MN SF417

Creates a new senior citizen property tax credit for homeowners age 65 or older with household income not exceeding $96,000, who have owned and occupied their homestead for at least five years

Credit amount equals the difference between current year net property tax and the net tax from 2020 (for long-term owners) or the year of initial application (for newer owners), capped at $500 per year

Eligible properties include class 1a/1b residential homesteads and the house, garage, and surrounding one acre of agricultural homesteads

Credit continues automatically each year until the property is sold, all qualifying homeowners die, or the property loses homestead status

Effective beginning with property taxes payable in 2027, with state general fund appropriations to reimburse local taxing jurisdictions for the credit amounts