Senior property tax credit established, and money appropriated.

HF 403 establishes a property tax credit for Minnesota seniors who own and occupy their homes as primary residences. It directly affects residents aged 65 or older (or married couples where one spouse is 65+ and the other is 62+) who have owned and lived in their home since January 2 of the application year. The credit reduces property taxes by comparing the current year’s tax (after other credits) to the previous year’s tax adjusted by 1.08, but cannot lower taxes below $0. Funding for the credit is appropriated annually from the state general fund to reimburse local governments and school districts, effective for 2026 property assessments.