Senior property tax credit establishment

SF 443 establishes a property tax credit for Minnesota seniors who own and live in their home as their primary residence. To qualify, homeowners must be 65 or older (or married couples where one spouse is 65 and the other is 62) and have owned and occupied the home since at least January 2 of the application year. The credit amount equals the difference between the current year's tax (after other credits) and 1.08 times the previous year's tax (after other credits), but cannot reduce the tax below $0. The state will reimburse local governments for the tax reduction, with school districts receiving payments through the commissioner of education, starting for assessment year 2026.