Purpose

The purpose of this bill is to expand the eligibility and increase the benefits of the targeting additional property tax refund for Minnesota homeowners. It aims to provide more significant financial relief to those experiencing substantial increases in their property taxes.

Main Provisions

• Eligibility for Additional Refund: Homeowners are eligible for an additional refund if their property taxes increase by more than 12% compared to the previous year, and the increase is at least $100. The property must be owned and occupied by the same owner on January 2 of both years.

• Refund Calculation: The additional refund would be 60% of the amount by which the property tax increase exceeds the greater value of either 12% of the prior year's taxes or $100.

• Maximum Refund Increase: The bill raises the maximum refund amount from $1,000 to $2,500.

• Exclusion of Improvements: Property tax increases resulting from improvements made after the previous year's assessment date do not qualify for this additional refund.

• Documentation Requirement: Claimants must submit a copy of the previous year's property tax statement or other specified documents when applying for the refund.

• Notification and Assistance: Counties must make available the names and addresses of potentially eligible homeowners to facilitate notification and assist them in preparing refund claims. This information must be provided electronically, and used only for this specific purpose.

Relevant Terms

property tax refund, additional refund, gross property taxes, homeowner eligibility, tax increase, refund calculation, financial relief, property improvements, documentation requirements, county notification