This legislative bill proposes changes to the taxation system, specifically focusing on the way interest accumulates on unpaid special assessments. It includes provisions for adjusting interest rates, offering refunds for overpayments, and updating technical processes. The bill amends Section 429.061 of the 2024 Minnesota Statutes, outlining how council hearings are conducted for challenges to proposed assessments on properties. It also describes how notices of changes to assessments, including interest rates and prepayment rules, must be provided to property owners.

The new rules establish that assessments will be placed as liens on properties and will be paid in equal installments over a maximum period of 30 years. Interest rates on these assessments are to be defined in council resolutions, and adjustments can be made for deferred payments. The bill also mentions conditions under which a property owner might receive a refund if the interest added to an installment exceeds the accrued amount by the payment date.

In summary, this bill adjusts the financial handling and notification procedures connected to special property assessments in Minnesota to potentially ease burdens on property owners and ensure clearer communication regarding tax obligations.