MN SF2022

Establishes a new homestead credit for class 1a, 1b, and certain class 2a properties (house, garage, and one acre) effective for taxes payable in 2024.

Credit calculation: for properties valued under $100,300, credit equals (market value minus $76,000) times 0.005; for properties valued over $100,299, credit equals ($24,300 times 0.005) minus (market value minus $100,300 times 0.00027).

County auditors determine tax reductions and certify amounts to the commissioner of revenue; the state reimburses local taxing jurisdictions (excluding school districts) in two equal installments on October 31 and December 26.

Dollar amounts in the credit formula are subject to annual adjustment beginning in 2025 under the inflation adjustment mechanism in Minnesota Statutes section 270C.22.

Amends property tax statements and notices to reflect the new homestead credit alongside existing credits, with all amendments effective for taxes payable in 2024.