MN SF2509

Creates a redevelopment area homestead credit for properties classified as homestead (1a or 1b) located in Minnesota cities of the second class designated as federal redevelopment areas under the Public Works and Economic Development Act of 1965.

Credit amount equals 70 percent of a property's net tax capacity multiplied by the city capital debt tax rate, with the credit reducing city net tax capacity-based property taxes.

County auditors determine tax reductions annually and certify to the commissioner of revenue; the commissioner reimburses each local taxing jurisdiction in two equal installments on October 31 and December 26.

An amount sufficient to make required payments is annually appropriated from the general fund to the commissioner of revenue, effective beginning with taxes payable in 2024.

Amends multiple statutes to integrate the new credit into property tax statements, notices of proposed taxes, and the credit computation order, and requires cities with eligible properties to certify their capital improvement bond repayment levies.