Senior citizen property tax credit established, and money appropriated.

HF 883 establishes a property tax credit for Minnesota seniors aged 65 or older (or 62+ for a spouse) who own and occupy their home as a primary residence with household income under $75,000. The credit amount equals the property tax owed after other credits minus 3% of the homeowner's previous year's income, reducing the tax bill annually. Counties process applications by March 1 each year, and the credit continues until the home is sold, moved from, or no longer qualifies. The state will reimburse local governments for the credit costs using general fund money, starting with the 2026 tax year.