Redevelopment area homestead credit establishment

This bill creates a new property tax credit called the "redevelopment area homestead credit" for homeowners in specific Minnesota cities. It directly affects residents owning property classified as 1a or 1b (residential) in second-class cities designated as redevelopment areas under federal law (Public Works and Economic Development Act of 1965). The credit reduces property taxes by 70% of a property's taxable value, calculated using the city's capital debt tax rate. Local governments will receive state reimbursement for these tax reductions in two annual installments, paid from the general fund, starting in 2027. The credit is applied before other tax credits when calculating net property taxes.