MN SF1473

Creates a new property tax credit for senior citizens who own and occupy homestead property, available to retired individuals at least 65 years old (or married couples where one spouse is 65+ and the other is 62+)

Credit amount equals the difference between the property's net tax and the net tax on the median-valued owner-occupied home in the municipality, subject to a maximum cap (amount not specified in bill text)

Applicants must file with the county auditor by July 1 of the assessment year, with approval required within 30 days; once approved, the credit continues annually until the owner no longer qualifies or sells the property

State general fund appropriates money to reimburse local taxing jurisdictions and school districts for the tax reductions, with payments made in two installments on October 31 and December 26

Effective beginning with property taxes payable in 2026