MN HF4826

Establishes an advance homestead credit for seniors equal to 50 percent of the homestead credit refund received in the previous year, allowing eligible seniors age 65+ (or married couples with one spouse age 65+ and other age 62+) to receive the credit on property taxes payable in 2026 and thereafter.

Requires the commissioner of revenue to calculate and certify advance credit amounts to county auditors by January 2 each year, with county auditors applying credits to qualifying properties' gross taxes and reducing credits if they exceed remaining tax due.

Establishes a reconciliation process where annual homestead credit refunds are reduced by the advance credit amount received, with claimants required to repay any excess advance credit received compared to 50 percent of their combined prior year credit and refund amounts.

Requires reimbursement of tax reductions to local taxing jurisdictions (other than school districts) on October 31 annually, with school district reimbursements certified to the Department of Education and paid according to existing aid distribution provisions.

Updates property tax notices and statements to separately display the advance homestead credit for seniors and modifies the order of property tax credit calculations to include the new advance credit as the final credit applied.