerce under the Public Works and Economic Development Act of 1965.

County auditors must certify tax reductions to the commissioner of revenue, who reimburses local taxing jurisdictions in two equal installments on October 31 and December 26 of the taxes payable year.

Requires cities containing eligible properties to certify to the county auditor the portion of their levy used for capital improvement bonds, and auditors must calculate a city capital debt tax rate for this purpose.

Appropriates an amount sufficient from the general fund to the commissioner of revenue to make annual payments required by the credit, effective for taxes payable beginning in 2024.

Amends property tax notice and statement requirements to include the redevelopment area homestead credit in listings of credits, effective for taxes payable in 2024.