SF443 (Legislative Session 94 (2025-2026))
Senior property tax credit establishment
Related bill: HF403
AI Generated Summary
SF No 443 is a proposed bill in Minnesota that aims to introduce a new property tax credit for senior citizens. Here are the key points:
Eligibility for Credit: Property must be classified properly and owned and occupied by a person who is 65 years or older (or one spouse 65 and the other at least 62) and has been the homestead of the owner since the beginning of the year.
Application Process: Eligible seniors must apply with the county assessor by December 15 of the year before the tax year when they want the credit to start. The application needs to include names, addresses, and SSN or taxpayer IDs, along with the date they started living in the property.
Credit Amount: The tax credit will equal the difference between the current year's tax (after other credits) and a calculated amount based on the previous year’s tax. The credit amount cannot reduce the property's tax liability to below zero.
Continuation and Cessation: Once granted, the credit continues annually unless the property is sold, the homeowner dies, or the property no longer qualifies as a homestead.
Local Government Reimbursement: The county auditor calculates tax reductions and communicates them to the state. The state then reimburses each local taxing jurisdiction for the amount reduced by this credit. Payments to local governments and school districts are made in two installments each year.
Funding: Funds required to make these payments to local jurisdictions and school districts are taken from the general fund, as appropriated annually by the state.
The bill is structured to give tax relief to senior homeowners, making it easier for them to afford living in their homes as they age.
Bill text versions
- Introduction PDF file
Actions
| Date | Chamber | Where | Type | Name | Committee Name |
|---|---|---|---|---|---|
| January 20, 2025 | House | Floor | Action | Introduction and first reading | |
| January 20, 2025 | Senate | Floor | Action | Introduction and first reading | |
| January 20, 2025 | House | Floor | Action | Referred to | Taxes |
| January 20, 2025 | Senate | Floor | Action | Referred to | Taxes |
Citations
[
{
"analysis": {
"added": [],
"removed": [],
"summary": "This bill references property classifications under section 273.13.",
"modified": [
"Eligibility criteria now includes classification under subdivision 22 4d2."
]
},
"citation": "273.13",
"subdivision": "subdivision 22 4d2"
},
{
"analysis": {
"added": [],
"removed": [],
"summary": "This bill references property classifications under section 273.13.",
"modified": [
"Eligibility criteria now includes classification under subdivision 25."
]
},
"citation": "273.13",
"subdivision": "subdivision 25"
},
{
"analysis": {
"added": [],
"removed": [],
"summary": "This bill references property classifications under section 273.13.",
"modified": [
"Eligibility criteria now includes classification under subdivision 23."
]
},
"citation": "273.13",
"subdivision": "subdivision 23"
},
{
"analysis": {
"added": [],
"removed": [],
"summary": "This bill requires certification of prior year adjustments as part of section 270C.85.",
"modified": [
"Certification process now includes information under subdivision 2."
]
},
"citation": "270C.85",
"subdivision": "subdivision 2"
},
{
"analysis": {
"added": [],
"removed": [],
"summary": "The bill refers to section 273.1393 concerning reduction of net property tax payable.",
"modified": [
"Reduction process is adjusted to accommodate the new credit system."
]
},
"citation": "273.1393",
"subdivision": ""
},
{
"analysis": {
"added": [],
"removed": [],
"summary": "This bill modifies reimbursements to school districts under section 273.1392.",
"modified": [
"Reimbursement process now receives updates consistent with tax credits."
]
},
"citation": "273.1392",
"subdivision": ""
}
]