MN SF1348

Increases the first tier valuation limit for agricultural homestead property from $1,140,000 to $2,500,000 effective for assessment year 2024, with automatic adjustments in subsequent years based on average taxable market values per acre.

Modifies class 1a homestead property classification rates to create a tiered structure: first $500,000 at 1% and amounts exceeding $500,000 at 1.25%.

Establishes a new agricultural riparian buffer tax credit for class 2a and 2b properties containing riparian buffers, with reimbursement to local taxing jurisdictions and school districts effective for taxes payable in 2025.

Reduces the state general levy on commercial-industrial and seasonal residential recreational property over a 12-year phase-out period ending in 2035.

Modifies homestead property tax refund thresholds and amounts: changes the refund trigger from 12% to 10% property tax increase and increases the maximum refund from $1,000 to $2,000 for most homeowners, while raising the income threshold for senior citizen property tax deferral program from $60,000 to $75,000.