MN SF199

Creates a new property tax credit equal to 70% of a homestead property's net tax capacity multiplied by the city capital debt tax rate for properties classified as 1a or 1b homesteads located in second-class cities designated as federal redevelopment areas under the Public Works and Economic Development Act of 1965

Applies specifically to city capital improvement bond debt levied under section 475.521, requiring cities with eligible properties to separately certify their capital improvement bond levy amounts to county auditors

State general fund appropriation covers reimbursements to local taxing jurisdictions, paid in two equal installments on October 31 and December 26 of each taxes payable year

County auditors must calculate credit amounts and certify them to the Commissioner of Revenue, who reviews for accuracy and processes payments to affected jurisdictions including school districts

Effective beginning with taxes payable in 2026, with conforming amendments to property tax notice requirements, tax statement contents, and net property tax computation statutes