MN SF443

Establishes a new "senior credit" for homeowners age 65+ (or married couples where one spouse is 65+ and the other is 62+) who own and occupy their homestead, limiting annual property tax increases to 8% over the previous year's tax amount

Eligible properties include class 1a and 1b residential homesteads, certain manufactured home parks, and the house/garage/one acre portion of agricultural homesteads

Credit continues automatically after initial application until the property is sold, all qualifying homeowners die, or the property loses homestead status

State reimburses local taxing jurisdictions for lost revenue, with payments to non-school districts made in two installments (October 31 and December 26) and school district reimbursements processed through the Department of Education

Effective beginning with assessment year 2026 (property taxes payable in 2027), with appropriations from the general fund to the commissioners of revenue and education