Senior citizens' property tax credit establishment

SF 1473 establishes a property tax credit for Minnesota seniors to reduce their local property tax burden. It directly affects homeowners aged 65 or older (or married couples where one spouse is 65+ and the other is 62+) who own and occupy their primary residence as a homestead. The credit equals the difference between the homeowner’s actual property tax and the median tax for similar homes in their municipality, capped at a specific amount (not specified in the text), and must be applied for annually by July 1. The state reimburses counties and school districts for the credit amounts paid, effective for property taxes due in 2026.