Senior citizen credit establishment

SF 417 establishes a property tax credit for eligible senior homeowners in Minnesota. It directly affects residents aged 65+ who own and occupy their primary residence as a homestead, have household income under $96,000, and have owned the property for at least five years. The credit amount equals the difference between current property taxes and taxes from 2020 (for pre-2020 owners) or the prior year (for newer owners), capped at $500 annually. Applications are submitted yearly by March 1 to county assessors, with reimbursements paid to local governments in two installments, effective for taxes payable in 2027.