This bill, authored by Altendorf, proposes modifications to the state of Minnesota's existing taxation laws specific to homestead property (primary residences). Specifically, it seeks to adjust the interest rates charged on confessed judgments related to these properties. A confessed judgment is a legal process where a property owner admits liability for delinquent taxes and agrees to pay them according to a set plan without further litigation.

Key points of the proposed changes include:

1. Interest Rate Adjustments: The bill sets the interest rate for confessed judgments each year to either five percent or two percent above the prime rate (average rate offered by banks to prime customers), whichever is higher, without exceeding a specified maximum. This rate applies to installment payments on the confessed judgments.

2. Procedure for Confession of Judgment: Property owners who opt for confession of judgment need to offer to pay a portion of the total due taxes (one-tenth along with all current taxes) upfront, agreeing to settle the remaining amount in equal annual installments with interest.

3. Interest Rate Determination: The Commissioner of Revenue is responsible for setting the interest rate and must announce it by October 15 each year, ensuring it goes into effect from January 1 of the following year.

4. Fixed Interest Rate: Once a judgment is confessed, the interest rate is fixed for its duration, providing some predictability in financial planning for the property owner.

5. Eligibility and Documentation: Property owners looking to enter another confession of judgment can do so under these revised rates, although specific types of repurchase agreements are excluded from this provision.

In essence, this legislation aims to streamline the financial implications for homeowners dealing with delinquent property taxes, offering a structured and potentially less burdensome way to manage tax debts through predefined interest rates and installment payments.