MN SF4082

Creates a new senior citizen property tax credit for homeowners age 65 or older with household income not exceeding $75,000 and at least five years of property ownership.

Credit amount equals property taxes after other credits minus 3 percent of total household income, with a minimum of $0.

Applies to properties classified as homestead (1a or 1b) or the house, garage, and one acre of agricultural homesteads; requires annual application to county assessor by March 1.

State reimburses local taxing jurisdictions (other than school districts) in two equal payments on October 31 and December 26; separate appropriations from general fund to Commissioner of Revenue and Commissioner of Education for school districts.

Effective beginning with assessment year 2025, with corresponding amendments to property tax statements and notice requirements effective for taxes payable in 2026.