Targeting property tax refund expansion for taxes payable in 2026

This bill modifies Minnesota's property tax refund calculation for taxes due in 2026 by reducing the refund percentage from 12 percent to 8 percent. The change applies specifically to property taxes payable in 2026 and affects homeowners who would otherwise receive a refund based on the standard calculation. By lowering the refund percentage, the bill reduces the amount of money returned to property owners for that tax year. The legislation is limited to a one-time adjustment and does not change the refund program for other years or tax types.