SF417

SF No. 417 is a legislative bill proposing the creation of a "senior citizen credit" for property taxes in Minnesota. To be eligible for this credit, the following criteria must be met:

1. The property must be classified as residential (1a or 1b) or part of an agricultural homestead, including the house, garage, and surrounding one acre.
2. The property owner must be 65 years or older.
3. The total household income must not exceed $96,000 for the year before applying.
4. The property must have been owned and occupied by the senior citizen for at least five years before applying.
5. The property owners should not be part of the senior citizens property tax deferral program.

Owners can apply for the credit by March 1 of the year before the taxes are due, providing required details such as names, addresses, Social Security numbers, previous year's income, and a copy of the current property tax statement. The credit continues annually until the property is sold, transferred, or no longer qualifies.

The credit amount will be the difference between the current property tax and the tax from a base year (2020), capped at $500. The county auditor calculates the tax reductions and certifies them to the state revenue commissioner, who then ensures local jurisdictions and school districts are reimbursed accordingly.

Funds for these reimbursements come from the state general fund, with specific appropriations assigned to the commissioners of revenue and education to manage the payments to various taxing jurisdictions.