S.F. No. 2172 - Senior Citizens' Property Tax Credit

• Establishes a new property tax credit for retired senior citizens age 65 or older (or age 62+ if married to someone 65+) who own and occupy homesteads classified as class 1a, 1b, or portions of class 2a property.

• Credit equals the difference between net tax on the property's actual market value and net tax computed on the median market value of owner-occupied housing within the applicant's municipality, with a maximum cap amount to be determined (left blank in bill).

• Applicants must file annually with the county auditor by July 1 of the assessment year to claim the credit for the following tax year; county auditors must approve or disapprove within 30 days.

• Commissioner of Revenue must reimburse local taxing jurisdictions (except school districts) in two equal installments on October 31 and December 26; Commissioner of Education reimburs school districts separately.

• All appropriations for reimbursements are made from the general fund and the credit is effective beginning with taxes payable in 2024.