MN SF3717

Establishes a new senior citizen property tax credit for homeowners age 65 and older (or married couples with one spouse 65+ and other 62+) with household income not exceeding $75,000, effective for assessment year 2024.

Credit amount equals the property tax due after other credits minus 3 percent of the homeowner's total household income, with a minimum of $0.

Eligible properties include Class 1a or 1b homesteads and portions of agricultural homesteads (house, garage, and surrounding acre); property must be owned and occupied as homestead for at least 5 years prior to initial application.

County auditors determine tax reductions and certify amounts to the Commissioner of Revenue for reimbursement to local taxing jurisdictions in two equal installments (October 31 and December 26), with separate reimbursement process for school districts through the Commissioner of Education.

Appropriates sufficient general fund amounts to reimburse all taxing jurisdictions for tax reductions granted under the credit.