This legislative bill introduces the "senior credit," a property tax credit for homeowners in Minnesota who are 65 years old or older. To be eligible for this credit, several conditions must be met: 1. The property must fall under specific classifications, primarily residential, or part of an agricultural homestead including the house, garage, and surrounding land. 2. The property must be owned and occupied as the principal residence by someone who is at least 65, or by a married couple where one spouse is at least 65 and the other is at least 62. 3. The property must have been owned and occupied by at least one of the homeowners since January 2 of the year they first apply for this credit.

Homeowners must apply for the credit by December 15 of the year before they wish to start receiving the credit. The application must include owners' names, addresses, Social Security or other taxpayer identification numbers, and the date they began owning and occupying the property.

The amount of the credit is calculated as the difference between the current year's taxes after applying other tax credits and 108% of the previous year's taxes after credits. The credit can reduce the taxes payable to zero but not below zero.

The bill also details how the credit will be managed: - Local taxing jurisdictions are reimbursed for the tax reductions by the state. - Reimbursements to local jurisdictions and school districts are handled separately and paid at specified times during the year. - The funds for these payments are provided through appropriations from the general fund to the relevant state commissioners (for revenue and education).

This bill aims to alleviate the financial burden of property taxes on seniors, helping them maintain ownership and residence in their homes.